Dubai initiative slashes opening time of business bank accounts by over 90%

Move part of emirate's strong push towards enhanced ease of doing business.

In Dubai, where the average time it takes to open a business bank account is 65 days, the emirate will see that number go down to five via the Dubai Unified Licence (DUL).

Rolled out in 2023, the DUL is a government-verified digital identification provided by the Department of Economy and Tourism's Dubai Business Registration and Licensing Corporation (DBLC).

Last year the DUL was augmented by the Service Providers Project, through which more than 134,000 business banking profiles were updated and over 3,000 new business bank accounts were opened in Dubai.  

This time around, the goal is to cut the average business bank account opening time by more than 90%.

"The robust efficiencies delivered through the Dubai Unified Licence are a testament to the steadfast guidance and support of our visionary leadership and underscore Dubai's commitment to digital-first governance, consolidating the emirate's position as a global leader in ease of doing business," said DBLC CEO Ahmad Khalifa AlQaizi AlFalasi.

"The success of the DUL initiative also showcases how collaboration between government entities and the private sector can deliver real benefits for businesses and service providers through our shared determination to build a transparent, investor-friendly environment that supports the goals of the D33 Agenda."

D33 is the Dubai Economic Agenda, which seeks to double the emirate's economy size by 2033.

The DBLC CEO added: "By simplifying critical processes and advancing Dubai's digital transformation, DUL is making it easier than ever for companies to set up and grow in the city, while reinforcing the vital role of businesses in driving our economy.

"Looking ahead, DBLC will continue working closely with partners to expand the platform's capabilities and integration, and supporting Dubai's vision of a globally competitive investor-friendly environment."

More than 900,000 companies operating across Dubai's mainland and free zones have their unique DULs, consolidating information into a single secure registry and streamlining businesses' access to government and private sector services alike.