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The United Arab Emirates is considering introducing innovative business licensing options, including five- and ten-year terms, known as Silver and Gold respectively.
These deliberations stem from strategic efforts to increase government revenue while creating an environment conducive to economic expansion and entrepreneurial innovation.
The latest development is that the Economic Integration Council, chaired by Economic Minister Abdulla bin Touq Al Marri, will hold its second meeting in 2024. The meeting was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State and the Ministry of Foreign Trade, together with representatives from economic development authorities across the UAE, scrutinized proposals for the issuance of new business licensing regulations in the country.
Central to these regulations is the proposal to introduce silver and gold commercial licenses at competitive prices, with validity periods of five and ten years respectively. The overall objective behind the initiative is to strengthen government revenue streams, ensure business continuity and drive economic growth and prosperity, in line with the Our UAE 2031 vision to position the UAE as a leading global innovation hub.
In addition, the committee assessed progress in the implementation of the resolutions formulated at its first meeting of 2024 in February. Minister Bin Tuq emphasized that the UAE is committed to creating a flexible and competitive economic landscape through visionary leadership, which has led to the number of companies operating in the UAE surging to more than 788,000 by the end of 2023. In addition, increased inflows of foreign direct investment (foreign direct investment) have contributed to the recovery and expansion of the national economy.
The committee’s job is to improve the UAE’s business environment by proposing policies to speed up business processes, attract investments and foster a conducive innovation ecosystem. It is worth noting that efforts are underway to strengthen the regulation of construction material prices to curb monopolistic behavior and ensure fair pricing for consumers. The Ministry of Economy has been leading cooperative initiatives with various stakeholders to monitor market dynamics and maintain price stability in key sectors.
The proposed introduction of silver and gold business licenses reflects the UAE’s commitment to fostering a dynamic and sustainable economic landscape, underpinned by progressive policies and strategic initiatives aimed at promoting growth, innovation and competitiveness.
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