Introduction 

 

Abu Dhabi is known to be a luxury gateway that offers something for everyone with its extravagant sightseeing, adventure activities, sophisticated hotels breathtaking architecture, rich heritage, beautiful beaches blissful nature, scorching desert, this multicultural, industrious, and vibrant city; is not only the country’s capital but also the home of UAE’s president, Sheikh Khalifa bin Zayed Al Nahyan.

 

Abu Dhabi is bustling with trade and business activities with a population growing rapidly. It is a vibrant Emirate rich with heritage and history and is known to be the cultural heart of the UAE. Abu-Dhabi Business Setup Servicescan help with all the procedures to set up your business in Abu Dhabi.

 

A new move 

 

Great news for all budding entrepreneurs and foreign investors looking for a company Formation in Abu-Dhabi, the emirate has reduced its business set up fees to just AED1,000, which is more than 90 percent. Now it is very easy to start any type of commercial operation. The move was done as a result of the Abu Dhabi Department of Economic Development (ADDED), along with more than twenty government entities and the private sector including the Abu Dhabi Chamber of Commerce and Industry for the ‘Investor Journey Programme.’

This move will bring about a significant change and enhance business dealings in the Emirate and support the government’s efforts to create a prosperous business environment for the micro, small, medium-sized private sectors. This fixed fee will increase Abu Dhabi’s competitiveness both locally and on a global level. 

The fees include six activities and will cover fees from the 

following Abu Dhabi Government entities- Abu Dhabi Chamber, CoC (Certificate of Conformity, Department of Municipalities and Transport and Abu Dhabi Department of Economic Development (ADDED). Many other fees have been either been removed or reduced significantly to attract more investors, appoint business Setup Services, and also boost foreign direct investment. 

Abu Dhabi has presented many initiatives to improve its global competitiveness and business dealings as it prepares for its next fifty years of economic growth. The license renewal fees have also been dropped to AED 1,000 but the federal fees will still be applicable.

According to the Chairman of Abu Dhabi Department of Economic Development  (ADDED), Mohamed Ali Al Shorafa, this significant reduction was done to make the business set up easier for new and existing investors. As part of the economic strategy, the government plans to create a flourishing environment that encourages great innovation and growth for businesses. This restructuring of fees will help achieve that goal.

The General Director of Abu Dhabi Chamber of Commerce and Industry  (ADCCI) Mohamed Helal Al Muhiri reported that these drop-in fees for commercial activities is considered to be a brand new initiative by the government to enable the private sector and increase transparency, trust, and will also reduce administration for the investors and entrepreneurs of small and medium enterprises. It will also help contribute to the growth, continuity, and prosperity of businesses.

According to an undersecretary of the Abu Dhabi Department of Economic Development (ADDED), Rashed Al Blooshi, this considerable reduction is just the beginning of the Emirate’s Investor Journey Programme. It is not a close-ended initiative but a partnership to support and maintain Abu Dhabi’s competitive advantage. So this brilliant move has helped to recognize and eliminate duplicate requirements and processes across various government entities. Also, a few existing requirements have been modified to make the business setup procedures easy and hassle-free.

 

New Economic Strategy 

Abu Dhabi has taken numerous steps and measures in the past year during the coronavirus pandemic such as discounts on utility bills, providing rent rebates, and loan guarantee packages, to stimulate economic growth and support businesses.

The economy of Abu Dhabi is expected to grow between 6 percent and 8 percent over the next two years and government entities can now partner with private companies and overall increase the emirate’s gross domestic product.

Dr. Salem Khalfan Al Kaabi, Director-General of the Abu Dhabi Waste Management Centre  feels that the government’s continuous effort to stimulate private establishments and investors and improve the economic climate in Abu Dhabi has contributed to a balanced and vigorous economic development in the region.

 

Takeaway 

This decision for the significant drop in the fees for economic activities in Abu Dhabi is a step that definitely will open the door for new investors and entrepreneurs to enter the market in the emirate. By doing business in Abu Dhabi, you will have access to the markets of Asia, Europe, Africa, and entire the Middle East. It is considered to be the central point for all trade activities and commerce. The economy has seen a great deal of divergence and has seen steady growth in technology and tourism. If you have any queries on this subject matter, please feel free to reach out to us at Pro Desk Documents Clearing Services!