Source: Gulf News
On Tuesday, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Vice President of the UAE and Ruler of Dubai announced the launch of Invest Dubai – a digital platform for entrepreneurs looking to set up shop in Dubai.
The new platform was approved during the Executive Council’s meeting held on Tuesday under the chairmanship of Sheikh Mohammed. The platform covers over 2,000 commercial activities and various licence types, Sheikh Mohammed said in his tweet.
The new initiative is another step making Dubai the destination of choice for entrepreneurs from around the world. UAE had issued a law in November 2020 which scrapped the need for a UAE national to be the sponsor when starting a business on the mainland.
Starting from December 2020 entrepreneurs of all nationalities could start businesses with 100% foreign ownership. In the Ease of Doing Business score by The World Bank in 2020, Dubai scored a high 94.8, based on 10 factors and ranks in the top 20 easiest countries to start a business.
The Invest Dubai platform combines all the information, requirements and procedure of starting a Dubai-based business in one place. From getting information on the kind of licence you need to details on the funding programmes available, the platform offers a wealth of information for entrepreneurs.
The Dubai DED Instant Licence allows entrepreneurs to get a licence in 5 minutes with no pre-approvals. The Instant Licence allows entrepreneurs to start a business with no tenancy contract and no requirement for a bank account for 12 months. The licence is available to many categories of activities and four types of establishments – Limited Liability Company, One Person L.L.C, Sole Proprietorship and Civil Company.
The licensee gets an establishment card from the General Directorate of Residency and Foreigners Affairs along with three work permits for employees from the Ministry of Human Resources and Emiratisation once the trade licence is issued.
While this licence itself is not a new feature, the Invest Dubai platform allows you to check availability of the licence based on activities, number of partners and type of company. It also shows you the fee payable if you were to go for the licence.