U.A.E Considering Long-Term Business Licenses to Boost the Economy

HE Abdulla Bin Touq Al Marri U.A.E Minister of Economy

 
The United Arab Emirates (UAE) is exploring the introduction of long-term business licenses, including 10-year "golden" licenses and 5-year "silver" licenses. This initiative aims to enhance the country's attractiveness for businesses and investors.

This proposal comes after the successful implementation of the 10-year Golden Visa program launched in 2019, which targets investors, entrepreneurs, and other qualified individuals.

Key Points:

• The new business licenses aim to:
• Increase government revenue
• Promote business continuity and economic growth
• Be competitively priced
• Businesses in the UAE typically operate on one-year licenses with yearly renewals.
• Recent government efforts have streamlined business license approvals, with some licenses issued within minutes.
• The golden and silver licenses are expected to attract more talent and businesses, boosting the UAE's competitiveness.
• This initiative aligns with the UAE's strategy of creating a flexible and competitive business environment.

Benefits:

• Businesses gain long-term stability and reduce renewal hassles.
• SMEs (small and medium enterprises) benefit from increased planning flexibility.
• The UAE strengthens its position as a global business hub.

Next Steps:

• The Economic Integration Committee is finalizing the details of the program.
• The program aims to maintain control over building material prices.

This move reflects the UAE's commitment to fostering a vibrant and sustainable business ecosystem.