Abu dhabi offers Virtual Business Licenses to diversify its Economy

Abu dhabi offers Virtual Business Licenses to diversify its Economy
by Aswani

Abu Dhabi’s current campaign to attract expats is receiving international notice, and the city’s idea of combining financial success with recreational connections has proven to be a winning combination for its residents.

As part of its attempts to attract new investments to the emirate, the Abu Dhabi Department of Economic Development (ADDED) announced a virtual license for non-resident international investors.  The new license allows non-resident foreign investors to do business in the emirate while waiting for their residency permits to be processed, as well as do operations from outside the UAE.

The virtual license permits applicants to receive a permit in any of the 13 economic sectors that the Abu Dhabi government considers to be the top priority industries for attracting foreign direct investment. Agriculture, manufacturing, repair, contracting, maintenance, installations, retail, transportation, services, leasing, healthcare, and entertainment are among these industries.

By choosing one of two permitted legal forms – a limited liability company or a sole proprietorship LLC – foreign investors can obtain a license in any of these economic areas and control the firm fully. Local costs of up to Dh1,000 apply to the license if all extra federal fees have been paid after the remaining procedures have been completed.

This is an “unprecedented proactive initiative” targeting foreign direct investments. It will facilitate the “economic activity licensing procedures and requirements, regardless of the location of the investor” said Added chairman Mohamed Ali Al Shorafa.

How to obtain a Virtual Licence?

Applicants must visit the Abu Dhabi Business Centre’s website, choose the “Abu Dhabi virtual licence,” and then sign in using their UAE Pass credentials.

The investor must next pick an economic name (in English only), provide contact information, and specify the economic activity to be carried out, upload a copy of their passport, and pay the costs by credit card. Afterwards, the license is granted.

Abu Dhabi has taken steps to enhance its economy and lessen its dependency on oil and hydrocarbons. This project is in keeping with the UAE government’s directives to facilitate cross-border digital trade.

In the emirate of Abu Dhabi, there have never been stronger opportunities for entrepreneurs or investors of any gender to start firms. The Emirate’s cutting-edge technical infrastructure, world-class amenities, and liberal investment laws offer a welcoming environment for enterprises.

HLB Abu Dhabi is a prominent business consulting organization in Abu Dhabi, UAE, that has helped firms of all sizes develop their enterprises in a multitude of sectors. We have the skills and experience to advise our customers on the most appropriate corporate structure for their company. Our vast business consulting experience aids in making the process clear and straightforward.