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Professional Work License With 100% Foreign Ownership

ADDED Launches Professional Work License With 100% Foreign Ownership in Abu Dhabi

The Abu Dhabi Department of Economic Development (ADDED) has announced the availability of a professional license across the Emirate of Abu Dhabi. It allows foreign professionals to establish and fully own a professional business company (100% foreign Ownership) in one of 604 professional activities based on their experience and qualifications. Firms in sectors including accountancy, training, consultation, beauty centers, computer and internet network companies, and others are included as foreign professional partners wholly own them.

Professional Work License With 100% Foreign Ownership

What is Professional Work License?

The professional work license is a specialized license in professional activities that covers any activity that a professional investor engages in within his field of expertise and matches his academic or professional credentials.

How is a Professional Work License helpful for new Investors?

  1. Allowing 100% foreign ownership of firms providing 604 professional services would help SMEs flourish and make doing business in the emirate easier.
  2. This type of license is preferred by new investors because of its low cost and easy issuance, mainly if the intended activity is “consulting,” in which case the legal form is either an individual establishment or a group of professionals firms if there are several investors.
  3. This sort of license is simple to set up and change, resulting in more efficient business practices throughout the emirate of Abu Dhabi.
  4. The professional license helps to build trust among professionals and customers alike. In addition, this choice creates an incubator environment for the professional community, which promotes the shift to a knowledge-based economy.

How to apply for Professional License?

  1. Companies may apply through a local services agent for a professional license or amending their current commercial license.
  2. If the company activity complies with or complements the license granted, they can also create a further branch.

Other Licensing Requirements and its Benefits

  1. In case of no Emirati partner, a local service agent is necessary for most firms.
  2. The local service agent has no duty whatsoever for any financial obligation to the firm or its operations in Abu Dhabi or any other place for handling licensing requirements.
  3. ADDED will provide a kind of service agent agreement to demonstrate and identify the relationship between all parties.
  4. The Department has also released a model for professional business Articles of Association, which will be available on the Department’s website.
  5. Along with the option of licensing a professional firm, if the commercial activity is compatible with or complementary to the professional activity, creating a commercial branch without regard to the professional license or its features may be feasible.
  6. Existing businesses can also profit from this decision by changing their status from commercial to professional while keeping their commercial registration number and incorporation date.

Business Setup fees in Abu Dhabi

Abu Dhabi recently reduced the cost of setting up a business and renewing a license to Dhs1,000 as part of its continuous efforts to empower the private sector. The new price structure becomes effective from July 27, 2021, representing a 90 per cent reduction over the previous company establishment fees

The reduced fees will cover all costs from Abu Dhabi government entities such as ADDED, the Department of Municipalities and Transport, membership fees for Abu Dhabi Chamber, CoC (Certificate of Conformity) issuance fees, and fees required by Abu Dhabi regulating entities depending on the type of business.

How FARAHAT & CO. can help you with Business Setup in Abu Dhabi?

By streamlining the whole incorporation procedure, Farahat & Co. makes the process of Business Setup in Abu Dhabi uncomplicated and straightforward. Our Business Setup team at Farahat & Co. provides complete solutions for established firms in the promising region of Abu Dhabi to international investors seeking to incorporate them in the UAE.

Our Abu Dhabi business setup specialists assist foreign investors in maximizing their return on investment while operating in the Abu Dhabi market. Farahat & Co.’s comprehensive Business Setup solutions also include:

  • Preparation of DED-required application forms;
  • Business plan strategy advisory;
  • Drafting of company Memorandum of Association;
  • Trade Name Registration and Initial Approval;
  • Visa assistance for investors and employees;
  • VAT advisory and compliance for VAT registration, implementation and the return filing
  • E-channel registration guidance and assistance;
  • Obtain authorization from the appropriate government agencies;
  • Bookkeeping and accounting;
  • Services in auditing and assurance

Reference

https://added.gov.ae/Media-Center/Business-News/ADDED-releases-a-decision-concerning-the-professional-licenses-that-permits-100-percent