More than 50 percent of people who took part in an online poll said they think the decision to scrap the Dhs150,000 company set-up charge will have no positive impact on the UAE economy.
The spot poll by Arabian Business found that a total of 53.7 percent of people said the decision was "too little, too late".
Only 9.2 percent of respondents said it was a good idea and would encourage entrepreneurs to set up new companies in the UAE.
Last week, under a decree by President Sheikh Khalifa bin Zayed Al Nahyan, would-be partners will no longer have to stump up Dhs150,000 ($40,800) which was previously the minimum required, to form a company.
Officials said the move would reduce the cost of setting up a business and limit bureaucratic procedures as investors will not need to provide bank certificates.
The moves, it is hoped, will benefit small-to-medium sizes companies in the UAE and help attract further investments to the country.
However, the Arabian Business poll found that 12.7 percent of respondents thought it was "definitely a step in the right direction and may encourage more start-ups".
Some 24.4 percent said the decision must be backed up by other business fees being slashed.