Dubai to offer commercial licences to investors in just 5 minutes

SOURCE: Arabian Business - Dubai to offer commercial licences to investors in just 5 minutes

Dubai Economy has launched an “instant licence” initiative to allow investors and entrepreneurs get commercial licences within five minutes, it announced on Saturday.

The new license will be granted for a year without the need to present a formal office lease, but necessary documents will have to be provided on renewal, according to Omar Bushahab, CEO, Business Registration and Licensing (BRL) sector at Dubai Economy's Department of Economic Development.

The ‘instant licence’ initiative reduces human interaction by 90 percent through automating licencing procedures, he said, adding that they expect nearly 2,000 commercial licenses to be registered in the last half of the year.

The initiative is open to all business activities, except for public and private shareholding companies, through Dubai Economy’s outsourcing centres and the happiness and smart lounges. Holders of general trade licences are allowed to use e-services only.

According to Dubai Economy, at least one of the business partners must be present while applying through the outsourcing centres or the happiness lounges. The applicant must provide a valid passport copy to all parties (partner and manager), a residence visa copy and non-objection letter from the sponsor to the foreign parties.

For general trade licence procedures through the smart lounge or the website, applicants must be personally present to create a new account for Dubai Smart ID and to obtain a username with the original ID to access Dubai Economy’s website for the instant license service.

“The new service is in line with BRL’s vital role in promoting the sustainable economic development and competitiveness of Dubai through targeted initiatives and the application of best practices in areas such as ease of starting business, company registration, smart services, and providing value-added services to licence owners, and thereby creating a world-class business environment," Bushahab added.

SOURCE: Arabian Business - Dubai to offer commercial licences to investors in just 5 minutes