United Arab Emirates (UAE) boasts a robust and efficient government infrastructure that plays a crucial role in facilitating business setup and fostering economic growth. Various government departments are responsible for overseeing different aspects of the business setup process, ensuring compliance with regulations, and providing support to entrepreneurs and investors. Read here key requirements to obtain cheap trade license in UAE.
Department of economic development (DED):
The Department of economic development (DED) is a key government entity responsible for regulating business activities in the mainland of the UAE. Its primary role in the business setup process includes issuing trade licenses, approving business activities, and ensuring compliance with commercial regulations. The DED plays a vital role in facilitating entrepreneurship, promoting investment, and driving economic development in the UAE.
Free zone authorities:
Each free zone in the UAE is governed by its own authority, responsible for overseeing business setup and operations within the zone. Free zone authorities play a crucial role in attracting foreign investment, offering incentives such as tax exemptions, 100% foreign ownership, and simplified licensing procedures. They provide infrastructure, services, and regulatory support tailored to the specific needs of businesses operating within the free zone.
Ministry of economy:
The Ministry of economy (MoE) is responsible for formulating and implementing economic policies and regulations at the federal level. It plays a significant role in promoting investment, fostering innovation, and enhancing competitiveness in the UAE. The MoE collaborates with other government departments and agencies to create a favorable business environment conducive to economic growth and development.
Ministry of interior:
The Ministry of interior (MoI) oversees immigration and residency matters in the UAE, including visa issuance and sponsorship requirements for foreign employees. It plays a critical role in ensuring the security and safety of residents and visitors, while also facilitating the movement of skilled labor and talent needed for business operations.
Ministry of finance:
The Ministry of finance (MoF) is responsible for managing the financial affairs of the UAE government, including budgeting, taxation, and public spending. It plays a key role in setting fiscal policies and regulations that impact businesses, such as corporate tax rates, customs duties, and VAT implementation.