Its been a very busy week in terms of positive announcements regarding forming and operating a business in the UAE. Both Dubai and Abu Dhabi have announced a reduction in fees required to start a business.
In Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai issued Executive Council Resolution No. (19) 2021 on waivers and reductions of fees for a total of 88 services provided by various Dubai Government entities. Listed within the announcement, Dubai Economy will reduce fees related to issuing and renewing licenses of business centres, and issuance of licenses for providing government services, among others.
The announcement is part of a series of recent initiatives to stimulate economic growth, promote competitiveness and support investors within the Emirate.
Furthermore, Abu Dhabi, has also announced business setup fees in the emirate have been reduced to AED1,000 – a reduction of more than 90 per cent. Licence renewal fees also have been reduced to Dh1,000.
The new cost includes six activities within the business license and will cover all fees from Abu Dhabi Government entities. This is as a result of collaborative efforts led by the Abu Dhabi Department of Economic Development (ADDED), in collaboration with multiple government entities including the Abu Dhabi Chamber of Commerce and Industry.
The fixed fee of AED1,000 aims to enhance the ease of doing business in the emirate and increases transparency for investors. It also supports Abu Dhabi Government’s efforts to increase Abu Dhabi’s competitiveness in the private sector regionally and internationally.
ADDED also announced over 93 percent of economic activities can now receive a commercial licence within six minutes, further enhancing investors experiences when using the commercial licensing services on the TAMM-Abu Dhabi Government Services website.
If you are looking to start your business within the UAE, now is a better time than any, due to the economic stimulus initiatives brought forward from both the Dubai and Abu Dhabi governments.
Synergy’s expert team are available to help you form a business within the UAE, contact us for a no-obligation consultation and find out how we can help you - today.