(MENAFN) Dubai's Department of Economic Development (DED) it will bring in the 120 days hassle free license, an initiative aimed improving the process of doing business in the emirate.
The 120 days license allows a businessman or woman to start a business immediately and complete the rest of the licensing requirements, such as approvals from other government authorities concerned, within the next 120 days.
The new licensing rules will enable investors to have their licenses issued immediately from DED depending on the risk factors of the intended business activity.
DED said that business activities in Dubai have been categorized as No-Risk, Low Risk and High-Risk for the sake of evaluating the new business.
In February, DED reported a total of 14,360 business licenses were issued in Dubai in 2011, compared to 13,817 licenses issued in 2010.
According to the official data, the professional accounted for the most number of licenses with 7 percent stake, followed by the tourism sector at five percent.