Abu Dhabi Announces 71% Reduction in New Business Set Up Costs
The Abu Dhabi Department of Economic Development (ADDED) has announced that the Abu Dhabi Government has achieved a reduction of 71% in requirements to start a new commercial business.
This makes it significantly easier to set up a new venture in Abu Dhabi across all types of commercial activities.
A special taskforce launched in April 2021, led by ADDED as part of its ‘Investor Journey Program’, has coordinated with more than 20 government entities and the private sector to achieve a reduction of 71% in requirements across all activities.
The reduced requirements, which act as pre-requisites to starting operations for a new business, reduce time and cost needed to embark on a new venture.
Through several discussions led by ADDED, the Abu Dhabi government has been able to identify and remove duplicate requirements and modify existing requirements to facilitate ease of starting a business.
These changes were made ensuring there are no conflicts with or compromises on public safety or security.
H.E. Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) extends his thanks and gratitude to all local and federal entities for their great co-operation in achieving this ambitious target in a short period of time.
All changes have already been reflected in the respective systems and have been in effect since Sunday, 1 August.
Rashed Abdulkarim Alblooshi, Undersecretary of ADDED, stated that this considerable reduction is only the beginning of the Investor Journey Program. He added, the program is not a close ended initiative but rather an ongoing collaboration to maintain the capital’s competitive advantage.
Sameh Abdulla Al Qubaisi, Executive Director of Executive Affairs Office at Abu Dhabi Department of Economic Development mentioned that the move comes after several recent announcements regarding ease of doing business in the emirate.
In early July, ADDED established Abu Dhabi Residents Office (ADRO) to attract talent and provide services to strengthen Abu Dhabi’s position as a preferred destination to live, work and thrive.
Last week, ADDED announced that all license issuance and renewal fees for AD government entities have been reduced to AED 1,000 only and over 93% of economic activities can now receive a commercial license in 6 minutes.
Additionally, Al Qubaisi added, to further enhance investor experience, ADDED is working closely with Abu Dhabi Digital Authority (ADDA) to enhance and improve commercial licensing services on TAMM which will act as an integrated one stop shop for all essential services to open a new business.
All initiatives will have a significant impact at increasing ease of doing business in the Abu Dhabi’s burgeoning ecosystem and boosting the private sector.