Business in Abu Dhabi
The United Arab Emirates (UAE) has one of the most favourable business environments in the world, attracting entrepreneurs from all over the world. Many individuals have established thriving businesses in the UAE over the years, particularly in Abu Dhabi, the capital city. With recent advancements in business registration processes, obtaining an Abu Dhabi business licence has never been easier or more economical.
In order to improve the business environment in Abu Dhabi, officials have announced a 94 percent drop in the present fees for establishing a business. This programme is part of a larger effort to make business registration more accessible, simplified, and cost-effective. This measure, according to the Abu Dhabi authorities, will assist the development of new enterprises, increase competition, and, eventually, contribute to economic growth.
Furthermore, establishing a business in Abu Dhabi can be an excellent way to obtain long-term citizenship in the UAE. In recent years, the procedure of forming a corporation in the UAE has been streamlined, with various incentives available to entrepreneurs. This blog offers in-depth information on all areas of doing business in Abu Dhabi, including the most recent updates on company rules, investment opportunities, and entrepreneur resources.
Why should you consider establishing a business in Abu Dhabi?
An investor can have a specific tax fee status and trade rules such that any investor can manufacture items without having to pay customs fees while importing or exporting in a free zone company in Dubai. In order to enable investors to expand their trading prospects, free zones have been developed in Dubai near transit hubs like seaports and airports. In Dubai, free zones have been established in a number of areas, with every free zone accessible for a certain type of commercial activity.
- Business formation in Abu Dhabi attracts considerable interest due to its open and adaptable Business setup approach It will merely require you a couple of days to establish your brand-new Business in Abu Dhabi To do so, you must adhere to the government's guidelines.
Steps to start a business in Dubai
Select Business Activities
You must choose your business activities based on the nature of your
company. The DED (Department of Economic Development) gives an outline
of business activities from which you must select those that are
appropriate for your company. The legal procedures and the associated
charge will be determined by your business activity.
Ascertain the Legal Form
You must decide on the legal structure of your company in order to comply
with the rules and regulations that apply to different types of
businesses. As a result, you must choose a legal entity structure to
conduct your business.
Register Your Business Name
Choose a good business name for your company. Make sure it's easy to say
and doesn't contain any offensive or contentious words. If you want to
name your business after someone, you have to incorporate their complete
name. Once you've decided on a name, you are required to register it
with the Department of Economic Development.
Become an ADCCI member.
In Abu Dhabi, it is mandatory for both locals and foreigners who are
involved in any commercial, industrial, or professional activities,
either as individuals or through branches or companies, to become
members of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) as per
the provisions of Law No. (7) of 1998. This membership is a prerequisite
to obtain an Abu Dhabi business permit, which is essential for
conducting business operations in the region.
Obtain an Abu Dhabi Business Licence
The government provides four categories of business licences:
- Abu Dhabi Commercial Licence
- Abu Dhabi Industrial Licence
- Tourism Licence in Abu Dhabi
- Professional Licence in Abu Dhabi
Expert advisers at Whiteworth can support you all throughout the
application procedure, to obtain a permission and a No-Objection Letter
issued by the appropriate jurisdiction, in order to obtain any of the
Abu Dhabi business licenses based on the type of your firm. After your
application has been accepted, you must pay the applicable Abu Dhabi
business licence fee, which you can save.
Obtain Preliminary Approval
You must now submit the required documentation to the appropriate
departments and obtain preliminary approvals for business establishment
granted by the GDRFA (General Directorate of Residency and Foreigners
Affairs). All of your paperwork will be thoroughly examined, and you
will be given an initial clearance certificate to complete the remaining
legal formalities.
The positive aspects of setup a business in Abu Dhabi
- Abu Dhabi, situated between three continents, provides unrivalled access to global markets, making it a perfect location for enterprises wishing to expand their reach.
- Furthermore, the city allows for 100% foreign ownership, and businesses are exempt from corporate and personal income tax, making it an ideal business environment.
