Unified Digital Platform: New Law announced by Sheikh Mohammed bin Rashid Al Maktoum

A new law, announced by Sheikh Mohammed bin Rashid Al Maktoum, aims to simplify, and expedite the process of establishing a company in Dubai through the creation of a unified digital platform, taking another step towards making Dubai an even more appealing destination for businesses.

Here’s what this exciting development involves:

• The new platform will combine various licensing processes under one roof. This eliminates the need for businesses to navigate through different departments and authorities, saving them valuable time and resources.
• The platform is designed to provide clear and concise information on the entire company setup process. This transparency vests entrepreneurs with the knowledge they need to make informed decisions.
• The digital platform promises a more efficient experience. Entrepreneurs can expect faster processing times and potentially complete the entire company setup process within minutes.
• The platform encompasses various economic activities, including those under the purview of special development zones and free zones, like the Dubai International Financial Centre (DIFC).

Benefits for Businesses:

Reduced Costs: The simplified process can potentially lead to lower administrative costs associated with company formation.

Increased Efficiency: Faster processing times allow businesses to get operational quicker and capitalize on opportunities.

Improved Investor Confidence: A robust and efficient business setup system strengthens Dubai’s position as a preferred destination for global investors.

This initiative aligns with Dubai’s vision to:

• Become a global leader in ease of doing business.
• Foster innovation and attract entrepreneurs from around the world.
• Solidify Dubai’s position as a major contributor to the UAE’s economic diversification goals.
• The new platform is likely to be accessible online, allowing for remote company setup.
• Integration with relevant government entities will ensure efficient data exchange and quicker approvals.
• This initiative complements existing programs like the Dubai Virtual Commercial City, which caters specifically to global entrepreneurs and investors.

The implementation of this new platform marks a significant step towards creating a more business-friendly environment in Dubai. While the specific details and launch date are yet to be announced, this initiative is expected to further propel Dubai’s growth as a dynamic and competitive commercial hub. By embracing digital transformation and prioritizing ease of doing business, Dubai continues to position itself as a premier destination for businesses to establish and thrive.