Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai to introduce instant 'hassle free trade licence' next month  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/04/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) The 120-day licence will allow investors to start businesses immediately and complete the rest of the licencing requirements

Dubai plans to introduce instant trade licences to investors under a new “120 days hassle-free licence” next month according to a top official of the dubai department of economic development.


“there will be no extra fee for this licence and it will be for one full year” mohammed shael chief executive officer of the business registration and licencing division at the ded told khaleej times in dubai on monday.


The 120-day licence will allow investors to start businesses immediately and complete the rest of the licencing requirements such as approvals from other local and federal government entities concerned within the subsequent 120 days.


“the 120 days hassle-free licence is based on risk factors. we have got around 2050 business activities. we classified these into three main risk categories. no risk low risk and high risk. and based on those risks factors we applied on all business licenses” shael said.


The ded floated this idea almost two years ago but shael clarified that it will take a maximum two months. earlier in his address to india club members he said the new initiative would be launched in the middle of may.


Further clarifying “120 days” he said the investor will get the trade licence instantly and after that he or she will have 20 days to fulfill all the requirements. “it has not been implemented... it’s a new one” he added.


“prior to 120 days the inspector has no right to give any fines. but after 120 days if the company is not fulfilling the requirements the inspector will have the right to fine the company” he explained.


A dubai-based senior business consultant appreciated the initiative and said it will save a lot of time and encourage investors to do business in the emirate.


“certainly it should help to those investors whose business fall in no risk category” jitendra gianchandani chairman and managing partner at jitendra consulting group told khaleej times.


Nowadays it takes a maximum of one week for a normal trade licence and 30 to 45 days for special activities requiring approval of concerned ministry or authorities gianchandani said.


He said that this new initiative would definitely attract investment and improve the competitiveness of dubai and enhance its global ranking in doing business.


The uae ranked top in the ease of doing business report of the world bank for 2013 at 23rd out of 189 global economies. saudi arabia ranked second in gcc at 26th followed by qatar at 48th and kuwait at 104th.


Last year the number of business licences issued by the ded reached 18757 showing an increase of 12 per cent over the 16791 licences issued in 2012.


— abdulbasit?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Feb 26 2017 - Qatar Islamic Bank gets nod to raise AT1 Capital Sukuk limitThe Peninsula
(MENAFN - The Peninsula) Qatar Islamic Bank's (QIB) ordinary general assembly has given approval to increase the limit of the perpetual Sukuk (Additional Tier1 or AT1 Capital Sukuk) from QR5bn to ...

 Feb 26 2017 - Qatar Stock Index Gains 18.97 PointsThe Peninsula
(MENAFN - The Peninsula) Doha: Qatar Stock Exchange (QSE) index gained 18.97 points (+0.17%) when the bourse closed trading at 10,952.66 points Wednesday. The volume of shares traded increased ...

 Feb 26 2017 - Qatar- Action launches new corporate identityThe Peninsula
(MENAFN - The Peninsula) Action Global Communications yesterday announced the launch of its new corporate identity which reflects the company's strategic transformation now being led by its new ...

 Feb 26 2017 - Qatar- QICDRC appoints new JudgeThe Peninsula
(MENAFN - The Peninsula) The Qatar International Court and Dispute Resolution Centre (QICDRC) held its Annual General Meeting and appointed a new judge to the QFC Regulatory Tribunal. Lord ...

 Feb 26 2017 - Qatar Islamic Bank opens new branch at Awqaf TowerThe Peninsula
(MENAFN - The Peninsula) Qatar Islamic Bank (QIB)announced yesterday the official opening of a new branch at the Ministry of Endowment and Islamic Affairs (Awqaf) Tower in West Bay. Senior ...

 Feb 26 2017 - GCC firms 'should tap' non-bank options for fundsThe Peninsula
(MENAFN - The Peninsula) GCC businesses should explore alternative non-bank options available in the region to raise funds, rather than relying just on traditional sources of capital. Non-bank ...

 Feb 26 2017 - Qatar- QIC insured offers motor claims via WhatsAppThe Peninsula
(MENAFN - The Peninsula) QIC Insured, Qatar's leading insurer and the retail arm of QIC, yesterday announced the launch of a new service reporting motor claims directly through the call center or ...

 Feb 26 2017 - Ooredoo net profit rises by 4% to QR2.2bnThe Peninsula
(MENAFN - The Peninsula) Ooredoo Group's revenue touched QR33bn for the full-year of 2016, an improvement of 1 percent over 2015. In local currency terms, growth was driven by Ooredoo Qatar, Oman, ...

 Feb 26 2017 - Iran parliament stresses foreign investment in five-year economic planThe Peninsula
(MENAFN - The Peninsula) DUBAI: Iran's parliament passed a five-year economic development plan on Sunday that includes a sharp rise in foreign investment, though Tehran may not achieve that while ...

 Feb 26 2017 - Qatar- $50 oil price needed to spur investment: Al SadaThe Peninsula
(MENAFN - The Peninsula) Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada has said oil prices need to be higher than $50 a barrel to encourage oil sector investment. quot;You ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help