"Dubai Unified License" Reduces the duration of opening a corporate bank account by 90%

Dubai, November 12, 2017 – The Dubai Commercial Registration and Licensing Corporation, one of the institutions of the Department of Economy and Tourism in Dubai, revealed today the success of the Dubai Unified License initiative in reducing the time required to open a bank account for companies by 90%, to only 5 days, after it previously took 65 days.

The corporation launched the Dubai Unified License in 2023, which is a commercial identity that provides a unique identification card for all companies in Dubai with the aim of facilitating procedures. Then last year, it strengthened the initiative by launching the service providers project, to facilitate companies’ access to a wide range of services through a unified system, starting from banking transactions and facilities to trade and labor procedures.

Since its launch in October 2024, the Service Providers Project has contributed to opening more than 3,000 new commercial bank accounts and updating more than 134,000 commercial banking files, which reflects the project’s pivotal role in supporting the trade and business system in the emirate.

The Dubai Unified License plays a vital role in facilitating doing business in the city, and enabling entrepreneurs, small and medium-sized companies, and investors to launch their businesses and expand more efficiently and quickly, by accelerating access to banking and government services.

These achievements contribute to supporting the achievement of the goals of the Dubai Economic Agenda 33D, which aims to double the size of Dubai’s economy by 2033, and enhance the emirate’s position as a leading global destination for business and entertainment. They are also consistent with one of the agenda’s priorities, which is facilitating the establishment of companies and doing business in the emirate.

Ahmed Khalifa Al Qaizi Al Falasi, Executive Director of the Dubai Commercial Registration and Licensing Corporation, said that the strong results achieved by the Dubai Unified License since its launch come in line with the directives of the wise leadership, and confirm Dubai’s commitment to digital governance, which consolidates its global leadership position in facilitating doing business.

He added that the success of the Dubai Unified License initiative confirms the importance of cooperation between the public and private sectors in supporting companies and service providers, through a commitment to establishing a transparent and encouraging environment for investment that supports achieving the goals of the Dubai Economic Agenda “33D”. The initiative ensures the ease of establishing and developing companies, and supports their pivotal role in promoting economic development, by simplifying all operations and accelerating the pace of digital transformation in Dubai. The Corporation intends to continue working with partners to expand the capabilities of the platform and enhance its integration, and support Dubai’s vision of establishing a global competitive environment that attracts investment.

Many banks have joined the Dubai Unified License system, including Emirates Islamic Bank, Mashreq Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, Emirates NBD, Emirates Development Bank, and Roya Bank.

The Dubai Unified License continues to expand its list of partners from government institutions and financial service providers, including the Ministry of Human Resources and Emiratisation, Dubai Electricity and Water Authority, Dubai Trade, Dubai Roads and Transport Authority, the Ministry of Foreign Affairs, and the Arab Financial Services Company.

The Dubai Unified License falls within the framework of the efforts of the Department of Economy and Tourism in Dubai, to enhance the levels of transparency, efficiency and competitiveness within the business environment in the city, and it also provides all companies on the mainland and free zones in Dubai with an official, approved digital identity.

The initiative works to speed up banking procedures, improve transparency and compliance, and facilitate access to public and private sector services, by collecting accurate data in a unified and secure register.

Since its launch, the initiative has contributed to the issuance of more than 900,000 digital identification cards to companies operating on the mainland and free zones in Dubai, which supports the efforts of the Department of Economy and Tourism in Dubai to advance the wheel of innovation and encourage investment, thus consolidating the emirate’s position as the best city to live, work and visit.

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