Dubai Unified Licence Initiative Reduces Business Bank Account Opening Time By 90 Percent

The Dubai Business Registration and Licensing Corporation (DBLC), under the Dubai Department of Economy and Tourism (DET), has significantly reduced the time needed to open a business bank account. Through its Dubai Unified Licence (DUL) initiative, the average time has been cut from 65 days to just five, marking a major improvement in business efficiency.

Launched in October 2024, the DUL project has facilitated the opening of over 3,000 new business bank accounts and updated more than 134,000 existing profiles. This initiative is crucial for supporting Dubai's trade and business ecosystem by simplifying access to essential services like banking, utilities, trade, and labour processing through a unified system.

The DUL initiative aligns with the goals of the Dubai Economic Agenda, D33, which aims to double Dubai’s economy by 2033. It also supports making Dubai a top global destination for business and leisure. By easing business setup and operations, it empowers entrepreneurs and SMEs to grow efficiently.

Ahmad Khalifa AlQaizi AlFalasi, CEO of DBLC, stated that "The robust efficiencies delivered through the Dubai Unified Licence (DUL) are a testament to the steadfast guidance and support of our visionary leadership and underscore Dubai's commitment to digital-first governance." He emphasised that collaboration between government entities and private sectors is key to creating an investor-friendly environment.

Several major banks have already integrated into this system. These include Emirates Islamic Bank, Mashreq Bank, Commercial Bank of Dubai (CBD), First Abu Dhabi Bank (FAB), Emirates NBD, Emirates Development Bank (EDB), and Ruya Bank. The DUL continues expanding partnerships with government bodies like DEWA and RTA.

Driving Innovation and Investment

Since its inception, over 900,000 DULs have been issued across mainland and free zones in Dubai. This initiative not only speeds up banking processes but also enhances transparency by consolidating data into a secure registry. It strengthens compliance while streamlining access to both government and private sector services.

By advancing digital transformation in Dubai’s business landscape, DUL simplifies critical processes for companies setting up or growing in the city. DBLC plans to continue expanding platform capabilities with partners to support Dubai’s vision of being globally competitive.

The DUL is part of DET’s broader strategy to improve transparency, efficiency, and competitiveness in Dubai's business environment. It provides businesses with a unique digital identity verified by the government. This initiative reinforces Dubai’s reputation as an ideal place for living, working, visiting, and conducting business.

With inputs from WAM