DUBAI - The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, in Dubai, has teamed up with Dubai Islamic Bank, DIB, to ensure provision of banking services to Instant License holders. The cooperation will ensure stronger banking support and smooth transactions for holders of the Instant License.
The Instant License enables businessmen to obtain their commercial licenses in one step within five minutes without having a company’s lease or location for the first year only. They only have to present these documents for renewal.
"We are pleased to cooperate with DIB as the Instant License service is in line with BRL’s vital role in promoting the sustainable economic development and competitiveness of Dubai through targeted initiatives and the application of best practices in areas such as ease of starting business, company registration, smart services, and providing value-added services to license owners, and thereby creating a world-class business environment," said Omar Al Meheri, Director of Follow up and Development, BRL sector.
Commenting on the agreement, Nasser Al Awadhi, Chief of Consumer Banking at DIB, said, "We are proud to cooperate with DED with the aim of giving holders of instant licenses an opportunity to benefit exclusively from our distinguished service portfolio, which supports ongoing government efforts to enhance the ease of doing business in Dubai. DIB is committed to supporting the strategic vision of the UAE to support the local business community, and we are fully confident that this partnership will not only enhance Dubai's competitiveness, but will also contribute to boosting local economy".
The BRL sector reported that 4,166 Instant Licenses were launched from July 2017 till December 2019. Among the Instant Licenses issued, 3,113 were Commercial (75%), and 1,052 in the Professional (25%) category.
The number of Instant License owners reached 15,159 with men accounting for 88% while women 12% of the total instant license holders. Indian businessmen hold the largest number of Instant Licenses issued so far followed by the nationals of Bangladesh, Pakistan, Egypt, Saudi Arabia, China, Sudan, Britain, Jordan, and Canada.
All business activities can benefit from the Instant License, except public and private shareholding companies, through the various outsourced service centers in Dubai, as well as the Happiness and Smart Lounges. Holders of general trade licenses can only use electronic services.
All business partners or one of them must be present while applying through the outsourced service centres or the happiness lounge and must provide a valid passport copy to all parties (partner and manager), residence visa copy and non-objection letter from the sponsor to the foreign parties.
The licensee is given membership in the Dubai Chamber instantly as well as establishment cards of the Ministry of Human Resources & Emiratisation and the General Directorate of Residency & Foreigners Affairs. An Instant License includes four legal forms; Limited Liability Company, One Person L.L.C, Sole Proprietorship and Civil Company.
© Copyright Emirates News Agency (WAM) 2020.