Wednesday 19 January 2022

Dubai new business licences up 69% in 10 months

DUBAI, November 22, 2021

Dubai has issued 55,194 new business licences during the first 10 months of 2021, a growth of 69% compared to the same period in 2020, when 32,626 licenses were issued, a report said.
According to the report by the Business Registration and Licensing sector at Dubai’s Department of Economy and Tourism, 59% of the new business licences issued were professional, and 41% were commercial. Bur Dubai accounted for the largest share (37,562) of new licences issued followed by Deira 17,572, and Hatta 60, while the top sub-regions during the first 10 months of 2021 were: Al Fahidi, Burj Khalifa, Port Saeed, Al Marrar, Trade Centre 1, Qubaisi, Al Barsha 1, Naif, Al Garhoud and Al Karama.
The positive growth figures underline Dubai's reputation in providing high-growth opportunities in various economic sectors and the growing confidence in the economy, said a Wam news agency report.
Among the legal forms of the new licences issued, the report showed that Sole Establishment companies topped the list with 38%, followed by Limited Liability companies with 28% and Civil Companies with 24%. 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.
The report saw 233,908 business registration and licensing transactions being completed during the first 10 months of 2021, a growth of 17% compared to the same period in 2020, when total transactions reached 199,888. The total number of renewal transactions reached 120,120, a growth of 3% compared to the first 10 months of 2020 (117,030).
The number of Initial Approvals reached 1,703, a growth of 44% compared to the same period last year (1,184), while Commercial Permits increased by 9% from 4,709 during the first 10 months of 2020 to 5,141 in October 2021.
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, it said.


More Finance & Capital Market Stories

calendarCalendar of Events