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| 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.
