This is particularly true for the medical sector, for whom this essential trade license can be considered as more than just a license to practice but rather – a license to uphold the standards of the profession. Entrepreneurs in healthcare should be aware of the fact that such a license is a basic aspect of assuring and establishing reputation. Considering the increasing population of the UAE and the movement of expatriates into the country in droves, the need for medical services is bound to escalate, thereby putting pressure on practitioners and medical establishments to be well prepared. A DED trade license greatly assists in expansion of client base as well as streamlining doing business within the competitive sector of the Dubai market. Let us take a closer look at the disadvantages of failing to obtain this important business license.
Legitimacy and Trustworthiness
Doubtlessly, one of the most prominent advantages of having a DED trade license in Dubai is the legitimacy, which every business wants, it offers to a company. It is an assurance from the government that indeed, your business activities are within the allowed scope and range. For healthcare venders, this legitimacy is significant for establishing a healthy relationship with patients. A trustworthy organization in the health care sector has to be the one because it is what warrants the patient to seek healthcare interventions. More potential customers will notice the DED trade license, and as a result, they will select your services instead of the others. Moreover, it boosts efficiency since it places the business ahead of others who are not licensed appropriately.
Building Client Confidence
Having a good and recognized trade license from DED is beneficial especially to clients, patients and other stakeholders in business. It assures them that the business is registered with the DED and thus abides by the laws of the UAE which besides compliance relates to quality and safety. Such confidence may equally result in high patient turnover rates and growth in the word of mouth usages. Developing trust in such industry as healthcare even in the slightest way is of utmost importance as the advantages garnered out of trust smoothing are so significant in the long run. Therefore, the moment in which patients regard your healthcare service as dependable, the direction of your business can positively change.
Access to a Growing Market
As the population of Dubai is increasingly becoming multi-ethnic and with its economy on the rise, there is always need for medical services. Medical practitioners, as well as healthcare institutions with DED trade license, are able to reach out to a wider pool of prospective patients. The multicultural population is not only comprised of the indigenous people but also a large number of people from other nations. This diversity gives health care corporations the ability to provide services to various cultural and medical needs thus increasing the scope of their services. Additionally, your DED trade license certifies your existence in a market that is becoming increasingly cutthroat and thus market your potential for growth.
Expanding Opportunities in Healthcare
With a DED trade license, there are numerous opportunities in the market for medical professionals. The clinics, pharmacies and even laboratories can meet the market needs by filling the gaps in the healthcare services. Here are some noteworthy opportunities that arise when you acquire a DED trade license:
Requirements to Participate in Government Contracts and Partnerships
To obtain government contracts, it would also be beneficial though not necessary to have a DED license. With a DED trade license issued to a business, it would not be a problem for that business to pursue potential partnerships and contracts many of which would be useful for the hospitals and clinics which are striving to expand their operations. As it stands, the UAE practices a policy of investing heavily in the health care sector, so being able to obtain a DED license makes your business well placed to win such contracts. Moreover, it is common that partnership with the public sector increases the level of confidence in, and exposure of your facility as well.
Wider Reach to Public Sector Facilities
There are certain opportunities available for tendering for the public sector once a DED trade license is secured. Most contracts stipulate that the healthcare providers must be licensed and thus allow those with a DED license to be at an advantage. Some of the benefits that can be derived from venturing into the public sector include the following;
- More revenue prospects from engaging in government projects.
- More credibility due to engagement in women and public health projects.
- Chance for career advancement through government activities.
Automation of Business Processes
With a DED trade license, many of the processes that are necessary to operate a business in Dubai are simplified. Too much bureaucracy to get through is not pleasant when it comes to the healthcare sector; however, this is made easier with obtaining a DED license. For instance, procurement of permits and approvals needed for healthcare service delivery becomes much smoother. This reduces the bottlenecks experienced during processing of transactions and drastically improves operational efficiency. A straightforward business architecture will minimize time and resources which will, of course, be good for the profit margin.
Increased Operation Efficiency
Operating a business becomes simpler with a DED license; permits and approvals are relatively easy to obtain hence the operations are streamlined. Effective management of administrative tasks leaves many resources which can be invested in direct outflows to KAP. Optimizing operational workflows can enhance employee satisfaction and retention as well. Besides, a good chain of command and communication enables better quality control, which is critical in the medical discipline.
Attribute Positive Outputs
- Legitimacy Enhance patient confidence and trust.
- Market Access Broader Patient base.
- Government Partnerships Contracts and funding.
Opportunities for Networking and Collaboration
Networking is a key reason behind the existence of licensed healthcare professionals as creative and practical solutions can be derived from joint efforts of healthcare professionals. Joining professional associations usually necessitates a valid trade license, which is further beneficial for networking. A DED issued trade license allows medical companies to become members of professional societies and associations. Being a member of such associations can result in pooling of resources and best practices which is crucial for development.
Joining professional associations often requires a valid trade license which is further beneficial for networking. These associations exist to promote knowledge, experience and professional development of their members. Finding opportunities to engage in joint projects may also increase the level of service provided. Medical businesses on the other hand are allowed to work with various professional groups and forums.
- Access to workshops and training sessions.
- Access to rich network of other professionals.
- An opportunity to take part in industry advocacy reform and other activities.
Conclusion
As noted earlier, the main advantages of having a DED trade license in Dubai do not only relate to the understanding of the local laws. In particular for the professionals in the medical field and the companies, these include building reputation, penetrating new opportunities, and making it easy to do business. Trust and business relations in Dubai are deepened with the use of the DED trade license. Additionally, it improves the scope of collaboration and the effectiveness of operations in readiness for viable development in the industry segment. The healthcare market in Dubai is at its best, and having the necessary trade license is a must for anyone wishing to join and enhance the activities of this fast growing economy.
FAQ
What is a DED trade license?
A trade license which is issued by the Dubai Economic Department and allows business activities in Dubai is a DED trade license.
Who needs a DED trade license in Dubai?
A DED trade license is required by anyone who wants to lawfully conduct business in Dubai including medical mentoring institutions.
How can I apply for a DED trade license?
Applying for a DED trade license can be done through the Dubai Economic Department official website or visit any of their service centers.
What is the cost of getting a DED trade license in Dubai?
This may differ with the nature of trade and its course of action but it usually entails other registration costs, name reservation and several other costs.
Am I permitted to carry out my activities without possessing a DED trade license?
Absolutely not, it is illegal to carry out business activities without the DED trade license, doing so may result in penalizations, as well as closure of business.
