Dubai’s economic resilience once again shines through as it reported 19% year-on-year growth in the issuance of new trade licenses.
The Business Registration & Licensing (BRL) sector of Dubai Economy reported in Q1 of 2021, a total of 15,475 new licenses were issued, indicating bullish trends from investors seeking to establish businesses in Dubai. The number of new licenses is set to increase further throughout the rest of the year.
These numbers are positive indicators that strengthen Dubai’s position as an international business hub, a key factor in the double-digit growth of new licenses is the Dubai Governments remarkable handling of the pandemic. Dubai was one of the first cities in the world to reopen quickly after lockdown and due to a progressive vaccination drive plus swiftly implemented economic reforms, it's no wonder that entrepreneurial sentiment is high in the region.
The number of license renewals is also up 4% year-on-year, underlining the positive benefits of stimulus packages implemented by His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, such as renewal of commercial licenses without a lease contract.
The consistent positive economic indicators and recent reforms of the foreign ownership law, make Dubai one of the world’s leading cities to invest in and start your business.
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One of the most frequently incorporated commercial entities in the UAE is a Limited Liability Company (LLC). Under the law a limited liability company must have one or more local partners (shareholders) who must be a UAE national or a UAE company. The local partners are required to possess a minimum of 51% shareholding in the LLC.