DED issues 1,307 licences in October 2008

The majority of these were issued in the commercial sector (1073), followed by the professional sector (207), industrial (19) and tourism (8), according to a comprehensive report prepared by the Economic Affairs Division at the DED.

'Ready made garments' led the list of the top 10 licensed activities with (143) licenses issued, followed by 'General trade' (139), 'perfumes and cosmetics' (135), 'watches and accessories' (129), 'gifts' (95) and 'handbags and leather products' (86).

"The government's flexible commercial policy in encouraging businesses has served as a catalyst for economic growth in the Emirate and the setting up of new businesses across a wide spectrum of activities. The Business Registration Division at DED constantly reviews the existing procedures and norms in an attempt to simplify rules and regulations."

said Mr Mohammed Shael, Chief Business Registration & Licensing Officer.

"The business registration system at the DED has been thoroughly streamlined and made more user-friendly. Investors can set up businesses with the minimum of procedures and paperwork and the DED will assist them in their dealings with other government departments," added Mr Shael.

'Limited liability companies' (LLCs) topped the list of issued licences according to legal status with 744 licences issued in October, followed by 'Individual Corporations' with 475.

The total number of transactions during October 2008 reached 28,386.

'Licence renewal' topped the list of transactions with 6,946 (24.5%) followed by 'Trade name' with 4,390 (15.5%) and 'Licences amendment' with 4,233 (15%).

The Intlaq scheme, an initiative by the Department of Economic Development to encourage more UAE nationals to set up businesses from home, received strong response with 118 licences issued in October 2008 a 168% increase from October 2007.

Under the Intlaq programme, commercial trading licenses constituted 75% of those issued.

In October, DED issued 17 new licences to branches of foreign firms from South Korea, Britain, France, China, Malaysia, Japan, India and elsewhere.