DUBAI – The emirate of Dubai plans to introduce instant trade licenses to investors under a new “120 days hassle-free license” next month, Mohammed Shael, chief executive officer of the Business Registration and Licensing Division at the DED, said Monday as reported by Khaleej Times. “There will be no extra fee for this license and it will be for one full year,” he said. The 120-day license will allow investors to start businesses immediately and complete the rest of the licensing requirements, such as approvals from other local and federal government entities concerned, within the subsequent 120 days. “The 120 days hassle-free license is based on risk factors. We have got around 2,050 business activities. We classified these into three main risk categories. No risk, low risk, and high risk. And based on those risks factors we applied on all business licenses,” Shael said. The DED floated this idea almost two years ago, but Shael clarified that it will take a maximum two months. Earlier in his address to India Club members, he said the new initiative would be launched in the middle of May. Further clarifying “120 days”, he said the investor will get the trade license instantly and after that he or she will have 120 days to fulfill all the requirements. “It has not been implemented... it's a new one,” he added. “Prior to 120 days, the inspector has no right to give any fines. But after 120 days if the company is not fulfilling the requirements the inspector will have the right to fine the company,” he said. The UAE ranked top in the ease of doing business report of the World Bank for 2013 at 23rd out of 189 global economies. Saudi Arabia ranked second in GCC at 26th followed by Qatar at 48th and Kuwait at 104th. Last year, the number of business licenses issued by the DED reached 18,757, showing an increase of 12 per cent over the 16,791 licenses issued in 2012. – SG
