Dubai issued 72,152 new business licenses in 2021, a growth of 69 % compared to 2020 when 42,729 licenses were issued, reaffirming Dubai’s position as a global business and investment hub and reinforcing its status as a successful model for the recovery of the business sector.
The latest data released by the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET) underlines the quantum leap Dubai has made in creating a business environment that can accelerate growth and success, attract expertise and investments, and provide an incubator for all types of economic activities.
The marked increase in the number of licenses issued also reflects the emirate’s position as a leading hub for start-ups, the positive business climate it has created for the business expansion of Dubai-based regional and international companies and the creation of new investment opportunities in the growing digital economy.
According to the official data, 59% of new business licenses issued in 2021 were professional and 41% were commercial. Bur Dubai accounted for the largest share (48,562) of new licenses issued followed by Deira (23,513), and Hatta (77), while the top sub-regions were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Trade Centre 1, Naif, Dubai Investment Park 1, Al Barsha 1, Al Quoz 3, and Al Karama.
Among the legal forms of the new licenses issued, Sole Establishment companies topped the list with 37%, followed by Limited Liability companies with 26% and Civil Companies with 13%. 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.
A total of 430,921 business registration and licensing transactions were completed in 2021, a growth of 24% compared to 2020, when total transactions reached 347,496. The number of Initial Approvals reached 60,293, a growth of 47% compared to 2020 (40,982), while Trade Name Reservations reached 72,772, a growth of 42% compared to 2020 (51,252). Commercial Permits increased by 15% from 10,687 in 2020 to 12,284 in 2021.
The BRL sector reported that 15,196 Instant Licenses were issued in 2021, a growth of 427% compared to 2020, during which 2,884 licenses were issued. Through the Instant License, which is issued within five minutes on invest.dubai.ae platform with the option to issue an electronic MOA and a virtual site for the first year only, the Department of Economy and Tourism aims to drive the sustainable economic development and competitiveness of Dubai.
Investors can obtain any trade license 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