Emirates News Agency – “Abu Dhabi Economy” launches a “virtual license” for non-resident foreign investors

DUBAI, 21st October / WAM / The Department of Economic Development in Abu Dhabi has launched the “virtual license”, which allows a foreign investor not residing in the UAE to obtain an economic license to conduct business in the Emirate of Abu Dhabi from outside the UAE, before starting the residency procedures with the possibility of practicing his activity from outside the country .

This came on the sidelines of the department’s participation in the Abu Dhabi government pavilion in the 41st edition of GITEX Technology Week 2021.

His Excellency Muhammad Ali Al-Shurafa, Chairman of the Department, said that the virtual license is a unique proactive initiative aimed at attracting foreign direct investment by facilitating the procedures for obtaining a license for their economic activity from anywhere in the world before visiting the UAE, in line with the directions of the UAE government aimed at enabling commercial cross-border digital.

His Excellency stressed the keenness of the Government of the Emirate of Abu Dhabi to increase the attractiveness of business in the Emirate of Abu Dhabi and its commercial and service competitiveness, and to present it as an international business destination by enhancing the ease of doing business and attracting foreign capital and cash flows in line with the ten principles of the next fifty plan for the UAE, especially the second principle that focuses on building the economy The best and most active in the world.

For his part, His Excellency Rashid Abdul Karim Al Balushi, Undersecretary of the Department, explained that the virtual license allows the possibility to obtain a license within 13 economic sectors, which is one of the strategic sectors targeted by the Abu Dhabi government to attract foreign direct investment, where the foreigner can apply for the issuance of the license and own it 100% within the legal forms. Limited Liability and One Person Company LLC.

Rabea Al Hajri, Acting Executive Director of the Abu Dhabi Business Center, stated that the virtual license does not require obtaining prior approvals from the concerned authorities and focuses on granting an economic license to natural or legal persons residing outside the country to encourage them to do business in the Emirate of Abu Dhabi.

He pointed out that the virtual license includes a number of economic activities in 13 sectors, namely agriculture, industry, repair, contracting, maintenance, installation, retail, transport activities, services, leasing services, management, event organization, health, entertainment and support services, wholesale trade activities, import and export, subject to local fees of no more than 1,000. AED, with all additional federal fees paid according to the type of activity required and the legal form when completing the rest of the requirements.

The Department of Economic Development Abu Dhabi has set the work steps for issuing the virtual license through the website of the Abu Dhabi Business Center www.adbc.gov.ae, after which the virtual license is selected and logged in through UAE Pass Sop1, choosing the economic name in English only, entering the contact data and specifying the required economic activity with an attachment Copy of the passport and pay the specified fees by the credit card, after which the economic license will be issued.

It also specified the digital identity registration mechanism for residents outside the country by entering through the digital identity https://selfcare.uaepass.ae and choosing to create a new account and uploading by scanning the QR code and clicking on the subscription option on the main page, to register a new account By verifying the mobile phone number and e-mail address of the customer and setting a password for the identity.

WAM/ Ahmed Al Nuaimi/ Abdel Nasser Moneim

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