In five (5) minutes, a businessman interested to put up a business in Dubai can quickly get the business license via an electronic portal 24/7 without document and physical visit.
According to Khaleej Times, as gathered from a development executive at the Dubai Economic Department (DED), Ammar Yasir, this initiative has "successfully helped the emirate jump to 25th rank in World Bank's Doing Business 2019 report." He said that they want to be at the number one rank.
This is what really the world needs -- more businesses to help fuel economic growth in terms of livelihood and job generation. It is a huge saving when the entrepreneurs will not be required a leased office for the first year particularly when you are a foreigner and you have to spend extra money on residential space rental.
The said emirate considered to be a Smart City wants things to be fully automated, so it is envisioned that there is no waiting time, no pending approval. An interested business person can just use a unique ID then
- choose the trade name, and
- choose economic activity.
As per the same article, all other required certificates and card can then be electronically be obtained after the trade license issuance, including
- Dubai Chamber Certificate
- Ministry of Human Relations and Emiratisation's establishment card, and
- General Directorate of Residency and Foreigner Affairs card.
Accordingly in the near future, the option to open an investor bank account connected to the trade license will be included. This is important for online money transmittal.
The DED got the top award -- which it deserves highly -- at the 2020 Hamdan Bin Mohammed Smart Government Programme Awards held recently, according to the said newspaper.
Entrepreneurship must really be promoted because businesses significantly propel a country's growth. From the home-grown businesses emerge the unicorns.
At a glance, scrapping government fees and allowing businesses to operate in the first year or more without an office, seems to be a big loss for the government and some industries' (say, real estate). But in the final analysis, when the businesses grow and can sustain their growth, they expand and hire people whose earnings will help spend on local products and services.
This will lessen dependence on big bank loans to start up a business. Most businessmen test the waters first. Some cannot even reach the breakeven point in the first year of operation. We hear many stories of those who get imprisoned because they cannot pay their loaned money to start their businesses.
The money they can save can be utilized for other operational expenses so it really matters.
Even employees and students can start businesses and generate money that will help pay their individual and family payables to survive.
The United Arab Emirates (UAE) is called by many people as the Land of Opportunities -- no wonder why there are 200+ nationalities living in this part of the world. Whatever is lacking, the leaders have visionary thoughts on how to fill up the vacuum to make all happy. For one, they want rains, and they do cloud seeding. They want plants and trees to grow, they develop urban forests and cloud seeding rains help grow plants. What seemed impossible, they make it possible.
I hope that they will also look at the trade licenses for renewal, current and overdue, as in the past the businessmen invested a lot of money to meet the business setting up and renewal requirements, say, for the required offices, etc. Many of them had to borrow money from banks and/or relatives and friends. Removing fines as the government did in 2018 and reducing significantly more government fees will be a great help and relief to restart their new economic journey to be partners of the government in economic growth. It is timely, too, in preparation for the World Expo 2020.
A businessman who experienced a hard hit in the past may think of opening a new one or reviving the old one. It is always mathematics -- whichever costs less. But time has value. A brand name that has existed for some time has value. (Learn how to calculate your brand value here.) The stories of sacrifices, tenacity, and persistence behind starting and not giving up a struggling business have values that can inspire other startup owners.
This will lessen dependence on big bank loans to start up a business. Most businessmen test the waters first. Some cannot even reach the breakeven point in the first year of operation. We hear many stories of those who get imprisoned because they cannot pay their loaned money to start their businesses.
The money they can save can be utilized for other operational expenses so it really matters.
Even employees and students can start businesses and generate money that will help pay their individual and family payables to survive.
The United Arab Emirates (UAE) is called by many people as the Land of Opportunities -- no wonder why there are 200+ nationalities living in this part of the world. Whatever is lacking, the leaders have visionary thoughts on how to fill up the vacuum to make all happy. For one, they want rains, and they do cloud seeding. They want plants and trees to grow, they develop urban forests and cloud seeding rains help grow plants. What seemed impossible, they make it possible.
I hope that they will also look at the trade licenses for renewal, current and overdue, as in the past the businessmen invested a lot of money to meet the business setting up and renewal requirements, say, for the required offices, etc. Many of them had to borrow money from banks and/or relatives and friends. Removing fines as the government did in 2018 and reducing significantly more government fees will be a great help and relief to restart their new economic journey to be partners of the government in economic growth. It is timely, too, in preparation for the World Expo 2020.
We live in a challenging time full of uncertainties. Why wait tomorrow when we can do it now? Why 6th when we can do it at the first step? Why spend more when we can save? Why stick to full-time employment until retirement age, when we can do business either on full- or part-time mode?
It is interesting to passionately monitor what comes next related to this instant license app. For sure, this will be emulated by other cities in the world.
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Photo credits: Pixabay
Informative blog.
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