Abu Dhabi simplifies the procedure for setting up a new business within its territory and it is reconfirmed as one of the favorite destinations among foreign investors.
The announcement comes from the Abu Dhabi Department of Economic Development (ADDED) which has significantly reduced the procedure, in terms of cost and time, for those who intend to invest in the emirate, by reducing by 71% the requirements needed for starting a new business on site.
The reform, which is part of the “Investor Journey Program”, comes into effect from August 1st 2021 and allows over 93% of business activities to receive a commercial license within six minutes only. Additionally, all license issuance and renewal fees will be reduced to AED 1,000 (approximately € 230.00).
This initiative was anticipated at the beginning of July by the establishment of the Abu Dhabi Residents Office (ADRO), whose main task is to attract new entrepreneurs and to provide any assistance and services necessary to start-ups, in order to create a totally favorable economic environment for them.
Sameh Abdulla Al Qubaisi, Executive Director of ADDAD, finally assured that the collaboration between ADDAD and the Abu Dhabi Digital Authority (ADDA) will increase and improve the commercial license services on TAMM, which will provide all essential services to set up a new activity.
This program, adopted in an already economically competitive environment such as that of Abu Dhabi, will inevitably strengthen the private sector of the UAE’s largest emirate.
Source: The Khaleej Times (https://www.khaleejtimes.com/business/uae-71-cut-in-charges-for-setting-up-new-business-in-abu-dhabi)
Monica Di Gangi