Dubai issues law creating unified digital platform for establishing companies

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has issued a decree to create a unified digital platform that will help establish businesses and contribute to the emirate’s economic growth.

The platform, which will use the Invest in Dubai portal, aims to integrate various licensing processes and covers all economic activity.

These processes include those managed by the Department of Economy and Tourism, and by the authorities of special development zones and free zones such as the Dubai International Financial Centre and other relevant entities, the Dubai Media Office said on Wednesday.

All requests related to licensing and permits will be processed through Invest in Dubai, which provides services for starting a business or reserving a trade name, and is managed by the department.

“The integration is aimed at significantly improving the investor experience in Dubai,” the media office said.

“By offering a streamlined channel for accessing information, obtaining licences and availing other services related to economic activities, the platform seeks to enhance the ease and convenience of investors.”

Also on Wednesday, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, issued an Executive Council resolution to “approve the key principles behind facilitating the investor’s journey in Dubai”.

“All licensing entities and federal and local entities tasked with regulating and supervising business activities in Dubai, are responsible for facilitating a smooth journey for investors in Dubai and implementing the procedures required to facilitate this,” the resolution said.

The announcement comes as Dubai works towards its D33 strategy, which aims to double the size of its economy to Dh32 trillion ($8.71 trillion) over the next decade and establish the emirate among the top three global cities. The plan aims to support 30 private companies to achieve unicorn status.

A unicorn is a start-up valued at more than $1 billion.

Other business incubators will support the growth of private companies, with 400 of the most promising identified.

The strategy also aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented citizens. The emirate has maintained robust growth momentum since the coronavirus-induced slowdown, supported by growth in sectors such as tourism, property and trade.

Dubai’s non-oil foreign trade hit Dh2 trillion ($540 billion) last year, 12 months ahead of schedule, driven by continuing economic growth in the emirate, Sheikh Mohammed announced last month.

Business activity in the nonoil private sector economy grew at the fastest rate in about four years in February due to a rise in new orders, leading to an improvement in employment rates, the S&P Global Dubai Purchasing Managers’ Index showed this week.

The index matched the May 2019 level, the joint-highest seen in more than nine years, indicating a sharp improvement in operating conditions.

Hiring activity last month remained robust, with the pace of job creation hitting its highest level since August 2015.

The new platform, which will use the Invest in Dubai portal, aims to integrate various licensing processes