The Business Registration and Licensing arm of Dubai’s Department of Economic Development’s issued 550 instant licences during the first quarter of 2020.
Some 73 per cent of licences issued were commercial and 27 per cent professional, according to a statement from the DED, also known as Dubai Economy, on Monday.
The organisation also reduced the market fees for instant licences to Dh250 from Dh 3,000.
“Through the instant licence, Dubai Economy aims to promote the sustainable economic development and competitiveness of Dubai," DED said. "Dubai Economy supports the structural transformation of the city into a diversified, innovative service-based economy with an enhanced business environment, as well as accelerated productivity growth.”
The instant licence service allows business owners to obtain a licence to set up a business in the emirate within five minutes.
Business owners can obtain a general commercial licence online allowing general trading, in addition to activities that do not require external approvals and are permitted for both citizens and residents.
The licence holder is also given membership of Dubai Chamber, as well as an establishment card of the General Directorate of Residency & Foreigners Affairs (GDRFA). They will also get three work permits from the Ministry of Human Resources & Emiratisation.
"The instant licence service reduces human interaction through automated licensing procedures and easy access to a business licence. It guarantees that entrepreneurs can start their business activity immediately after the licence is secured, and then complete the remaining requirements of the licence, such as approvals from other relevant government entities."
The report also revealed that the number of instant licence owners during the first quarter reached 1,746, with men accounting for the majority of owners.
Entrepreneurs from the UK, South Africa, Saudi Arabia, Egypt, Jordan, India, Pakistan, China, Sudan and the Philippines secured the licences during the period.