In an effort to boost government revenues, vitalize businesses, and promote sustainable growth and prosperity in the country, the UAE is contemplating the introduction of long-term business licenses, including 10-year golden and five-year silver licenses.
The said proposal was discussed during the inaugural 2024 Economic Integration Committee meeting on Wednesday, March 27.
Chaired by the Minister of Economy, Abdullah bin Touq Al Marri, the meeting was attended by the Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and representatives from various Emirates economic development departments.
The discussion mainly stressed enhancing economic initiatives and fostering collaboration.
By introducing these new regulations for trade and business in the country, both priced competitively, the measures aim to bolster the country’s economy as they are also in alignment with the “We are the UAE 2031” vision of the country. In addition, the committee also reviewed the progress in implementing the outcomes of its inaugural 2024 meeting in February.
Highlighting the UAE’s flexible and competitive economic policies, guided by wise leadership, Bin Touq said that it has fostered a favorable environment for businesses and economic ventures.
“This approach has attracted diverse opportunities and facilitators for entrepreneurs, investors, and capital owners globally. As a result, the country has witnessed a remarkable increase in the number of companies, surpassing 788,000 by the end of 2023, along with a growth in foreign direct investment inflows. These developments are pivotal in sustaining and bolstering the national economy,” he said.
He emphasised the importance of the Economic Integration Committee’s role in elevating the UAE’s business environment competitiveness.
He said, “By developing a robust and legislative framework aligned with international standards, the committee has proposed policies and recommendations to expedite business processes, increase the country’s appeal to investors and talents, and establish a comprehensive database of companies utilising cutting-edge technologies.”