- Abu Dhabi has an open and inviting business climate with no foreign exchange controls, quotas, or trade obstacles
- Furthermore, Abu Dhabi is well-known for its high living standards, which provide an excellent quality of life for both individuals and families. The city has world-class healthcare facilities, ensuring that everyone has access to high-quality medical treatment.
- Furthermore, Abu Dhabi is a safe and secure city that provides a peaceful and comfortable living environment.
- The city also offers a diverse spectrum of job opportunities, making it a magnet for talent and creativity.
- Abu Dhabi is an outstanding environment for entrepreneurs and enterprises wishing to expand and prosper, thanks to its contemporary infrastructure, good transport facilities, and helpful government policies.
How Can I Acquire an Abu Dhabi Business Licence?
For the purpose of getting an Abu Dhabi-based business licence, you must complete the following steps
- You need to contact the appropriate legal authority in accordance with your selected business operations
- Attach the required documents as specified in your application to obtain an Abu Dhabi business licence
- Your paperwork along with your application will be assessed by the appropriate authorities, and you may be asked to provide additional documentation.
- After your documents have been reviewed, you must join the Abu Dhabi Chamber of Commerce and Industry
- Abu Dhabi Department of Economic Development's commercial register will pay a site visit to ensure that all of the requirements and conditions for obtaining a licence are met.
- You will be granted permission to begin with your business in Abu Dhabi, once they are pleased.
Documents Required for Abu Dhabi based Business Licence?
Before seeking for an Abu Dhabi business licence, keep the following documents handy
- Certificate of registration of a company name.
- A licencing agreement signed by all the stockholders
- Passport Copies of the company's partners, stakeholders, and workers
- A letter of authorization for the formation of a corporation issued by the Ministry of Economy and Planning
- A duplicate of your permanent residency card is required.
- Letter of approval for proposed business operations signed by authorities.
- NOC or no-objection letter from your local sponsor.
- Memorandum of Association or MOA
- Verification letter from your bank for the company's declared finances
- A duplicate copy of your rental contract
When you submit the documents listed above to the appropriate legal authorities, they will carefully examine them. Thereafter, they are approved and will be given a business licence fee voucher. You must first pay the appropriate price before obtaining your Abu Dhabi Business Licence
Cost of setup a business in Abu Dhabi
The Abu Dhabi government recently made a remarkable announcement, announcing that the cost of establishing a business in the city has been reduced by 94%. This decrease in the cost of starting a business will be game changer for entrepreneurs wishing to launch a new firm in the region.
The cost of establishing a business in Abu Dhabi is typically determined by a number of factors, including the location, legal structure, visa requirements, and kind of activities. Previously, the initial expenditure of establishing a business in Abu Dhabi was AED 15,500. However, as of July 27th, 2021, this amount has been significantly reduced to a mere AED 1,000. This action is likely to generate greater corporate activity, ultimately boosting regional economic growth
With the government's efforts to simplify the registration procedure, establishing a business in Abu Dhabi has become increasingly simple. Entrepreneurs can now take advantage of the favourable business environment and enticing government incentives to develop profitable businesses. Furthermore, the Abu Dhabi government has reduced the renewal fee for existing business owners to AED 1,000, providing much-needed relief to those who have already established themselves in the region.
Get in Touch with Whiteworth
With the recent reduction in the cost of establishing a business in Abu Dhabi, there has never been a better moment for exploring to establish a firm in this growing location. If you are an entrepreneur trying to capitalise on this opportunity, having an Abu Dhabi Business Licence is a must.
We recognise that starting a new business can be intimidating, especially if you are unfamiliar with the local business environment. As a result, our team of consultants and legal experts is committed to offering thorough guidance and support to businesses looking to do business in Abu Dhabi
Our services include all you need to know about starting a business in Abu Dhabi, such as the most recent rules, licencing requirements, and investment options. We provide cost-effective options and a simple process for obtaining your Abu Dhabi Business Licence in a matter of days, allowing you to focus on building your business.
If you're ready to start your new business in Abu Dhabi, go no further than Whiteworth for skilled guidance and help. Contact us today to learn more about our services and how we can assist you in meeting your business objectives in this fast-paced region.