Sheikh Mohammed issues new law creating platform for establishing companies in Dubai

The law is meant to ease investors' experience in the emirate by creating a digital window to integrate the establishing and licensing processes

Published: Wed 13 Mar 2024, 3:21 PM

Updated: Wed 13 Mar 2024, 10:31 PM

By
Web Desk

In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No. (13) of 2024 on the Unified Digital Platform for establishing companies in Dubai. The decree forms part of Dubai’s efforts to enhance its business environment and advance economic growth.

The platform seeks to integrate various licensing processes in Dubai including those managed by the Department of Economy and Tourism, the Authorities of special development zones and freezones, including the Dubai International Financial Centre (DIFC), and other relevant entities. The integration is aimed at significantly improving the investor experience in Dubai. By offering a streamlined channel for accessing information, obtaining licenses, and availing other services related to economic activities, the platform seeks to enhance the ease and convenience of investors.

The decree, which applies to all economic activities in Dubai, also aims to regulate the issuance of licenses, permits and approvals in the emirate to enhance clarity and simplicity. It also seeks to help investors overcome obstacles in setting up or operating businesses in Dubai.

The decree seeks to enhance electronic integration between licensing departments and other key entities to avoid duplication of procedures, and support Dubai’s digital transformation in line with the objectives of the Dubai Economic Agenda D33 to establish the city as a digital economy hub.

In a move that complements the new decree, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Resolution No. (5) of 2024 of the Council, approving the key principles behind facilitating the investor’s journey in Dubai. These principles are applicable to the processes for all licenses, permits and approvals related to business activities in Dubai. The resolution is effective from the date the new decree goes into effect.

According to the resolution, 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 also outlines various measures to provide a smooth experience for investors including registration on the ‘Invest in Dubai’ digital platform, unified digital data registration, instant licensing, instant license renewal, one-step fee payment, streamlining of licensing requirements, and the standardisation of procedures, rules and conditions.

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