Abu Dhabi allows investors to renew business licences for 3 years
The move will help reduce the number of processes required to renew licences
Abu Dhabi is allowing commercial and industrial businesses to renew their licences for a period of 3 years in an effort to improve the ease of doing business in the emirate.
The emirate has also allowed investors the option to renew their licences for one or two years depending upon their requirements, the Abu Dhabi Department of Economic Development (Added) said in a statement on Tuesday.
"The provision of this one, two, or three years renewal option reflects our aspirations to simplify the annual licence renewal process, which will benefit both customers and Abu Dhabi government alike,” said Rashed Abdul Karim Al Balooshi, undersecretary of Added.
“This will also lead to a reduction in the number of processes involved in the renewal of economic licences registered at Added, which amount to around 70 per cent of the total transactions. We believe that this in turn will significantly reduce the volume of transactions conducted for customers.”
The department has launched several initiatives to boost economic activity and support small and medium-sized enterprises in the emirate in recent weeks. In June, the department launched a new e-contract and e-signature system that will make the process of obtaining a licence for one-person and limited liability companies much simpler.
Last month, Added launched a digital tool called Investors’ Compass to help investors gather updated data on licensed businesses in the emirate to make more informed decisions before starting their projects.
Mr Al Balooshi said the total number of renewed economic licences during the first half of 2020 amounted to 33,116, accounting for 42.30 per cent of the total number of expired licences.
Meanwhile, Mohammed Ali Al Marar, director of commercial licensing department at Added, said a total of 8 economic licences for commercial and industrial activities have been renewed for more than a year, four of which were renewed for two years and another four for three years.
To benefit from this initiative, the department said customers must submit the 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.
Updated: August 4, 2020 10:25 PM