The Dubai Division of Financial system and Tourism (DET) has introduced the launch of the ‘Dubai Unified License’ (DUL), a novel business identification issued to all companies in Dubai with the purpose of attaining a streamlined method to varied enterprise processes.
The DUL initiative, which is awarded to current and newly established corporations in Dubai working underneath a mainland or free zone license, introduces a unified digital register. Launched in partnership with the Dubai Free Zones Council, the registry consolidates all financial institutions in Dubai and its Free Zones right into a single information administration, assortment and sharing platform, serving as a dependable digital data supply.
The initiative goals to standardize and streamline Dubai’s enterprise processes in step with international greatest practices, and be sure that the most recent company paperwork, together with licensing data and information, are constantly maintained on document.
Streamlined method
By simplifying the set-up and working procedures for companies in Dubai, the ‘Dubai Unified License’ improves effectivity and reduces the time it takes for companies to arrange and handle their operations. This streamlined course of helps strengthen Dubai’s aggressive place as a business-friendly vacation spot. Such effectivity can also be notably engaging to worldwide traders and entrepreneurs looking for a hassle-free enterprise atmosphere, additional strengthening Dubai’s enchantment as a most well-liked international enterprise hub.
As well as, the unified digital platform supplies larger transparency and quick access to business-related data, additional enhancing Dubai’s enchantment as a dynamic and dependable funding vacation spot. Consequently, these options collectively strengthen Dubai’s place on the worldwide financial stage, which inserts completely with its aspiration to be acknowledged as one of many world’s prime three cities for enterprise and funding.
As a part of the initiative, institutions will endure thorough validation, verification and screening by the related authorities to acquire their distinctive digital id. Up to now, DET has issued over 50,000 permits, with plans to difficulty extra permits within the coming interval, protecting all registered companies in Dubai Mainland and Free Zones.
His Excellency Helal Saeed Almarri, Director Normal of Dubai Division of Financial system and Tourism, mentioned: “In accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on the forefront of town This pondering mentality has pushed strategic initiatives, plans and insurance policies that promote sustainable financial development and consolidate Dubai’s place as a world metropolis of innovation and excellence. The ‘Dubai Unified License’, a key initiative inside the Dubai Financial Agenda, D33, is an instance of our dedication to ease of doing enterprise, selling transparency and embracing digital-first practices. It integrates seamlessly with Dubai’s superior digital know-how infrastructure and leverages our good metropolis capabilities to drive enterprise development and strengthen Dubai’s place among the many prime three international cities on the planet.
DET has labored carefully with the Dubai Free Zones Council to make sure the seamless implementation of the DUL initiative. This partnership was important in integrating the assorted elements of this initiative, making certain a complete method to enterprise facilitation in Dubai.
His Excellency Dr. Mohammed Al Zarooni, Secretary Normal of Dubai Free Zones Council, mentioned: “Dubai’s dedication to the benefit of doing enterprise is a cornerstone of the imaginative and prescient set forth by HH Sheikh Mohammed bin Rashid Al Maktoum, with the purpose of constructing a future – A sturdy, agile and sustainable financial system that is ready to adapt to adjustments and convert them into alternatives. The profitable completion of the ‘Dubai Unified License’ initiative is a testomony to the teamwork and constructive collaboration between the Dubai Free Zones Council, the Free Zones Authorities in Dubai and the DET group. It has established a mannequin for synergistically bringing collectively efforts between completely different specialties, ensuing within the realization of a unified licensing system in document time.”
The DUL facilitates quick access to enterprise data for presidency companies, service suppliers and the general public. Corporations are assigned a license quantity particular to the mainland authority or free zone of their incorporation, selling effectivity, transparency and accountability. With a digital repository and consent functionality, the DUL permits direct information sharing between authorities companies, the non-public sector and repair suppliers. Moreover, the DUL is strengthening the compliance framework outlined within the Nationwide AML/CFT Technique, making certain the integrity of the UAE financial system and the worldwide monetary system.
Most vital options
The ‘Dubai Unified License’ gives a spread of key options and advantages to customers. It supplies entry to verified DUL information housed in a digital repository, streamlining enterprise verification processes throughout interactions. The issuance of No Objection Certificates (NOCs) and permits for financial actions is simplified by way of a uniform and streamlined course of. Moreover, the DUL supplies uniform and verified data on current companies, which proves useful to potential house owners on the lookout for particulars on working companies within the emirate. Trying forward, DUL goals to facilitate banks in opening accounts for Dubai-based corporations with larger ease and effectivity.
Ahmad Khalifa AlQaizi AlFalasi, CEO of Dubai Enterprise License Company (DBLC), mentioned: “The launch of the ‘Dubai Unified License’ marks one other vital milestone within the digitalization of presidency companies within the emirate. This initiative supplies a uniform identification for all financial establishments, making a centralized database whereas making certain privateness coverage compliance. The implementation of the DUL simplifies and streamlines consent-driven information alternate and transactions between corporations, service suppliers and authorities companies. It is going to enhance buyer expertise and speed up business transactions for corporations coping with each private and non-private entities.”
Companies can use their distinctive DUL QR code on their premises, web sites and social media accounts as a substitute of presenting the standard commerce license certificates. This QR code permits authorities companies, service suppliers, suppliers and clients to scan and retrieve details about the corporate. Through the present part, current corporations and business institutions in Dubai, together with these in free zones, will obtain their distinctive ‘Dubai Unified License’ quantity and related QR codes upon completion of the information replace course of.
DET’s Dubai Enterprise License Company will oversee the operation, administration, improvement and supervision of the DUL system. The Dubai Free Zones Council will work with every free zone to speak commonly with their respective licensees to gather up to date license particulars and get in touch with data.
