Business licences issued up 9% by end of August
abu dhabi — The number of business licences issued in the UAE by the end of August increased to 532,000, a growth of 9 per cent over the end of 2017, in yet a fresh sign that the business is moving and gaining speed across various economic platforms despite the global slowdown in different world countries.
According to the Ministry of Economy’s statistics, the emirates of Abu Dhabi and Dubai accounted for around 85 per cent of the licences issued by the end of August, namely 453,000.
Dubai came first with 249,000 licences, comprising 46.8 per cent of the total licences issued by other departments of economic development across the country.
The World Bank’s Ease of Doing Business report revealed last year that the UAE is ranked 21st globally and came on top of Arab countries for the fifth year in a row.
In terms of legal status, limited liability companies come first in terms of the number of licenced firms, 170,066 companies, followed by individual companies, 72,807, then foreign companies, 2,141, single-member limited liability company,1,869, Gulf companies, 894, with the rest of licences distributed among other stock, and private companies.
In Abu Dhabi, a total of 77,406 licences have been issued, including 25,460 for limited liability companies,17,942 for company branches and the rest for singlemember limited liability companies as well as stock and private and other types of firms. In Sharjah, a total of 51,998 licences were issued for individual companies, 23,178 for limited liability companies and the rest for other types of firms.