UAE Mulls Major 10-Year Golden Business Licence
The UAE is considering introducing new five and 10-year commercial licences for businesses in the country.
The silver and gold licences are being debated as a means to boost government revenues and create opportunities for economic growth and innovation for entrepreneurs.
Last week, the Economic Integration Committee held its second meeting of the year 2024 under the chairmanship of Abdulla bin Touq Al Marri, Minister of Economy.
UAE golden commercial licence plans
The meeting was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of the local economic development departments from across the UAE.
The meeting saw the committee deliberate on a proposal to introduce new commercial licence regulations in the country.
These include a five-year silver commercial license and a 10-year golden commercial license, both offered at competitive rates.
The initiative aims to boost government revenues, support the continuity of businesses and economic activities, foster growth and prosperity – all in line with the ‘We the UAE 2031’ vision aimed at transforming the UAE into a leading hub for innovation.
Furthermore, the committee reviewed the progress in the implementation of the resolutions from the first meeting of 2024, held in February.
The Minister of Economy emphasised that the UAE, under its visionary leadership, has implemented flexible and competitive economic policies and legislation, fostering a competitive environment for conducting and setting up businesses and economic activities in its markets.
These developments unlocked diverse opportunities for businessmen, investors, entrepreneurs from around the world, leading to a rise in the number of companies operating in the UAE to over 788,000 by the end of 2023.
Additionally, there has been a growth in inward FDI flows into the country, which boosted the growth and sustainability of the national economy.
Bin Touq said: “The Economic Integration Committee’s efforts are key to boosting the competitiveness of the UAE’s business landscape.
“They have helped the development of a unique economic legislative structure in line with global best practices by recommending policies to expedite business processes, attract investors, talented individuals, and innovators.
“Additionally, it established a comprehensive database for companies in the local markets by harnessing cutting-edge technology.”
The committee reviewed the initiatives of its members to strengthen supervision over construction material prices and combat any unjustified price hikes, following the Cabinet’s decision to delay the enforcement of Resolution No.138 of 2023 concerning the specifications and penalties related to violations of heavy vehicle regulations.
The move aims to prevent monopolistic practices and ensure stable, fair prices for consumers.
