The Abu Dhabi Department of Economic Development has launched the “Abu Dhabi Virtual Licence” allowing the non-resident foreign investors to obtain an economic licence for doing business in the Emirate of Abu Dhabi prior to proceeding with residence procedures, along with the possibility of doing business from outside the United Arab Emirates.
This came on the sidelines of the Department’s participation in the Abu Dhabi government pavilion in the 41st session of the GITEX Global (Dubai 2021), held under the auspices of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the United Arab Emirates and Ruler of Dubai, which will conclude its activities on Thursday.
His Excellency Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, stated that Abu Dhabi 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 before visiting the UAE. As this initiative goes in line with the directions of the UAE government to enable cross-border digital trade.
His Excellency also 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.
Moreover, His Excellency Rashid AbdulKarim Al Blooshi, Undersecretary of ADDED, indicated that the Abu Dhabi Virtual Licence allows obtaining a licence within 13 economic sectors that are considered on top of the strategic sectors targeted by the Abu Dhabi government to attract Foreign Direct Investment (FDI). 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 L.L.C.
Furthermore, Rabie Al Hajeri, the Acting Executive Director of Abu Dhabi Business Centre, stated that the Virtual Licence does not require prior approvals from the concerned entities, focuses on granting an economic licence to natural or legal persons residing outside the UAE to encourage them to do business in the Emirate of Abu Dhabi.