There is rapid increase for new trade licences in the UAE with high demand from start-ups and new investors, according to Sadhic Ali Alimakkanakam, CEO of Emirates Classic Business Center, a business consultancy.
The demand is mainly from new investors, who were former employees who turned entrepreneurs when they lost their jobs in the wake of the economic slowdown following the spread of the Covid-19 pandemic. Professionally qualified and experienced expatriates are setting up own businesses, making use of the change in sponsorship rules and incentives offered by various free zones in the UAE, he Sadhic said.
The cost of setting up businesses is also coming down drastically with the free zones offering competitive rates for issuing trade licences and setting up businesses.
“More and more people must enter the business sector, utilizing these facilities,” Sadhic said after opening the third office of Emirates Classic Business Centre at Al Tawar Center in Al Qusais, the hub of government services in Dubai.
Emirates Classic provides complete solution for all types of licensing and business set-ups and business start-ups in mainland, offshore as well as free zones at competitive rates. Other services include VAT registration, setting up bank accounts, trade licence renewal, finding local sponsors, legal consultations, Golden Visa and Retirement Visa.
The new office is a sprawling 3,400 sq ft facility with a recreation area.
As an inaugural offer, Emirates Classic offers zero service charge for December.