DET releases report on business environment
The Dubai Department of Economy and Tourism (DET) has released its report on the state of the business environment in the first quarter of 2022. The report, prepared by DET’s Business Registration and Licensing (BRL) sector, shows that 24,662 new business licenses were issued in the first quarter of 2022, an increase of 58% over the first quarter of 2021, when 15,580 licenses were issued.
The exceptional growth underscores the strong fundamentals, resilience and stability of Dubai’s economy, led by a progressive vision and a strong ability to face challenges and maintain a healthy growth rate. The strong growth in the number of new business licenses also demonstrates the confidence of investors and entrepreneurs in Dubai’s growth potential in various sectors.
According to the report, 57% of the new business licenses issued in Q1 2022 were professional and 43% were commercial. Bur Dubai accounted for the largest share (16,577) of new licenses issued, followed by Deira (8,066) and Hatta (19), with the largest sub-regions being: Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Said, Al Kuoz 3, Naif, Trade Center 1, Khor Al Anz East and Al Barsha 1.
Among the legal forms of the new licenses issued, sole proprietorship companies topped the list with 33%, followed by civil companies with 26% and limited liability companies with 19%. The legal forms also included: single-person limited liability companies, branches of companies located in other emirates, branches of foreign companies, branches of free zone companies, branches of Gulf companies and state-owned companies.
In the first quarter of 2022, 136,034 business registration and licensing transactions were completed, a 36% increase over the first quarter of 2021, when the total number of transactions reached 99,741. The number of initial approvals reached 19,835, a 43% increase over the same period last year (13,914), and the number of trade name reservations reached 22,112, a 29% increase over Q1 2021 (17,133).
The BRL sector reported that 7,492 instant licenses were issued in Q1 2022, a 310% increase over Q1 2021’s 1,828 licenses. The instant license service provides businessmen with a convenient and easy solution to obtain a commercial license within five minutes on Invest in Dubai’s platform for setting up and running a business in Dubai. Entrepreneurs can obtain a commercial license in one step, without renting a premises or company location for the first year.
DET emphasized the importance of close cooperation between government and the private sector to support economic development and the ambitious vision of Dubai and the UAE. DET is committed to providing solutions that promote growth and make it easier to do business in Dubai.
Investors can obtain any trade license or start a business in minutes with Invest in Dubai, the first integrated digital business creation platform that simplifies the business process.
.@Dubai_DED has issued its first-quarter 2022 report on the business environment. The report developed by the DET’s Business Registration and Licensing sector shows that 24,662 new business licenses were issued in Q1 2022, a growth of 58% from Q1 2021.https://t.co/7ZQMUCWj8q pic.twitter.com/PVLDFcDpry— Dubai Media Office (@DXBMediaOffice) April 10, 2022
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