The Department of Economy and Tourism’s (DET) Business Registration and Licensing (BRL) sector has issued 24,662 new business licenses in the first quarter of 2022, marking a 58 percent growth compared in Q1 2021, when 15,580 licences were issued.
The latest figures were revealed in the first-quarter 2022 report on Dubai’s business environment developed by the Department of Economy and Tourism (DET).
The exceptional growth underlines the robust fundamentals, resilience, and sustainability of Dubai’s economy, led by a progressive vision and a strong ability to withstand challenges and maintain a healthy growth rate.
The substantial rise in new business licenses also highlights the confidence of investors and businesses in Dubai’s growth potential across various sectors.
Furthermore, the figures demonstrate DET’s continuous efforts to achieve the vision and directives of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, to support productivity, growth, economic diversification, sustainability, and competitiveness in the emirate, as well as build strategic economic sectors and provide high-quality services that meet the highest international standards.
According to the report, 57 percent of new business licences issued during Q1 2022 were professional and 43 percent were commercial.
Bur Dubai accounted for the largest share (16,577) of the new licences issued, followed by Deira (8,066) and Hatta (19).
Meanwhile, the top sub-regions were: Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East, and Al Barsha 1.
Among the legal forms of the new licences issued, sole establishment companies topped the list with 33 percent, followed by civil companies with 26 percent, and limited liability companies with 19 percent.
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, and public shareholding companies.
A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36 percent compared to Q1 2021, when total transactions reached 99,741.
The number of initial approvals reached 19,835, a growth of 43 percent compared to the same period last year (13,914), while trade name reservations reached 22,112, a growth of 29 percent compared to Q1 2021 (17,133).
The BRL sector reported that 7,492 instant licences were issued during Q1 2022, a growth of 310 percent compared to Q1 2021, during which 1,828 licences were issued.
The instant license service provides a convenient and easy solution for businessmen to obtain a commercial license within five minutes on the Invest in Dubai platform to establish and conduct business in Dubai.
Businesses can secure their business license in one step without having a company lease or location for the first year.
The DET highlighted the importance of close collaboration between the government and private sectors to support economic development and the ambitious vision of Dubai and the UAE.
The DET strives to deliver solutions that contribute to facilitating growth and ease of doing business in Dubai.
Investors can obtain any trade licence 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.
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