The Business Registration and Licensing (BRL) sector of the Department of Economic Development (DED), showed a 0.47% increase compared to this time last year on renewed/modified trade licenses issued from January to September this year, according to a recent article by the Khaleej Times.
This increase is positive news for Dubai, and the UAE in general, and shows that Dubai retains its appeal as a primary business destination in the region with the commercial category receiving 61.2% of the total licences issued.
In total, there were 13,825 new licenses issued in the first nine months of 2018, taking the total to 23,963.
The effort to increase these new licences was fostered by the numerous initiatives launched by the DED, in a bid to minimise the red-tape associated with foreign investors doing business in Dubai and thus increase trade.
Instant licences are one initiative which has seen a significant increase in use. These licences take less than five minutes to issue and are frequently one of the most popular categories used by investors. They can only be issued for the first year of trading but are a fast and effective way of generating a licence.
Instant trade licences issued this year have increased by huge amounts; a 236% increase on this time last year has been reported, with 840 being issued in total, compared with 250 in the same time last year.
The list of categories for licences open to investors are as follows:
Commercial – 61.2%
Professional – 36.5%
Tourism – 1.2%
Industry – 1.1%
The reports from the DED show that new oversea investment in the area remained strong, with the top nationalities being India and Pakistan, followed closely by the UK, Egypt and France.
Dubai has long been considered an area which provides an ideal business environment, while also being strategically placed for investors and business.
Jitendra Gianchandani, chairman and manging partner of the Jitendra Consulting Group said “Dubai has an edge over other Middle East countries, such as political stability, excellent infrastructure and ease of doing business. Cost of living and operating costs to run a business are also coming down because rent is becoming cheaper.”
These benefits are key to investment in the area, and reflect the improvements made by the Government ahead of Expo 2020 Dubai.
Quality of life in Dubai has always been high, zero rate income tax on most sectors and a beautiful natural environment contribute to the feeling of well-being of many citizens. It has also been voted the top city for quality of living in the MENA region, with factors such as, health, safety, public services, housing and political and socio-economic stability being considered.
There is a positive outlook for the coming year in Dubai, especially with Expo 2020 just around the corner. New infrastructure has been created with a mind to expansion, progression and future education through schemes such as, Madrasa, the new E-learning platform recently launched by Sheikh Mohammed.
Dubai looks set to remain at peak performance in the world market, and should go from strength to strength in the next couple of years.