Abu Dhabi has become a buzzing business hub of the middle eastern region due to the various advancements in infrastructure, technology, government subsidies, and beneficial economic policies that encourage entrepreneurs/business owners to set up business in Abu Dhabi. Moreover, the liberal approach has driven private enterprises to work in a coalition with public entities to form public-private partnerships and joint venture programs to build a diverse and cohesive economy. The result of previous years of growth and progress has resulted in bettering citizens' standard of living, providing employment opportunities, influencing, and increasing the influx of Foreign Direct Investments.
Today this city has developed into a modern city and boasts rapid urbanization that has made Abu Dhabi a major commercial and cultural hub. Abu Dhabi, approximately, comprises 2/3rds of the UAE economy. A business set up in Abu Dhabi is a viable choice for business owners all over the world. To run a thriving business is because of a simple fact; you need to work in a thriving economy. Abu Dhabi provides versatile business setup options for business people who want to lay the groundwork for a vibrant economy.
Why Choose Abu Dhabi for your Business?
One of the most appropriate business destinations in the UAE is Dubai, which will soon host the world's most highly anticipated exhibition, The Abu Dhabi Expo. Abu Dhabi gets undermined by some of its sister Emirates, like Jeddah due to lack of trading area and coastline presence for importing and exporting as well as logistic support business. Still, where it lacks in trading as an industry, it makes up through immense innovation in technology, stock trading, E-commerce, Hospitality, and Tourism.
The blissful sense of freedom in experimentation that advisors and investment firms offer growing technologies and innovative start-ups in Dubai is just one more reason why business setup in Dubai, especially for advanced tech firms, is a prevalent trend. These sectors include travel and tourism, hospitality services, food and beverage services, consultancy and management services, financial services, and engineering technology. Dubai has become the best destination for doing business in the UAE for these reasons. Today, Dubai is considered a profitable business market, not solely dependent on oil-based income, but globalized its main revenue stream.
Advantages of Establishing up a Business in Abu Dhabi
The process of starting a small business in Abu Dhabi is quite simple. Knowing its benefits can give a useful drive to do business in Abu Dhabi. Few advantages are mentioned below -
For LLC authorization in Abu Dhabi, you can easily purchase an Emirates business license, local visas, rent a premises, and open a bank account from the Abu Dhabi Chamber of Commerce and Industry.
- The entrepreneur can become a partner at the company.
- Without the daily intervention of the local, national partner, the entrepreneur can run the business.
- Cheap and readily available energy supply
- Competitive costs to freight
- Competitive immovable costs
- Easy to open company bank accounts globally
Most of the business setup stuff in Abu Dhabi is covered under this. But a foreigner who invests in Abu Dhabi for the first time might not know where to invest and make revenue. Therefore, at this stage, this visibility of the booming sectors in Abu Dhabi is much needed.
Authorities involved in Business Setup in Abu Dhabi
Department of Economic Development (DED)
Department of Economic Development (DED) in Dubai's emirates is the corporate governance authority responsible for authorizing economic activities and business operations in Dubai. The DED supports various progressive sectors by developing policies that will benefit businesses and accordingly provide administrative services to business owners for business setup in Dubai. The DED aims to drive Dubai towards building a strategic service-based economy, accelerating the growth of the various companies contributing to the overall economy of Dubai.
The department aims to regulate the alpha emirate's economy by focusing on four crucial areas: retail development, entrepreneurship development, foreign investment, and retail development. The DED is the authority responsible for issuing trade licenses for the various business entities depending on the characteristics of the business and the location of company incorporation in Dubai.
The various services offered by the DED to existing businesses as well as new enterprises through their administrative office and the official online e-portal are –
- Issuing Trade License
- Reserve Trade Name
- Renew Trade Name
- Renew Trade License
- Issue Initial Approval
- Issue Branch Initial Approval
- Print License
- License Activities' Terms and Conditions
- Manage License Contact
- Pay Inspection Fines
- Update Mobile Number
- Issue Legal Contract for License
- Issue Legal Contract
- Approve Legal Contract
- Print Legal Contract
Commercial Registration Department
The applicants must apply for necessary permits and trade licenses with the DED. Moreover, the company's Memorandum of Association (MoA) must be notarized by the DED post, in which the cumulative documents must be submitted to the Company Registration Department. The department will also charge a fee of around AED 30,000, which includes – AED 15,000 general trading license, AED 10,000 fees to Dubai Municipality, Dh3,000 to the Ministry of Economic, and Dh1,200 to Dubai Chamber of Commerce. This amount is exclusive of the amount charged as a commission by an entity such as a business setup consultancy.
Management Consultants such as Commitbiz
The energetic and ever buzzing business environment in Dubai always leads new business owners to raise questions on how to set up a business in Dubai. Well, that's why UAE is home to industry professionals that cater to providing new business owners with step-by-step solutions to set up the business in UAE.
We at Commitbiz have been catering to various clients across a tenure of over 15 years, providing our clients with tailor-made solutions for all their administrative activities, from accounting to company secretarial services. Our team of consultants has been diligently working to provide clients with nothing but the best in class services. Contact us to know more.