Abu Dhabi has grown to be a very strategic location for a business to be located, this is because it’s between three continents, and each of these continents usually has a business interest in the area. Abu Dhabi is the federal capital of the United Arab Emirates and a lot of people are flooding to the area trying to set up their enterprises because of the systems an regulations put in place by the government like; no direct taxes on what a person earns from their business . Abu Dhabi hold about nine percent of the world oil reserves, this basically means that its economy relies on oil as its main income earner. Here are steps that one should follow in opening a business in Abu Dhabi;
- One should find a trading name that is not yet acquired by anyone and forward it to the Department of Planning and Economy. After giving in the trade name one should wait for its approval. When registering the business name their various critical things that should guide you; the trade name should not be in use with a another enterprise and the trade name should not violate public and order
- The owner of the proposed business should apply for a tenancy agreement. This allows a person to live in Abu Dhabi during the time span that their business is functional.
- One should provide specimen of their signature, this signature is to be approved by the Notary public. One should also look for a Service Agency Agreement that is duly legalized
- Finally one should have their license issued in time. The license is issued by the competent authority relating to the busyness you are to establish in Abu Dhabi.
After getting all the correct documentation for setting up the business, it usually takes a short time for the chambers of Commerce to give you the go ahead too set up your business. It is important to note that the state is an Arabic State, so all formal documents should be translated in to be Arabic before being forwarded to government agencies.
The trade free zones in the area are among the most lucrative things that encourage people to set up business in Abu Dhabi. Hera re some of the major attributes of the regions;
- They allow for 100 percent ownership of the business. This allows you to get full proceeds of your business. There is also no direct taxation your proceeds or profits.
- There are also reduced barriers in terms of trading limitations or tariffs.
- A foreign investor has the ability to register their company as free zone establishment. This is a business that is not regulated and governed by the normal federal business rules, rather its governed rules of the Free Zone Authority
Apart from offering the free zones, the area is a great industrial hub this offers numerous business opportunities at very lucrative prices with minimal government restrictions. The supportive business environment of the UAE in whole makes working in Abu Dhabi very effective and efficient.