Abu Dhabi launches new licence, allows 100% foreign ownership of businesses in 604 services
This includes companies in fields such as accounting, training, consultancy, beauty centres, computer and internet network companies.
Abu Dhabi authorities on Monday launched a new professional licence system that allows 100% foreign ownership of businesses operating across 604 professional services.
This includes companies operating in fields such as accounting, training, consultancy, beauty centres, computer and internet network companies, and others, as they are fully owned by foreign professional partners, the Abu Dhabi Government Media Office said.
"The professional license contributes to boosting confidence among professionals and all customers. Also, this decision sparks an incubating environment for the professional community, which in turn accelerates the transformation to the knowledge-based economy," said Rashid Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED).
This type of license is preferable to new investors due to its low cost, and the ease of its issuance, especially if the desired activity is "consulting", where the legal form of it is either an individual establishment or group of professionals company, in case there is more than one investor. This type of licenses is easy to set up or adjust, which in turn will streamline business practice across the emirate of Abu Dhabi.
ADDED indicated that a local services agent is required for most of the companies in case if there is no Emirati partner. The local service agent is responsible for managing the licensing requirements without bearing any liability for any financial obligation towards the company or its activities in Abu Dhabi or any other place.
Furthermore, ADDED will issue a form of service agent agreement to demonstrate and identify the relationship between all the partners. In addition, the department has issued a model for the professional company’s Articles of Association that will be available through the Department’s website.
Along with the possibility of licensing a professional company, ADDED also highlighted that opening a commercial branch without prejudice to the professional license or its features could be possible if the commercial activity is consistent with or complementary to the professional activity. Additionally, existing establishments can benefit from this decision by adjusting their status from a commercial to a professional facility while maintaining their registered number in the commercial and date of incorporation.
It is worth noting that the professional work license is a specialised license in professional activities, which include any activity practiced by a professional investor within his area of experience and matching his academic or professional qualifications.
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