UAE Considers Long-Term Business Licences to Boost Economic Growth

The UAE is contemplating introducing golden and silver business licenses, valid for up to 10 years, as discussed during a meeting of the Economic Integration Committee. 

The meeting, attended by high-ranking officials including Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, explored the potential benefits of these extended licenses in driving economic prosperity and attracting talent to the country.

Stimulating Economic Activities:

The proposed long-term business licenses aim to enhance the continuity of business operations and economic activities within the UAE. 

By offering competitive pricing structures, the government seeks to increase revenue and foster an environment conducive to sustained growth and development.

Golden and Silver Licence Options:

During the meeting, the committee deliberated on the implementation of both 10-year golden licenses and five-year silver licenses. 

These initiatives align with existing programs, such as the Golden Visa residency program, introduced in 2019, which has successfully attracted investors, entrepreneurs, and professionals to the UAE.

Enhancing Competitiveness:

Minister Abdullah bin Touq emphasized the UAE’s commitment to flexible and competitive economic policies, which have positioned the country as an attractive destination for businesses and investments. 

The proposed business licenses are expected to further bolster the UAE’s competitiveness on the global stage, attract diverse talent, and foster economic diversification.

The UAE has witnessed a surge in company registrations, surpassing 788,000 by the end of 2023. 

This growth has coincided with increased foreign direct investment inflows, highlighting the country’s appeal as a lucrative market for international businesses and investors.

Committee’s Role and Responsibilities:

The Economic Integration Committee plays a crucial role in shaping the UAE’s business landscape by advocating for policies and legislative reforms that promote economic competitiveness and attractiveness to investors. 

Efforts to strengthen control over building material prices underscore the committee’s commitment to addressing market challenges and ensuring a conducive business environment.