In a bid to further enhance its business environment and attract more talent and investment, the United Arab Emirates (UAE) is contemplating the introduction of golden and silver business licences, valid for up to 10 years and five years, respectively.
The proposal was discussed during a meeting of the Economic Integration Committee, attended by top officials including Abdullah bin Touq Al Marri, Minister of Economy, and Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
The envisaged long-term business licences are aimed at providing greater stability and continuity for businesses, thereby contributing to the country’s economic growth and prosperity. The move is expected to streamline the licensing process and offer competitive pricing, potentially increasing government revenues while fostering an environment conducive to sustained business activities.
Currently, business licences in the UAE are typically issued for one year and renewed annually upon payment of requisite fees. However, the proposed golden and silver licences would offer extended validity periods, providing businesses with greater certainty and flexibility in their operations.
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This initiative aligns with the UAE’s broader strategy to bolster its economic competitiveness and attractiveness to global investors and entrepreneurs. Similar to the existing Golden Visa programme, which offers long-term residency to select categories of individuals, the introduction of golden and silver business licences aims to further enhance the country’s appeal as a destination for investment and talent.
Abdullah bin Touq emphasized the UAE’s commitment to maintaining flexible and competitive economic policies, underscoring the country’s efforts to create an enabling environment for businesses and investors. The UAE’s proactive approach to economic development has already resulted in a significant increase in the number of companies operating in the country, as well as a rise in foreign direct investment inflows.
Raheel Ahmed, CEO of RAKBank, hailed the proposed long-term licences as a positive development, particularly for small and medium-sized enterprises (SMEs), citing increased business sustainability and flexibility.
The Economic Integration Committee also reviewed efforts to strengthen price control measures for building materials and address any unjustified price hikes. Additionally, discussions were held on postponing the implementation of certain regulations pertaining to heavy vehicles, highlighting the government’s commitment to facilitating business operations while ensuring regulatory compliance.
Overall, the proposed introduction of long-term business licences reflects the UAE’s ongoing efforts to foster a dynamic and resilient business ecosystem, positioning the country as a global hub for innovation, entrepreneurship, and investment.
