UAE Considers 10-Year Business Licenses to Boost Competitiveness

UAE, 29 March, 2024 : The UAE is considering introducing 10-year golden and five-year silver business licenses, aiming to enhance business continuity and attract more talent and investment. The proposal was discussed during a meeting attended by top officials, including Abdullah bin Touq Al Marri and Thani bin Ahmed Al Zeyoudi.

Currently, business licenses in the UAE are typically valid for one year, with renewal required annually. However, the new long-term licenses would provide stability and flexibility for businesses, potentially boosting the country's competitiveness.

The UAE already offers a 10-year Golden Visa program for investors, entrepreneurs, property buyers, outstanding students, and professionals. These new business licenses are expected to complement the residency program, further attracting global talent and businesses to the country.

Abdullah bin Touq highlighted the UAE's commitment to fostering a competitive business environment through flexible policies and legislation. The country has seen significant growth in the number of companies, surpassing 788,000 by the end of 2023, and attracting higher foreign direct investment.

Raheel Ahmed, CEO of RAKBank, sees the proposed licenses as a positive development, providing greater sustainability for businesses, especially SMEs. The Economic Integration Committee's role in enhancing the UAE's business environment and proposing policies to attract investors and talent was also emphasized.

Additionally, efforts are underway to strengthen control over the prices of building materials and address unjustified increases, reflecting the government's commitment to ensuring a fair and stable economic environment.

Source : www.khaleejtimes.com