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 7 2016 - Egypt- Doctors Syndicate to vote on general strike on 12 FebruaryDaily News Egypt
(MENAFN - Daily News Egypt) Head of Doctors Syndicate Hassan Khairy and Deputy Head Mona Mina were summoned Saturday by the East Cairo Prosecution over a report they had filed to the Prosecutor ...

 Feb 7 2016 - Tens commemorate Italian student's deathDaily News Egypt
(MENAFN - Daily News Egypt) Approximately 60 activists gathered Saturday in front of the Italian embassy in Garden City to commemorate the life of the University of Cambridge PhD candidate and ...

 Feb 7 2016 - Tens of thousands of Syrians fled their homes near Aleppo after continuous Russian air strikesDaily News Egypt
(MENAFN - Daily News Egypt) Tens of thousands of Syrians fled their homes Friday due to continuous Russian air strikes near the Syrian city of Aleppo.The regime's attack around Aleppo ruined the ...

 Feb 6 2016 - Saudi Arabia sees one IPO in Q4 raising USD 101mnMENAFN
(MENAFN) The last quarter (Q4) of last year viewed the sluggish main public offering (IPO) performance in Q3 proving that 2015 was an unstable year for IPOs in the GCC.Moreover, the kingdom viewed ...

 Feb 6 2016 - Industries Qatar net profit drops at 1.21bnMENAFN
(MENAFN) Industries Qatar, one of the area's industrial giants with interests in the production of a wide range of petrochemical, proclaimed its financial results for its net income.Additionally, net ...

 Feb 6 2016 - KSA health sector cuts spending by 50 percentMENAFN
(MENAFN) Saudi Ministry of Health asked its different departments to review recent inventories to ensure the availability of medicine and medical devices.Moreover, the reduction of health sector was ...

 Feb 5 2016 - Julius Baer signs final deal with the USThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Swiss bank Julius Baer has signed a deal with the United States authorities bringing an end to an investigation into how it helped US clients evade taxes. A ...

 Feb 5 2016 - Turkey- Merkel to travel Ankara to discuss Syria refugee crisisThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) German Chancellor Angela Merkel will travel to Ankara on Monday for talks on Syria andthe refugee crisis her spokesman announced Friday. “The visit ...

 Feb 5 2016 - NATO: Russian airstrikes undermining non military efforts in SyriaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) NATO chief Jens Stoltenberg says Russia's airstrikes in Syria are undermining efforts to find a non-military solution to the conflict. Stoltenberg made the ...

 Feb 5 2016 - Syrian woman starves to death in besieged MadayaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) A Syrian woman starved to death on Thursday in the Syrian town of Madaya taking the death toll in the besieged town to 18 a local medical center said. ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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