In a move poised to revolutionise business dynamics, the UAE is contemplating the introduction of long-term 10 year business licenses. These licenses, including the prestigious 10-year golden licenses and the robust five-year silver licenses, are designed to not only enhance government revenues but also invigorate business activities and propel sustainable growth and prosperity throughout the nation.
The groundbreaking proposal to implement fresh regulations for trade licenses took center stage during the inaugural 2024 Economic Integration Committee meeting held on Wednesday.
This forward-thinking initiative underscores the UAE's unwavering commitment to fostering an environment conducive to entrepreneurial success and economic vibrancy.
How the UAE Long-term Business License Will Benefit Businesses
Imagine the possibilities: businesses equipped with extended license durations, providing them with the stability and confidence needed to thrive and innovate. The introduction of golden and silver licenses is poised to redefine the landscape for entrepreneurs, offering them a pathway to long-term success and sustainability.
By extending the duration of business licenses, the UAE aims to attract and retain top-tier talent, encourage foreign investment and bolster its position as a global business hub. This strategic move not only aligns with the country's vision for economic diversification but also underscores its dedication to fostering a business-friendly ecosystem that nurtures innovation and growth.
Traditionally, in the UAE, business licenses are typically valid for one year, with renewal options available for subsequent years upon payment of applicable fees, contingent upon the specific type of license associated with the company's operations.
Nathan Gatland, Director of Open Hub states "Most freezones currently offer 2-3 year business licenses in Dubai with the advantage of a 10-30% discount. I foresee that these new business licenses will likely adopt the current 2-3 year licenses offered by most free zones, along with discount. This initiative stands to significantly benefit multinational corporations with established businesses, compared to SMEs."
Moreover, since 2019, the UAE has introduced a 10-year residency program known as the Golden Visa, catering to investors, entrepreneurs, property purchasers, exceptional students and other professionals. With the advent of these new silver and golden business licenses, the UAE anticipates a heightened influx of talent and businesses into the country, thereby enhancing its overall competitiveness on the global stage.
For any business setup enquiries please contact Open Hub today: info@openhubme.com.
About Open Hub:
Open Hub, a subsidiary of the BetterHomes Group, is a trusted and professional company formation consultancy. Committed to helping local and international entrepreneurs enter and grow their businesses in the region.
Our extensive experience, unparalleled market knowledge and resource depth in the industry provide A-Z company formation solutions. We continue to partner with our clients, through their growth with our wide selection of corporate services.