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UAE Freezones Biz News Updates
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Abu Dhabi phases in dual licences to free zone firms
More details
about how the emirate will be affected will be made over the coming days.
Initially companies can operate onshore with the second phase to
encompass more businesses
Abu Dhabi Department of Economic Development is rolling out dual licences
allowing companies in free zones to establish an onshore branch as the
emirate seeks to attract foreign investment and stimulate the economy.
The first phase of the initiative is open to companies headquartered in Abu
Dhabi and based in one of its freezones, the department said in a statement
on Saturday. It is also working on the second phase that will allow more
companies to qualify for a dual licence.
"In its first phase, the initiative will offer companies more opportunities
to do business and grow, such as allowing them to work and partner with
other government entities," Saif Al Hajeri, chairman of Abu Dhabi's DED,
said. "Dual licensing is the latest in a series of initiatives we have
launched to support entrepreneurs, SMEs and the private sector, which are
all key engines of the economy."
The dual licences are one of 10 strategic initiatives linked to a three-year
Dh50 billion stimulus package for the emirate, first unveiled in June. The
package is designed to reduce the emirate's reliance on oil by diversifying
the economy and making it easier for companies to do business in turn
bolstering growth, attracting more foreign direct investment and creating
jobs.
Companies eligible for a dual licence must present a no-objection
certificate from their free zone, an undertaking that states no ownership of
branches located outside the free zone, and a photocopy of the parent
company's free-zone licence, according to the department.
The time frame to issue the licence will depend on the type of business
activity, with more than 90 per cent completed within 20 minutes, it said.
Other licences will be completed within two to three days, following further
approvals.
Providing a physical location is excluded from dual licences, therefore the
cost of a dual licence is 80 per cent less than a standard licence, the
department said.
Some of the department's other strategic initiatives focus on simplifying
the process of receiving commercial licenses. This includes Tamm, an online
portal that launched earlier this year and allows investors anywhere in the
world to instantly obtain commercial licences for 91 per cent of all
economic activities.
In July, a centralised claims platform called Sharakah was rolled out to
speed up payments to private sector companies and resolve any disputed
fines.
Meanwhile, the department's expanded Tajer Abu Dhabi licence package - which
previously only supported Emiratis - is now open to all entrepreneurs in the
UAE, allowing new companies to obtain commercial licences without an office
or physical presence for two years. This allows entrepreneurs to officially
work from home for the first time.
The UAE has introduced other reforms aimed at boosting economic growth.
Measures announced over the last few months include the waiving of corporate
fines in Dubai and Abu Dhabi and allowing 100 per cent foreign ownership in
companies in selected sectors from the end of this year.
September 15, 2018 |
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Courtesy The National
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