Abu Dhabi: Licenses allowing foreign professionals to establish and fully own a company across 604 activities will be provided by the Abu Dhabi Department of Economic Development (ADDED).
The activities include fields such as accounting, training, consultancy, beauty centers, computer and internet network companies, and others, as they are fully owned by foreign professional partners.
Rashid Abdulkarim Al Blooshi, Undersecretary of ADDED, said investors would prefer these licenses for their low cost and ease of issuance, especially if the desired activity is consulting, which could either be an individual establishment or a company by a group of professionals in case there is more than one investor.
The ADDED said a local services agent is required for most of the companies in case if there is no Emirati partner. The local service agent is responsible for managing the licensing requirements without bearing any liability for any financial obligation towards the company or its activities in Abu Dhabi or any other place.
But now the ADDED will issue a form of service agent agreement to demonstrate and identify the relationship between all the partners. In addition, the department has issued a model for the professional company’s Articles of Association that will be available through the department’s website.
Along with the possibility of licensing a professional company, ADDED also highlighted that opening a commercial branch without prejudice to the professional license or its features could be possible if the commercial activity is consistent with or complementary to the professional activity. Additionally, existing establishments can benefit from this decision by adjusting their status from a commercial to a professional facility while maintaining their registered number in the commercial and date of incorporation.
Investors may prefer this new Abu Dhabi license
- ADDED will also issue a form of service agent agreement to streamline the relationship between partners.
- 604 activities covered under the license, including accounting, training, consultancy, beauty centers.
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