Doing business in Dubai for private businesses couldn’t be more simple in line with this new development. The government streamlines the procedures and will be shortened by 30% in the next three months in an effort to reduce the cost of setting up a business and encourage investments from the private sector.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, issued this directive at an Executive Council meeting attended by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council, along with senior officials.
“We have made significant progress in strengthening Dubai’s economic recovery,” Shaikh Hamdan said. “Normal life has resumed and the increased stability of businesses will help raise the sustainability of Dubai’s economy. We are determined to further support businesses and deepen the confidence of investors as part of ensuring a win-win partnership.”
This directive complements the “Invest in Dubai” platform launched last February enabling investors to secure their trade licenses and establish their business in few minutes. The portal also provides commercial licensing services in which permits and approvals can be availed without the need to visit any service centre.
Dubai is an attractive hub for investors to locate their business interests. Its focus is on economic diversification in trade, logistics, banking, tourism, real estate and manufacturing that provides opportunities in various industries. Simplifying the rules and revisiting the previous procedures in difficult times per se is pressing to Dubai’s economic sustainability.
Hensley&Cook advises clients when considering to invest in a foreign country, they need to consider a range of commercial issues that influence the decision of setting up in a country. We work hand in hand with them to address their requirements and provide the right solution to navigate the changing business landscape.