Dubai launches new license for investors for UAE nationals

Dubai Launches New License for Investors for UAE Nationals, Expats

dubai business visa

The Dubai Business Registration and Licensing sector of the DED (Department of Economic Development) have announced in August that a new type of ‘Instant License’ would be issued to businessmen and investors within five minutes, restricting some of the requirements in a bid to cut down the time required for business registration.

Usually, to get an industrial license or a commercial in Dubai, one had to wait for one to six months. It would take even longer for certain licenses and requirements laid out by DED. The requirement of bearing a lease agreement registered for the office space was the major hurdle to get a commercial license in most cases. A serious delay was naturally expected before being in a position to get the license due to steep rent rates, procedure and the time one had to wait to zero in on the suitable office space and required approvals of the DED.

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With the DED’s ‘Instant License’ service, a mechanism has been introduced, allowing investors to get a license in five minutes, without the requirement to register a lease agreement. The Instant License has been promoted to improve the efficiency of the DED’s services and to support economic diversity.

The Instant License service requires applicants (a partner or partners on the license) to be present before one of the DED service centres and submit Emirates IDs, the passport copies and visa copies. Eligible for Instant License, besides UAE nationals, are expats currently holding a UAE visa. NOCs (No-objection certificates) from sponsors of the applicants must also be submitted.

Lexology.com quotes that as per information received from the representatives of the DED, individuals may obtain Instant License for companies of all types such as sole proprietorships, LLCs (limited liability companies) and civil works companies.

But this service will not benefit private and public shareholding companies. Eligible for the Instant License are also companies, for which no external approvals are required, such as general trading companies. In addition, the waiver is only applicable for the first year to get a lease agreement.

At the time of application, the license’s location will be listed as the ‘Dubai Municipality’. Once the license is renewed, the DED, however, will need a lease agreement to be registered, besides the Ejari contract. The Investor License’s fee would be more expensive than the license of the traditional companies.

If you are looking to float a company in Dubai, get in touch with Y-Axis, a pioneering company for immigration services, to apply for a visa.

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