It issued 15.4 thousand new licenses during the first quarter
Dubai allows foreigners to fully own in 1,000 commercial and industrial activities
The new decision comes in implementation of a decree that allowed full foreign ownership in specific sectors and activities.
From the source
The decision allows branches of foreign companies to work in Dubai without a national agent.
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Dubai Economy confirmed that the full ownership of foreign investors in the emirate will become available starting next June, explaining that the decision includes more than 1,000 commercial and industrial activities, while it does not apply to professional activities and a list of economic activities with a strategic impact, which includes only seven sectors. .
capital
The Dubai Economy stated in a tweet on the Twitter site, that there is no specific capital or any additional fees for foreign investors, and that the decision allows branches of foreign companies to work in Dubai without an agent of a citizen company.
It stated that investors will be allowed to conduct professional and professional business in the emirate on their own, provided that a local service agent is appointed.
The decision comes in implementation of the Federal Decree Law No. (26) of 2020 amending some provisions of Federal Law No. (2) of 2015 in the matter of commercial companies, which allowed full foreign ownership in specific sectors and activities.
300 thousand companies
The UAE embraces more than 300,000 companies distributed among public and private joint stock companies, limited liability companies, solidarity and limited liability companies, of which the national companies represent 99.3%.
The new amendments from Law No. (26) of 2020 aim to achieve an increase in the number of companies operating in the country to reach one million companies during the next 10 years.
The law is an advanced step in the development of the country's economic legislation and increasing its openness and transparency, to be on a global level and enhance the development of the economic system to be more flexible, dynamic and sustainable.
New licenses
On the other hand, Dubai Economy emphasized the importance of supporting the business sector, enhancing the emirate’s competitiveness and its ability to attract companies and businessmen who want sustainable growth, and expand their business in various economic sectors, as 15 thousand and 475 new licenses were issued during the first quarter of this year, compared to 13 One thousand and 27 licenses were issued during the same period last year, an increase of 19%, according to the Business Movement Report issued by the Commercial Registration and Licensing Sector in Dubai Economy, yesterday.
Activities
The report pointed out that professional activities licenses topped the new licenses issued during the first quarter of 2021, accounting for 58% of the total with 8,935 licenses, then commercial activities came with 6,290 licenses, and 41% acquired a share, while the rest of the percentages were distributed to tourism activities. And industrial.
The biggest share
As for the main areas in the Emirate of Dubai, the largest share of the licenses issued was the share of Bur Dubai, with a total of 8,220 licenses, then Deira with a total of 7,236 licenses, and finally the Hatta region with 19 new commercial licenses.
As for the distribution of these new licenses in the most prominent sub-regions in Dubai, it was as follows: Al Fahidi, Burj Khalifa, Al Khabisi, Port Saeed, Trade Center 1, Al Marar, Al Barsha 1, Nayef, and Raqqa Al Bateen.
Registration and licensing
The report showed that the total number of commercial registration and licensing transactions completed during the first quarter of this year reached 99,887 transactions, compared to 92,325 transactions that were completed during the first quarter of last year, with a growth rate of 8%, which reflects the efforts made by the Dubai economy. To provide value-added services to customers in order to facilitate doing business and commercial activities.
Renewal transactions
The report added that the total renewal transactions reached 38 thousand and 90 transactions during the first quarter of 2021, compared to 36 thousand and 484 renewal transactions that took place during the first quarter of 2020, an increase of 4%, which confirms the benefit from the economic incentives package, which allows the possibility of renewal Commercial licenses without mandatory renewal of lease contracts.
Auto Renewal
The total number of automatic license renewal transactions through text messages during the first quarter of this year reached 20 thousand and 923 transactions, compared to 18 thousand and 61 transactions in the same period in 2020, with a growth rate of 16%.
The number of procedures for reserving trade names during the first quarter of this year reached 17,397 procedures, while the number of initial approvals reached 13,914 procedures, while the total number of commercial permits reached 3077 permits.
Integration
The Dubai Economy emphasized the importance of integration between the government and the private sectors, as the private sector plays an influential and effective role in supporting the process of economic development, and achieving the ambitious vision of Dubai in particular, and the UAE in general, in various fields.
• 16% increase in automatic renewal transactions.
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