A recent report by the Business Registration and Licensing sector at Dubai’s Department of Economy and Tourism revealed that 55,194 new business licenses were issued during the first 10 months of 2021, a growth of 69% compared to the same period in 2020, when 32,626 licenses were issued.
The positive growth figures underline Dubai's reputation in providing high-growth opportunities in various economic sectors and the growing confidence in the economy.
The growth in the number of licenses issued also reflects the strength of the economy, Dubai’s success in managing the impact of COVID-19, the government's agility in amending economic policies to drive economic growth, the low cost of doing business, and the easy procedures for starting businesses, all of which contributed to enhancing investor confidence in Dubai’s diversified economy.
According to the report, 59% of the new business licenses issued were professional, and 41% were commercial. Bur Dubai accounted for the largest share (37,562) of new licenses issued followed by Deira (17,572), and Hatta (60), while the top sub-regions during the first 10 months of 2021 were: Al Fahidi, Burj Khalifa, Port Saeed, Al Marrar, Trade Centre 1, Qubaisi, Al Barsha 1, Naif, Al Garhoud and Al Karama.
Among the legal forms of the new licenses issued, the report showed that Sole Establishment companies topped the list with 38%, followed by Limited Liability companies with 28% and Civil Companies with 24%. 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, General Partnership Companies; Public Shareholding Companies; and Private Joint-Stock Companies.
The report saw 233,908 business registration and licensing transactions being completed during the first 10 months of 2021, a growth of 17% compared to the same period in 2020, when total transactions reached 199,888. The total number of renewal transactions reached 120,120, a growth of 3% compared to the first 10 months of 2020 (117,030).
The number of Initial Approvals reached 1,703, a growth of 44% compared to the same period last year (1,184), while Commercial Permits increased by 9% from 4,709 during the first 10 months of 2020 to 5,141 in October 2021.
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News Source: Dubai Media Office