The UAE is considering a golden and silver business licence which will be valid for up to 10 years.

This was discussed during the Economic Integration Committee meeting which was attended by Abdullah bin Touq Al Marri, Minister of Economy; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and other senior officials.

The committee yesterday discussed issuing these long-term business licences “at competitive prices” in a way that contributes to increasing government revenues, enhances the continuity of business and economic activities in the country and helps it grow and prosper.

The committee discussed 10-year golden and five-year silver business licence during the meeting.

The UAE already has a 10-year residency programme Golden Visa for investors, entrepreneurs, property buyers, outstanding students and other professionals since 2019. This new silver and golden business licences will attract more talent and businesses to the country, improving the country’s competitiveness.

Abdullah bin Touq said the UAE has adopted flexible and competitive economic policies and legislation, which have contributed to creating a competitive climate for practising and establishing businesses and economic activities in the country’s markets and providing diverse opportunities and capabilities for businessmen, investors, entrepreneurs, and capital owners from all over the world.

He added that the number of companies in the country increased to more than 788,000 by the end of 2023, resulting in the growth of higher foreign direct investment flows to the country.

The minister said that the Economic Integration Committee played a pivotal role in enhancing the competitiveness of the UAE business environment by contributing to the development of a distinguished economic legislative structure in accordance with international best practices and proposing policies and recommendations that would accelerate the pace of business in the country and enhance the country’s attractiveness to investors, talents and minds.

The Economic Integration Committee reviewed the efforts to strengthen control over the prices of building materials and address any unjustified increases after the Council of Ministers directed to postpone the implementation of Resolution No. (138) of 2023 regarding the weights and dimensions of heavy vehicles and the administrative penalties resulting from violating them.