The United Arab Emirates (UAE) is in discussions to introduce a 10-year golden business license that would be available at competitive prices. This initiative is part of the UAE government's efforts to attract more foreign investments and entrepreneurs to the country. The new license would offer businesses the flexibility to operate in multiple sectors and across different emirates, promoting economic growth and diversity. It is expected to be issued with minimal requirements and at affordable rates, making it an attractive option for startups and small businesses. The UAE government is continuously working on improving its business environment and policies to enhance its competitiveness on a global scale. 

The introduction of the 10-year golden business license is seen as another step towards achieving this goal and further solidifying the UAE's position as a preferred destination for business and investment opportunities. The golden license would allow businesses to operate in multiple sectors and across multiple activities, with the flexibility to add or remove activities over the course of the 10-year validity period. This license would be ideal for larger companies or conglomerates looking to expand their operations in the UAE. 


On the other hand, the silver license would be suitable for smaller businesses or startups, offering a shorter validity period of five years but still providing the opportunity to operate in multiple sectors and activities. This license would be targeted towards entrepreneurs and small businesses looking to establish themselves in the UAE market.


 Additionally, the committee emphasized the importance of streamlining the licensing process to make it more efficient and user-friendly for businesses. They also proposed the implementation of incentives for businesses that comply with regulations and demonstrate corporate social responsibility. 

Furthermore, the committee recommended working closely with relevant government bodies and stakeholders to ensure that the issuance of long-term business licenses aligns with the country's overall economic and development goals. This includes regular monitoring and evaluation of license holders to ensure they are operating in compliance with regulations and contributing positively to the economy. 

Moreover, the committee believes that issuing long-term business licenses at competitive prices will create a more conducive environment for businesses to thrive and contribute to the overall economic growth and prosperity of the country.


 Abdullah bin Touq said the UAE has adopted flexible and competitive economic policies and legislation, allowing it to attract foreign investment and foster economic growth. He emphasized the importance of continuous assessment and modification of these policies to ensure they remain relevant and effective in a rapidly changing global market. 

Additionally, he highlighted the UAE's efforts to diversify its economy and reduce its dependence on oil as a key factor in its economic success.


 Both licenses are aimed at streamlining the licensing process and providing a more convenient and efficient option for businesses looking to set up or expand in the UAE. This initiative is part of the UAE government's ongoing efforts to attract more foreign investment and promote economic growth in the country.

 

Last Update: Thu 28 Mar 2024