Dubai added 26,707 new companies last year to the existing 107,043 trade licenses, reflecting strong investor confidence in the emirate, the Department of Economic Development, Dubai’s trade licensing authority, said in a statement.
“The number of licenses renewed in 2016 was 107,043 while 20,873 initial approvals were issued and 38,918 trade named were reserved,” the statement said.
This means, Dubai now has 133,750 companies active as of December 31, 2016.
“The Department of Economic Development (DED) in Dubai issued a record number of 26,707 new business licenses in 2016 as the improved ease of doing business and increasing competitiveness in the emirate spurred optimism among investors and entrepreneurs.”
In the first half of 2016, the Dubai Chamber of Commerce and Industry reported that 8,000 new companies had registered.
The UAE has improved its trade license issuance process by simplifying the process while trade license renewal takes very minimal time. The country’s ranking in the World Bank’s Doing Business Report improved significantly improving its overall ranking to 26, up from 34, a year ago.
According to data collected by World Bank’s Doing Business team, starting a business in the UAE requires 4.0 procedures, takes 8.0 days, costs 13.0% of income per capita for men, and requires 5.0 procedures, takes 9.0 days, costs 13.0% of income per capita for women. A requirement of paid-in minimum capital of 0.0% of income per capita is legally mandatory for both men and women.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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