Wednesday 8 December 2021

Abu Dhabi launches virtual licence for non-resident investors

ABU DHABI, October 23, 2021

The Abu Dhabi Department of Economic Development (ADDED) has launched the "Virtual Licence" allowing the non-resident foreign investors to obtain an economic licence for doing business in the Emirate of Abu Dhabi without any prior residence procedures and from any location outside the UAE.
The ADDED announcement was made on the sidelines of the 41st session of the Gitex Global (Dubai 2021) being under the slogan Nothing Stops People and Tech. 
The virtual licence covers 13 economic sectors on top of the strategic sectors targeted by the Abu Dhabi government to attract Foreign Direct Investment (FDI) including: agriculture, manufacturing, repair, contracting, maintenance, and installations, retail trade, transport, services, leasing services, health and entertainment event organisation.
On the new move, Chairman Mohamed Ali Al Shorafa said: "Virtual licence is an unprecedented proactive initiative targeting attraction of Foreign Direct Investments (FDIs) through facilitating the economic activity licensing procedures and requirements, regardless of the location of the investor and no residency requirements shall be met before the issuance of this licence."
This initiative goes in line with the directions of the UAE government to enable cross-border digital trade, he stated.
Al Shorafa underlined the keenness of the Abu Dhabi government to increase the attractiveness of business in the emirate and boost its competitiveness in the commercial and service sectors. 
As well as to present the emirate as an international business destination by enhancing the ease of doing business and attracting FDIs and cash flows in line with the 10 principles of the next 50 years plan for the UAE, especially the second principle which focuses on building the most active and vibrant economy worldwide, he added.
Rabee Al Hajeri, Acting Executive Director of the Abu Dhabi Business Centre, said the virtual licence does not require prior approvals from the concerned entities; rather, this initiative focuses on granting an economic licence to natural or legal persons residing outside the UAE to encourage them to do business in Abu Dhabi.
The foreign investor can apply for a licence in any of these economic sectors and thoroughly (100%) own it choosing any of the two approved legal forms: Limited Liability Company and Sole Proprietorship.-TradeArabia News Service


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