Abu Dhabi is not only the capital of the UAE but also one of the most important economic centers. Furthermore, having abundant coastal space also provides the opportunity for access to the Persian Gulf. Hence, it wouldn’t be wrong to say that Abu Dhabi is the hub. All major business activities in the Emirates like trading, import and export business. This eventually has a significant impact on businesses in the UAE.
Since Abu Dhabi has become a large hub, businesses from all over the world are taking an active part in the community. They are acquiring business licenses and the multinational companies are also setting up company in Dubai, UAE. Abu Dhabi is a land that promises growth in missions and visions in the coming times. With the help of growth in businesses in the UAE, the main aim is to build a diverse economy in the country that has a proficient global approach.
Abu Dhabi License Renewal
It was only last year that Abu Dhabi’s Department of Economic Development (DED) announce that they will be allowing the option to issue.
Abu Dhabi License Renewal for commercial and industrial business setup. The renewal period will be for three years which will have a major impact on the business procedure. The new policy, they will help to ease the business process.
Any corporate business can apply for a corporate license and renew them for one, two, or three years respectively. The main initiative is to record all licensed and transactions thereby adding up to 70% of overall volume.
According to the Q1 and Q2 session reports given out by Abu Dhabi DED, around 33,000 economic license renewals were done within the first half of the years. With the corporate license, the businesses can choose to continue in Abu Dhabi. They aim at simplifying the business procedure. The step was taken to ensure that the series of initiatives launched by the Abu Dhabi government ensures successful business continuity thereby supporting private as well as government business sectors. This would further help to create a strong role for Abu Dhabi in establishing its position in investment and business growth.
The private sector was hugely affected in the second quarter but the government decide to launch different programs. The new measures introduced, known as Ghadan 21 have had a huge impact on SMEs and eventually, the loans have been made available to different corporate sectors to meet the business protocols and abide by the rules set by the government.
What are the licenses issued by DED?
The Abu Dhabi DED issues several corporate licenses to identify the business regulations. To develop the license structure, around six activities across different niches have been identified and regulated by the government for proper business functioning. These include the following
- Industrial License
- Craftsmanship license
- Professional license
- Tourism license
- Agricultural license
- Commercial license
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