Post by : Bianca Suleiman
In a significant move to enhance business efficiency, Dubai's Unified Licence (DUL) initiative has dramatically lowered the time to open a business bank account from 65 days to just five. This transformative change aims to support the burgeoning SME sector and boost investment in the emirate.
Introduced in 2023 by the Dubai Business Registration and Licensing Corporation (DBLC), which operates under the Dubai Department of Economy and Tourism (DET), the DUL grants businesses a consolidated, government-recognized digital identity applicable in both mainland and free zones. The recent enhancement of the Service Providers Project in 2024 now allows seamless access to banking and essential services through a singular platform.
Since the rollout of this project in October 2024, over 3,000 new business bank accounts have been successfully opened, along with 134,000 updates to existing banking profiles. The initiative incorporates major banking institutions, including Emirates Islamic Bank, Mashreq Bank, Commercial Bank of Dubai (CBD), First Abu Dhabi Bank (FAB), Emirates NBD, Emirates Development Bank (EDB), and Ruya Bank.
Moreover, the DUL initiative is forging collaborations with several pivotal government and service organizations, such as the Ministry of Human Resources and Emiratisation (MoHRE), Dubai Electricity & Water Authority (DEWA), Dubai Trade, the Roads & Transport Authority (RTA), the Ministry of Foreign Affairs (MOFA), and Arab Financial Services (AFS).
This initiative ensures that accurate business information is kept within a secure digital framework, enhancing service access, compliance, and transparency. To date, more than 900,000 DULs have been issued, underlining Dubai's commitment to fostering an investor-friendly landscape that is efficient and globally competitive.
With the DUL, entrepreneurs and SMEs are empowered to launch and expand their ventures at unprecedented speeds, solidifying Dubai's reputation as a premier hub for economic growth, trade, and innovation.
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