Arabian Post Staff -Dubai
In a move designed to bolster its appeal as a business hub, Abu Dhabi has unveiled a streamlined licensing process for companies operating within the emirate. The Abu Dhabi Department of Economic Development (ADDED), working alongside the Abu Dhabi Free Zones Council, launched the Unified Economic License initiative. This new system promises to simplify business setup across the emirate, including its free zones.
The Unified Economic License represents a significant step towards enhancing Abu Dhabi’s competitiveness in the global marketplace. By unifying licensing procedures, the initiative aims to attract a wider range of investors and entrepreneurs. This will be achieved through a reduction in bureaucratic hurdles and a more transparent business environment.
Previously, company registration procedures differed depending on whether a business was located in the mainland or a free zone. The Unified Economic License eliminates this disparity, creating a standardized approach across the emirate. This will significantly reduce the time and resources required to set up a business in Abu Dhabi.
Furthermore, the new system introduces a unique reference number for all licenses. This will streamline data management and improve communication between different government entities. Additionally, a centralized registry will ensure that company information remains current, fostering better governance and transparency.
The implementation of the Unified Economic License is part of Abu Dhabi’s ongoing efforts to diversify its economy and attract foreign direct investment. The emirate is keen to position itself as a leading destination for businesses looking to establish a presence in the Middle East.
The initiative has been met with enthusiasm from the business community. Investors and entrepreneurs have praised the move, highlighting the potential for a more efficient and cost-effective business setup process. The streamlined licensing system is expected to make Abu Dhabi a more attractive proposition for companies considering expanding their operations in the region.
In conclusion, the launch of the Unified Economic License marks a significant step forward for Abu Dhabi’s business environment. By simplifying procedures and reducing bureaucracy, the emirate is well-positioned to attract a new wave of investment and entrepreneurship. This will contribute to Abu Dhabi’s long-term economic growth and diversification.
Also published on Medium.
