São Paulo – In a bid to cut down on paperwork requirements and make doing business easier, the emirate of Abu Dhabi is renewing commercial and industrial business licenses for one, two or three years. Licenses were formerly valid for one year only. The change is intended to reduce the number of processes required for license renewal.
Investors can choose to renew for one or two years, depending on the requirements at hand, the UAE’s The National newspaper quoted the Abu Dhabi Department of Economic Development (Added) as saying this Tuesday (4).
The option to renew for as many as three years should benefit both investors and the Abu Dhabi government. License renewal amounts to 70% of total transactions at the Added.
Added has put in place a number of initiatives to fuel economic activity and support small and medium businesses over the past few weeks. Last June, it made available a new e-contract and e-signature system to simplify licensing for one-person and limited liability companies.
Last month, the department launched Investors’ Compass, a digital tool designed to provide data on licensed businesses in the emirate, allowing investors to make more informed decisions before embarking on new projects.
According to Added, H1 2020 saw 33,116 economic licenses renewed in Abu Dhabi, accounting for 42.30% of total expired licenses.
Businesses interested in the extended licenses “must submit their lease contract that covers the renewal period along with a valid certificate that meets safety requirements, issued by the general directorate of civil defence, a valid environmental permit, and a valid membership certificate from Abu Dhabi Chamber of Commerce Industry,” The National reported.
Translated by Gabriel Pomerancblum
