The United Arab Emirates (UAE) is exploring the possibility of introducing long-term business licenses, including 10-year golden licenses and five-year silver licenses, with the aim of enhancing government revenues and promoting sustainable economic development.
The proposal to implement new regulations for trade licenses was deliberated during the inaugural 2024 Economic Integration Committee meeting held on Wednesday.
Chaired by Abdulla bin Touq Al Marri, Minister of Economy, the meeting saw the participation of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives from the economic development departments of all emirates. Discussions primarily centered on advancing economic initiatives and fostering collaboration to drive growth.
The committee explored the potential benefits of introducing new regulations for trade and business activities, including the issuance of competitively priced five-year silver licenses and 10-year golden licenses. These measures are envisioned to bolster government revenues, promote business continuity, and stimulate economic growth in line with the “We are the UAE 2031” vision.
Furthermore, the committee assessed the progress made in implementing the outcomes of its initial meeting in February 2024.
Bin Touq underscored the UAE’s commitment to maintaining a flexible and competitive economic environment under the guidance of its visionary leadership. This approach has attracted a myriad of opportunities for entrepreneurs, investors, and capital owners worldwide, resulting in a substantial increase in the number of companies operating in the country, surpassing 788,000 by the end of 2023.
Bin Touq emphasized the pivotal role of the Economic Integration Committee in elevating the UAE’s business environment competitiveness, facilitating business processes, and enhancing the country’s attractiveness to investors and talents.
The committee’s efforts aim to establish a robust economic and legislative framework aligned with international standards, thereby positioning the UAE as a hub for innovation and economic prosperity. Through the adoption of cutting-edge technologies and strategic policies, the UAE seeks to solidify its position as a global leader in business and commerce.
