A new unified economic license to streamline registrations across freezones.
Abu Dhabi has taken a major step to enhance its business-friendly environment and boost competitiveness by introducing a unified economic license that streamlines company registration across the emirate’s free zones.
The ground-breaking initiative, launched by the Abu Dhabi Department of Economic Development (ADDED) in collaboration with the Abu Dhabi Free Zones Council, aims to simplify the business setup process, reinforce governance, and foster transparency.
Under the new unified economic license system, economic licenses across Abu Dhabi’s free zones will be unified, eliminating disparate procedures and introducing a standardized reference number for all licenses.
This integrated approach ensures company data remains current within a newly established Abu Dhabi registry, facilitating seamless data management and promoting collaboration between free zones and mainland authorities.
“Free zones play a significant role in our economic diversification and attraction of foreign direct investments (FDIs) in key targeted sectors,” said Ahmed Jasim Al Zaabi, Chairman of ADDED and the Abu Dhabi Free Zones Council.
“Unifying the licensing process of economic establishments in the Emirate is a pivotal step, underscoring Abu Dhabi’s commitment to enhancing a business ecosystem that aligns with global standards, empowers investors, entrepreneurs, and exceptional talents to capitalize on the extensive and promising opportunities offered by the Emirate’s economy.”
The initiative, spearheaded by Khalifa Economic Zones Abu Dhabi (KEZAD Group), Abu Dhabi Airports Free Zone (ADAFZ), Masdar City Free Zone, and Creative Media Authority (CMA), aims to bolster the emirate’s competitiveness as a premier destination for businesses and entrepreneurs.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, highlighted the benefits of the unified system, stating, “This unified system will facilitate the easier business establishment and significantly boost Abu Dhabi’s global competitiveness.”
Investors can expect a seamless and faster digital setup process, thanks to the collaborative efforts of entities responsible for economic license registration.
Representatives from various stakeholders have formed a task force to ensure a smooth transition to the new unified economic license system, which promises to simplify the licensing and investment processes for new enterprises in Abu Dhabi.
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