Abu Dhabi Department of Economic Development launches the virtual license for non-resident foreign investors
The Department of Economic Development in Abu Dhabi has launched a virtual license that allows a foreign investor not residing in the UAE to obtain an economic license to conduct business in the Emirate of Abu Dhabi from outside the Emirates, before starting the residency procedures with the possibility of practicing his activity from outside the country.
This came on the sidelines of the department's participation in the Abu Dhabi government pavilion in the 41st edition of GITEX 2021, which concluded today in Dubai.
The head of the department, Muhammad Ali Al-Shurafa, said that the virtual license is a unique proactive initiative aimed at attracting foreign direct investments by facilitating the procedures for obtaining a license for their economic activity from anywhere in the world before visiting the UAE, in line with the directions of the UAE government aimed at enabling Cross-border digital business.
He stressed the keenness of the Government of the Emirate of Abu Dhabi to increase the attractiveness of business in the emirate and its commercial and service competitiveness, and to present it as an international business destination by enhancing the ease of doing business and attracting foreign capital and cash flows in line with the ten principles of the next fifty plan for the UAE, especially the second principle that focuses on building the best and most active economy in the world .
For his part, the undersecretary of the department, Rashid Abdul Karim Al Balushi, explained that the virtual license allows the possibility to obtain a license within 13 economic sectors, which are among the strategic sectors targeted by the Abu Dhabi government to attract foreign direct investment, where the foreigner can apply for the issuance of the license and own it 100% within the legal forms. Limited Liability Company and One Person Company (LLC).
In turn, the Acting Executive Director of the Abu Dhabi Business Center, Rabie Al-Hajri, said that the virtual license does not require obtaining prior approvals from the concerned authorities and focuses on granting an economic license to natural or legal persons residing outside the country to encourage them to do business in the Emirate of Abu Dhabi.
And he indicated that the virtual license includes a number of economic activities in 13 sectors, namely agriculture, industry, repair, contracting, maintenance, installation, retail, transport activities, services, leasing services, management, event organization, health, entertainment and support services, wholesale trade activities, import and export, subject to local fees not exceeding 1000 dirhams. With additional federal fees to be paid according to the type of activity required and the legal form when completing the rest of the requirements.
The "Abu Dhabi Economy" has set the work steps to issue the virtual license through the website of the Abu Dhabi Business Center (www.adbc.gov.ae), after which the virtual license will be selected and logged in via (UAE Pass Sop1) and the economic name will be chosen in English only, and the contact data will be entered. Determining the required economic activity, attaching a copy of the passport, and paying the specified fees using the credit card, after which the economic license will be issued.
It also specified the mechanism for registering with the digital identity for residents outside the country by entering 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 phone number and email address and setting a password for the identity.
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