UAE: 71% cut in charges for setting up new business in Abu Dhabi
Over 93 percent of economic activities can now receive a commercial licence within six minutes.
The Abu Dhabi Department of Economic Development (ADDED) has announced that the UAE’s largest emirate has achieved a 71 per cent reduction in requirements to start a new commercial venture.
The move makes it significantly easier to set up a new commercial venture in Abu Dhabi.
A special task force launched in April 2021, which led by ADDED as part of its ‘Investor Journey Programme’, has coordinated with more than 20 government entities and the private sector to achieve a reduction of 71 per cent in requirements across all activities.
There has been a significant reduction in both time and cost overruns, the authorities added.
The Abu Dhabi government has been able to identify and remove duplicate requirements and modify existing needs to facilitate ease of starting a business.
These changes, which came into effect from Sunday (August 1) have factored in that there were no conflicts on public safety or security, said Mohamed Ali Al Shorafa, Chairman of the ADDED.
Rashed Abdulkarim Alblooshi, Undersecretary of ADDED, pointed out that the considerable reduction marked the beginning of the Investor Journey Programme that sought to maintain Abu Dhabi’s competitive edge.
Sameh Abdulla Al Qubaisi, Executive Director, ADDED, said that move was in line with the ease of doing business in Abu Dhabi.
In early July, ADDED established Abu Dhabi Residents Office (ADRO) to attract talents and provide services to strengthen Abu Dhabi’s position as a preferred destination to live, work and thrive.
Last week, ADDED announced that all licence issuance and renewal fees for Abu Dhabi government entities have been reduced to Dh1,000 only.
Besides, over 93 per cent of economic activities can now receive a commercial licence in six minutes, it added.
Al Qubaisi added, to further enhance investor experience, ADDED is working closely with Abu Dhabi Digital Authority (ADDA) to enhance and improve commercial licencing services on TAMM, which will act as an integrated one-stop shop for all essential services to open a new business.
All initiatives will have a significant impact at increasing ease of doing business in Abu Dhabi’s burgeoning ecosystem and further boosting the private sector.
Big hitters Hemi Ahio and Mohammad Ali Bayat Farid will challenge for ... READ MORE
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu... READ MORE
The new agreement will allow Logicom to make available to its channel ... READ MORE
Digital payments and financial solutions that make it easier to shop... READ MORE
Revised travel protocols will be effective from October 25 READ MORE
It’s possible that the virus could become more deadly, but... READ MORE
Bollywood superstar's Mumbai bungalow 'Mannat' searched by authorities READ MORE
Travellers from certain specified countries have been identified for... READ MORE