New Abu Dhabi licence allows 100% foreign ownership of businesses

istock [For illustration]

A new professional licence has been introduced in Abu Dhabi, giving foreigners full ownership of businesses related to 604 different activities.

The licence holders can operate in fields such as accounting, training, consultancy, beauty centres, computer and internet network companies, among others.

According to the Abu Dhabi Department of Economic Development (ADDED), a local service agent will be responsible for managing licensing requirements if there is no Emirati partner.

The new licence holder can also open an additional branch "if the business activity is consistent with or complements the professional licence issued".

Meanwhile, existing establishments can benefit from the latest decision by adjusting their status from a commercial to a professional facility.

The licence is suitable for new investors due to its low cost, and the ease of its issuance.

"It is easy to set up or adjust, which in turn will streamline business practice across the emirate of Abu Dhabi," said Rashid Abdulkarim Al Blooshi, Undersecretary of ADDED.

"Also, this decision sparks an incubating environment for the professional community, which in turn accelerates the transformation to the knowledge-based economy," he added.

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