The UAE is a thriving destination that is very popular with entrepreneurs from across the globe. They come here to take advantage of beneficial business conditions, the absence of administrative barriers, low taxes, excellent infrastructure, and helpful local authorities. And if you decide not only to work but also live in this advanced country, you can do so by obtaining a residency visa (acquiring citizenship is unavailable). Want to know more about the UAE? Please explore a trusted website where you will find a lot of practical information.
Dubai Unified License: All You Need to Know
From now on, each company in Dubai (no matter whether it is fully functional or is about to start its activities) will acquire its personal commercial identifier, the Dubai Unified License (DUL). It is applicable to companies operating in mainland Dubai and those registered in free zones. The local government has set the aim of creating a consolidated digital register of all legal entities using one platform. The DUL is an instrument that will help collect, manage, and exchange reliable up-to-date information. One more goal that the program will achieve is to standardize and optimize all business processes based on world-class quality standards.
The DUL initiative is a joint effort of the local authorities and the Dubai Free Zone Council that encompasses all of Dubai’s free economic zones. FEZs offer various benefits and incentives to business owners, such as customs and tax incentives, access to world markets, and free movement of capital and workforce. The global aim behind the initiative is to strengthen Dubai’s attractiveness as a business center.
Dubai Unified License: Main Benefits
The DUL has been conceived as a way of attracting more foreign investors to the emirate by optimizing the processes of business incorporation and making administrative procedures more straightforward. The ambitious goal of making the United Arab Emirates a world business hub is highly likely to be achieved.
Let’s look at the main advantages that DUL will provide to its users:
- Streamlined Business Verification processes. The initiative will improve the efficiency of business verification processes in different interactions.
- Access to Updated and Verified Information. A digital repository will be created to access verified information that is constantly brought up to date.
- Efficient Procedure of Business Permits and No Objection Certificates (NOCs) Issuance. The procedure for receiving business permits and NOCs is standardized.
- Reduced Cost of Business incorporation and Subsequent Registration. All entrepreneurs want to save on costs, and this initiative will allow them to do so.
- Registration and Activity Management Will Take Less Time. We all want to reduce the formalities and waiting time to a minimum, and the local authorities are now attempting to realize this dream.
- Corporate Bank Account Setup Simplified. While local banks set some barriers you had to overcome, the new project is aimed at their elimination.
- Easy Access to Business-Related Information. The new initiative is also focused on simplifying access to all the data connected with businesses.
- The Relations Between Business and Government Will Be Characterized by More Trust and Transparency. Business and governmental authorities often have hostile relations, but not this time: the initiative strives to make them good friends.
- More Partnership and Cooperation Opportunities. Companies that engage in business activities in the mainland and FEZs will now find it easier to conclude partnerships and cooperate.
The Dubai Unified License is primarily aimed at simplifying access to current data about businesses for service providers and government agencies.
How to Acquire the Dubai Unified License
The DUL acquisition procedure is straightforward, and yet it requires some steps to be taken. Companies need to pass stringent screening and verification by authorized bodies that provide each company with a unique digital ID. This “document” in the form of a QR code completely substitutes a traditional paper license, and you can publish it on social networks and websites, or display it in offices. The QR code can be scanned to get quick access to the latest company information which confirms that the trade license is valid.
At present, all legal entities that operate in Dubai’s free economic zones or on the mainland receive these identifiers automatically once they update the corporate information in the registry. About 50,000 unified licenses have been issued, and many more of them will be provided. All legal entities to be registered in Dubai’s free economic zones and on the mainland in subsequent years will get one license valid across the emirate, which means that businesses will no longer need any additional permits to do business in various jurisdictions.
Thanks to the unified digital platform, you can instantly share data with the private sector, governmental agencies, and service providers using digital storage. The Dubai Unified License is of critical importance when it comes to monitoring the compliance and implementation of the national strategy aimed at fighting terrorist financing and money laundering.
The emirate has adopted an important document, the Dubai Economic Agenda, that outlines the main priorities and strategic goals for Dubai’s development until 2033, and the Dubai Unified License is one of the key initiatives mentioned. Other objectives are aimed at strengthening Dubai’s position to become one of the top three cities for businesses and investors and a global innovation center.
Here is a statement made by Helal Saeed Al Marri who heads the emirate’s Department of Economy and Tourism: “The Dubai Unified License, an essential project under the Dubai Economic Agenda, shows our focus on simplifying the business processes, making all procedures more transparent, and implementing business practices that involve digital solutions.”
The DUL project is implemented by the emirate’s governmental bodies:
- Dubai Free Zones Council. It communicates with each FEZ and receives updated information about licensees.
- Dubai Business License Corporation. It is in charge of the management, operation, development, and supervision of the DUL system.
The DUL initiative is a groundbreaking program that shows Dubai’s striving for an ongoing improvement of its business environment and adaptation to the quickly developing world. The scheme comes with a lot of advantages, such as more trust and transparency between the companies and the local authorities, acceleration and simplification of business processes, and a state-of-the-industry digital interaction instrument for companies registered in FEZs and on the mainland.