What is an Instant License?
Dubai offers various types of licenses for the entrepreneurs and investors. They have to choose licenses depending on the nature of their business activities. Once you determine the nature of the business activity, one of the most important steps is to obtain a business license. The department of economic development started offering instant licenses in 2018 in order to ease the process of business setup and boost the region’s economic activity.
The aim of issuing an instant license is to attract new investors and make it easier and simpler for the investors to set up the business. Instant business licenses in Dubai can be can be issued within 5-10 minutes through a digital portal that has been set up by the government.
An Instant License is a business license that you can get within 5 minutes with the option to issue an electronic MOA, and a virtual site. The MOA, Ejari and other necessary requirements according to your business activity should be completed before the next renewal within a year. So you can get license within 5 minutes and get one year to complete all other requirements. This process of instant license Dubai eliminates the requirement for paperwork to get the business license.
What are the advantages of an Instant License?
- Get the license issued in few minutes
- Easy and simple online application
- Avoid the complicated process of a tenancy contract or Ejari for commercial and UAE office space. You can use a virtual space in the first year. Utilize the initial year to settle down and find a new physical space during the first year of operation. Start your business activity in a physical space from the following year onwards.
- Less documentation
- No extra approvals or requests needed
- Trading name registration not mandatory
- Cost-effective
- No need to prepare a Memorandum of Association (MOA) or notarize it
Procedure for applying for an instant license in Dubai
- Choose the legal entity - LLC, civil company, or sole proprietorship.
- Choose the legal activity for which an instant business license can be obtained.
- Determine the shareholding of the company.
- While applying for an instant business license in Dubai and UAE, an investor has to choose at least three names.
- Determine the total share capital of the company.
- Fill in all the application forms.
- After that, submit all the required documents to the concerned department.
- Once the documents are submitted, a payment voucher will be generated.
- After the successful generation of voucher, complete the payment.
- Then, the investor will be provided with an instant business license.
- You will get an instant business license in Dubai only after complete payment has been made in this regard to the concerned authorities.
Documents needed for applying for an instant business license in Dubai
- The passport of everyone (including every partner) needs to be made available while filling out the application form.
- Copy of residence visa
- NOC from the current employer
- Passport copy of local service agent (LSA) along with Emirates ID
Once you fill in the online form and submit the required documents online, the authority will issue you with an instant license, authorizing you to start the business.