Abu Dhabi allows for a “virtual license” to be obtained for foreign investors outside the Emirates

Yesterday, Thursday, the Abu Dhabi Department of Economic Development launched a “virtual license” that allows a non-UAE resident foreign investor to obtain an economic license to conduct business in Abu Dhabi outside the UAE , before starting the residence procedures with the possibility of exercising his business abroad.

This took place on the sidelines of the department’s participation in the Abu Dhabi government pavilion in the 41st session of GITEX Technology Week 2021.

Muhammad Ali Al-Shurafa, head of the department, said the virtual license is a unique proactive initiative aimed at attracting foreign direct investment by facilitating the procedures for obtaining a license for one’s business from anywhere in the world before visiting the Emirates. United Arabs, in in in line with the indications of the UAE government aimed at enabling cross-border digital commerce.

increase competitiveness

The head of the Abu Dhabi Economic Development Department stressed the enthusiasm of the Abu Dhabi government to increase the attractiveness of business in the emirate and its commercial and service competitiveness, and present it as an international commercial destination by improving ease to do business and attract foreign capital and cash flows, in in line with the ten principles of the 50th plan of the UAE.

For his part, Rashid Abdul Karim Al Balushi, Undersecretary of the Department, explained that the virtual license allows you to obtain a license within 13 economic sectors, which is one of the strategic sectors targeted by the Abu Dhabi government to attract investments. foreign direct, where the foreigner can request the issue of the license and own it 100%, within the Legal Forms: Limited Liability Company and One Person Company LLC.

Rabea Al Hajri, interim executive director of Abu Dhabi Business Center, said virtual licensing does not require obtaining prior authorizations from relevant authorities and focuses on granting a business license to individuals or legal entities resident in the outside the country to encourage them to do business in the Emirate of Abu Dhabi.

He pointed out that virtual licensing encompasses a number of economic activities in 13 sectors, namely agriculture, industry, repair, works in procurement, maintenance and installation, retail, transport and service business, leasing services, health management and organization, entertainment and service business support, wholesale and import and export business, in so that Subject to local taxes not exceeding 1000 dirhams, with all additional federal taxes payable, in based on the type of business required and the legal form when filling out the rest of the requirements.

Steps for issuing the license

The Abu Dhabi Department of Economic Development has identified the stages of work for issuing the virtual license through the site web of the Abu Dhabi Business Center www.adbc.gov.ae, after which the virtual license will be selected and accessed via UAE Pass Sop1 and the economic name will be chosen only in English language, then enter the contact details and specify the activity. A copy of the passport and the payment of the specified fees by credit card must be attached to the request for the economic license, after which the license will be issued.

It also specified the mechanism for registering with the digital identity for residents outside the country, by logging in through the digital identity https://selfcare.uaepass.ae and choosing to create a new account and uploading by scanning the QR code, and clicking on the subscription option on the main page, to register a new account by verifying the customer’s mobile number and email address and setting a password for identity, as reported by the Emirati news agency “WAM “.

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