Abu Dhabi reduces requirements for starting new business by 71 per cent

The Abu Dhabi Department of Economic Development (ADDED) announced that the Abu Dhabi Government reduced the requirements for starting a new commercial business by 71 per cent.

In April 2021, a special task force, led by ADDED and launched as part of the department’s Investor Journey Programme, coordinated with more than 20 government entities and the private sector to achieve the reduction.

Through several discussions led by ADDED, the Abu Dhabi Government identified and removed duplicate requirements and modified existing requirements to facilitate the process of starting a business while not compromising public safety and security.

Mohamed Ali Al Shorafa, Chairman of ADDED, thanked all local and federal entities for helping achieve the ambitious target in a short time. All relevant changes are already reflected in respective systems and will be effective from Aug.1.

Rashed Abdulkarim Alblooshi, Under-Secretary of ADDED, stated that this considerable reduction is only the start of the programme, which is not a close-ended initiative but is an ongoing collaboration that will maintain the capital’s competitive advantage.

Sameh Abdulla Al Qubaisi, Executive Director of the Executive Affairs Office of ADDED, said that the move came after several recent announcements regarding the ease of doing business in the emirate. In early July, ADDED established the Abu Dhabi Residents Office (ADRO) to attract talents and provide services to strengthen Abu Dhabi’s position as a preferred destination for living and working. Last week, ADDED announced that all licence issuance and renewal fees for Abu Dhabi Government entities have been reduced to Dhs1,000, and over 93 per cent of economic activities can now receive a commercial licence within six minutes.

To further enhance investors’ experience, ADDED is working closely with the Abu Dhabi Digital Authority (ADDA) to improve the commercial licensing services on the TAMM-Abu Dhabi Government Services website, Al Qubaisi added.

Meanwhile the Hub71, Abu Dhabi’s global tech ecosystem, has been selected by Abu Dhabi Residents Office, a division of the Department of Economic Development (ADDED), to endorse exceptional tech talent for their Entrepreneur Golden Visa from Abu Dhabi.

Hub71 will review, evaluate and issue endorsement letters to entrepreneurial talent for the Entrepreneur Golden Visa based on requirements set by ADDED and the Federal Authority For Identity and Citizenship (ICA). Once entrepreneurs obtain a letter of endorsement from Hub71, ADRO and the ICA will manage enquires relating to final visa approval and issuance of the Entrepreneur Golden Visa.

The Entrepreneur Golden Visa is valid for five years and enables entrepreneurs who are foreign nationals and UAE residents to make the UAE their long-term home to build and scale technologies and innovative solutions. In addition to the entrepreneurs, their spouses, children and up to three of the entrepreneur’s executive directors could also be covered under the visa, enabling them to live, work and study in a vibrant market without the need for a national sponsor.

Innovation, entrepreneurship and advanced industries are clear priorities for the UAE as part of its ambition to create a diversified knowledge-based economy in line with the UAE Centennial Plan 2071.