The Department of Economy and Tourism (DET) in Dubai has issued its first-quarter 2022 report on the business environment. The report developed by the DET’s Business Registration and Licensing (BRL) sector shows that 24,662 new business licenses were issued in Q1 2022, a growth of 58% from Q1 2021, when 15,580 licences were issued.
The exceptional growth underlines the robust fundamentals, resilience and sustainability of Dubai’s economy, led by a progressive vision and a strong ability to withstand challenges and maintain a healthy growth rate. The substantial rise in new business licenses also highlights the confidence of investors and businesses in Dubai’s growth potential across various sectors.
Furthermore, the figures demonstrate DET’s continuous efforts to achieve the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to support productivity, growth, economic diversification, sustainability and competitiveness in the emirate, as well as build strategic economic sectors and provide high-quality services that meet the highest international standards.
According to the report, 57% of the new business licences issued during Q1 2022 were professional and 43% were commercial. Bur Dubai accounted for the largest share (16,577) of the new licences issued, followed by Deira (8,066) and Hatta (19), while the top sub-regions were: Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.
Among the legal forms of the new licences issued, Sole Establishment companies topped the list with 33%, followed by Civil Companies with 26% and Limited Liability companies with 19%. The legal forms also included: One-Person Limited Liability Companies, Branches of companies based in other emirates, Branches of Foreign Companies, Branches of Free Zone Companies, Branches of GCC Companies, and Public Shareholding Companies.
A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36% compared to Q1 2021, when total transactions reached 99,741. The number of Initial Approvals reached 19,835, a growth of 43% compared to the same period last year (13,914), while Trade Name Reservations reached 22,112, a growth of 29% compared to Q1 2021 (17,133).
The BRL sector reported that 7,492 Instant Licences were issued during Q1 2022, a growth of 310% compared to Q1 2021, during which 1,828 licences were issued. The instant license service provides a convenient and easy solution for businessmen to obtain a commercial license within five minutes on the Invest in Dubai platform - invest.dubai.ae - to establish and conduct business in Dubai. Businesses can secure their business license in one step without having a company lease or location for the first year.
The DET highlighted the importance of close collaboration between the government and private sectors to support economic development and the ambitious vision of Dubai and the UAE. The DET strives to deliver solutions that contribute to facilitating growth and ease of doing business in Dubai.
Investors can obtain any trade licence or launch a business in a matter of minutes through ‘Invest in Dubai,’ the first integrated digital business set-up platform, which simplifies the business journey.
To start a business today, visit invest.dubai.ae or call 600 500 006.
News Source: Emirates News Agency