Abu Dhabi’s First Phase of Dual Licensekwsmedeveloper
The Department of Economic Development of Abu Dhabi has started the first phase of the dual license initiative. This initiative of the regulator will allow companies and businesses in Abu Dhabi to operate in free zones and conduct business activities in Abu Dhabi, Al Ain and Al Dhafra.
The aim of the initiative is to encourage and attract investment and to make an effort for economic growth across the emirate. In the first phase, dual licenses are available for companies that have their headquarters in Abu Dhabi and that are based in one of the free zones of the emirate.
The second phase of the initiative is currently under development and it will allow more companies to avail the opportunity to obtain dual licenses. This is a great idea as:
a. this will allow companies to invest more
b. Companies will target a bigger market for which they will spend more resources in order to gain market share.
c. This will also allow people to have more choices in the market place.
d. If proper regulation is done, the market will also have competition that will not allow for monopolies or oligopolies to develop
e. Product quality will improve at the market equilibrium prices.
Inspiration behind the initiative
The scheme is not just a random thought put into practice. In fact, it is in line with the economic initiatives of the crown prince of Abu Dhabi, Shaikh Mohammad Bin Zayed Al Nahyan. Other initiatives that are being undertaken are to provide ease of doing business in the emirate, and provide support to entrepreneurs, small and medium enterprises and the private sector.
Through the dual license initiative, your business in Dubai will also be able to work with the government on different projects. Through their selection using the official channels, businesses will be able to take advantage of more business opportunities in UAE.
How to avail the dual licence?
A company setup in Dubai that is eligible to obtain the dual license will need to fulfil certain requirements:
a. present a non-objection certificate from their free zone
b. an undertaking that states no ownership of branches located outside the free zone
c. photocopy of the free-zone licence of the parent company
After submission, the application will be transferred for primary approval. The licence will be printed upon the payment of the required fees, after it is approved.
Over 90% of the activities are completed for the license within 20 minutes. Other activities that have a technical nature require approvals from certain entities. Such activities are completed within 2 to 3 days, in accordance with the service agreement.
Standard licence fees apply to dual licences, however the fees depend on several factors, such as the legal form and activities to be pursued. The cost of a dual licence is 80% less than that of a standard license because provision a physical location and a nameplate are excluded from dual licences.
We can help you obtain the license
Business Setup Dubai, a business consultant in UAE can help you take advantage of the new initiative launched in Abu Dhabi. If you are keen on growing your business in the UAE and want to take hold of a greater market share than your competitors, say no more. The business consultant in UAE is up-to-date with the latest information surrounding the initiative and can provide you with advice and help you obtain the license.
Apart from obtaining the license, you can also avail the firm’s expert opinion on business registration and company formation to take advantage of business opportunities in UAE. It will provide your business in Dubai with corporate bank account opening, pro services and will help you find a local agent, among the many other support services that it offers. Your company setup in Dubai can take advantage of the expert opinion and grow in the market.
We can it easy for you to obtain the license. Call us or shoot us an email to take advantage of the initiative.