The Department of Economic Development (DED) is planning to introduce a new type of company license initiative where a business can receive its license in 120 days.
According to the report, the 120 days licence allows a businessman or woman to start a business immediately and complete the rest of the licencing requirements, such as approvals from other government authorities concerned, within the next 120 days.
Business activities in Dubai have been categorised as No-Risk, Low Risk and High-Risk for the sake of evaluating the new business.
It is however not clear how the business will start its operations without obtaining a license. All primary business operations in Dubai like opening a bank account, leasing accommodation etc. require a valid business license.
It is also not clear what fail safe features are in place to prevent misuse of this law.
Dubai’s financial boom was short lived when its property bubble busted, making the emirate as worst hit property markets of the world.