Did you know that the Licensing authority in Dubai issues Instant Licenses to business? Yes, you heard that right!
In order to promote sustainable economic development, ease of starting business and competitiveness through best practices, the Department of Economic Development started the “Instant License” initiative last year.
The “Instant License” enables businessmen and investors to obtain their licenses in minimal steps and sometimes within just five minutes!
The main highlight of this initiative is that the license can be issued without the need for the Company’s Memorandum of Association or an office location.
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. These documents will have to be presented only for renewal or for any amendment during the first year.
The initiative reduces the time required for business registration procedures and license issuance by 90%.
The four different kinds of legal entities that can be set up with an Instant License are:
- Limited Liability Company
- One Person Limited Liability Company
- Sole Proprietorship
- Civil Company
With such initiatives by the Department of Economic Development and the Dubai government you can now set your business in an instant.