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Sheikh Mohammed Introduces New Law to Simplify Company Establishment in Dubai

Sheikh Mohammed Introduces New Law to Simplify Company Establishment in Dubai

In a significant move aimed at bolstering Dubai’s business environment and fostering economic growth, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued Decree No. (13) of 2024, establishing a Unified Digital Platform for company establishment in Dubai.

The decree marks a pivotal step towards streamlining the process of establishing companies in the emirate, with the platform set to integrate various licensing procedures managed by entities such as the Department of Economy and Tourism, as well as authorities overseeing special development zones and free zones, including the Dubai International Financial Centre (DIFC). By consolidating these processes into a single digital window, the platform aims to significantly enhance the investor experience in Dubai.

Designed to provide investors with seamless access to information, licensing services, and other related economic activities, the Unified Digital Platform is poised to simplify the establishment and licensing processes, offering greater ease and convenience for investors. The decree applies to all economic activities in Dubai and seeks to regulate the issuance of licenses, permits, and approvals to enhance clarity and simplicity for businesses operating in the emirate.

Furthermore, the decree emphasizes the importance of electronic integration among licensing departments and key entities to eliminate duplication of procedures, aligning with Dubai’s digital transformation goals outlined in the Dubai Economic Agenda D33. This initiative aims to position Dubai as a leading digital economy hub, fostering innovation and technological advancement.

Complementing the decree, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has issued Resolution No. (5) of 2024, endorsing key principles to facilitate the investor journey in Dubai. These principles, applicable to all licensing processes related to business activities in Dubai, underscore the commitment of licensing entities and regulatory bodies to ensure a smooth and efficient experience for investors.

Key measures outlined in the resolution include registration on the ‘Invest in Dubai’ digital platform, unified digital data registration, instant licensing and renewal, one-step fee payment, and the standardization of procedures, rules, and conditions. These initiatives aim to eliminate bureaucratic hurdles and streamline the licensing process, empowering investors to navigate the business landscape in Dubai with greater confidence and efficiency.

The introduction of the Unified Digital Platform and the accompanying resolution underscores Dubai’s commitment to fostering an investor-friendly environment and advancing its position as a global business hub. With a focus on innovation, efficiency, and transparency, these initiatives are poised to attract more investment and drive sustained economic growth in the emirate.

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