Dubai issued 69 percent more business licenses in 2021, compared to 2020, UAE state news agency WAM reported.
The emirate, which is the financial hub of the UAE, issued 72,152 new business licences compared to 2020 when 42,729 licenses were issued. 2020 was a year marked by a global economic glut as Covid-19 wreaked havoc on markets and jobs.
“The marked increase in the number of licences issued also reflects the emirate’s position as a leading hub for start-ups, the positive business climate it has created for the business expansion of Dubai-based regional and international companies and the creation of new investment opportunities in the growing digital economy,” WAM reported.
According to the official data, 59 percent of new business licences issued in 2021 were professional and 41 percent were commercial. Bur Dubai accounted for the largest share (48,562) of new licences issued followed by Deira (23,513), and Hatta (77), while the top sub-regions were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Trade Centre 1, Naif, Dubai Investment Park 1, Al Barsha 1, Al Quoz 3, and Al Karama.
Among the legal forms of the new licences issued, Sole Establishment companies topped the list with 37 percent, followed by Limited Liability companies with 26 percent and Civil Companies with 13 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, General Partnership Companies; Public Shareholding Companies; and Private Joint-Stock Companies.
A total of 430,921 business registration and licensing transactions were completed in 2021, a growth of 24 percent compared to 2020, when total transactions reached 347,496. The number of Initial Approvals reached 60,293, a growth of 47 percent compared to 2020 (40,982), while Trade Name Reservations reached 72,772, a growth of 42 percent compared to 2020 (51,252). Commercial Permits increased by 15 percent from 10,687 in 2020 to 12,284 in 2021.
The BRL sector reported that 15,196 Instant Licences were issued in 2021, a growth of 427 percent compared to 2020, during which 2,884 licences were issued. Through the Instant Licence, which is issued within five minutes on invest.dubai.ae platform with the option to issue an electronic MOA and a virtual site for the first year only, the Department of Economy and Tourism aims to drive the sustainable economic development and competitiveness of Dubai.
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