As the capital of the United Arab Emirates, Abu Dhabi is the hub of the country’s industrial, commercial and political activities. Its swift urbanization and development through the years combined with the high average income of its population also paved the way for it to become a highly advanced metropolis. No wonder, it is an ideal location to set up a business.
The following are the five steps for successful business setup in Abu Dhabi.
1. Decide on Your Economic Activity
Just like any other business setups, company formation in Abu Dhabi requires careful thought and planning. The first step is to specify the type of business activity you will conduct. Given that certain activities come with special specifications and conditions, the fees and requirements may vary based on the nature and type of activity.
In accordance with the international goal to standardize economic activities in the region, Abu Dhabi’s Department of Economic Development has embraced the “International Standard Industrial Classification” of all economic activities (ISIC4) issued by the United Nations (UN). Through the years, it has become a crucial tool in comparing statistical data on economic activities at a global scale.
2. Decide on the Legal Form
When it comes to business setup in Abu Dhabi, there is a wide array of legal forms that correspond to the needs of business activities in the emirate. These include the following:
- Civil Company
- Sole Proprietorship
- Limited Liability Company (LLC)
- Representative Offices
- Public Share Holding Company
- Private Share Holding Company
3. Trade Name Registration
Once you have determined the activity and legal form for your company formation in Abu Dhabi, proceed to choose a trade name. Keep in mind that this must suit the nature of the business activity and its legal form.
4. The Initial Approval Will Be Issued
Business setup in Abu Dhabi requires an initial approval, a certificate that gives the investor the green light to proceed ahead with the processes for acquiring the business license. It also serves as a ticket to obtain the necessary approvals of pertinent authorities in order to conduct economic activities.
The following are the steps to obtain the initial approval:
- Get the approved trade name
- Get the approval of the Department of Naturalization and Residence for foreign investors
- Present copies of your valid passports
- Present copies of valid Emirates ID
- Pay the prescribed fees
- Get the initial approval certificate
5. Getting Approvals of Concerned Entities and Authorities
Venturing into a business setup in Abu Dhabi is quick and easy. Thanks to some governmental entities and departments that enable you to follow up your application online via electronic services. These include the following:
- Ministry of Foreign Affairs
- Abu Dhabi Center for Technical and Vocational Education and Training
- Abu Dhabi Environment Health and Safety Center
- General Directorate of Civil Defense
- Waste Management Center
- Abu Dhabi Chamber
- Department of Transport
- Supreme Petroleum Council
There you have it! By simply following these steps and providing the required documents and fees, you can ensure a glitch-free process when it comes to business setup in Abu Dhabi.