During our last Startup Evenings, the Minister of Industry & Commerce, Zayed Alzayani stated that “Virtual CRs” are on the way. Do you think this new policy will lower the barrier for new startups? What about its impact on existing businesses with established overheads? Is it a good idea?

Ehsan Alkooheji, Kooheji Systems

The introduction of Virtual CRs is a great and long overdue step. It will tremendously affect the market for the better, allowing more startups to enter the market with fewer obstacles.

With fewer barriers we can expect more competition in the market for the same services, leading to greater choice and higher quality for consumers.

Eyad Ebrahim, Web Avenue

I think it’s a very good initiative, finally the small social media based business can be a legitimate business that can be held accountable for their products. I don’t think ti will have an effect on established companies, as the cost of startup is still low only now it will be slightly lower.  personally, I can’t wait to see the full list of activities.

Wafa AlObaidat, Obai & Hill

It is a great idea, it took me a year to sort out my CR and it drained me, I would not wish that waste of time, agony, and stress on any startup and budding entrepreneur.

The minister of industry and commerce graciously stated that the ministry is here to serve the business community, and I look forward to a more customer service approach to anyone trying to obtain a CR and license to practice business.

Let us streamline and smoothen the process as much as possible.

Yazin Alrhayim, Entrepreneur

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Definitely a step in the right direction. The ideal world is a true meritocracy — where new companies can compete with established ones and the best company wins.

Not the one that has the neatest pile of paperwork. I think we may see a few established businesses not-renew their CRs in favor of virtual CRs, but ultimately the total number of CRs (and resulting business activity) will increase significantly.

Zaman A. Zaman, Entrepreneur

Of course, especially towards tech startups and home businesses. It will lower the cost significantly for startups and give more flexibility to existing businesses.

This will allow entrepreneurs to test their ideas in the market without the financial commitments they previously had to endure because of having to lease a physical location their business didn’t require.

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