Commercial License without office and No Paid Up capital investment
Entrepreneurs and SMEs can start their business by focusing only on business activity and at less cost.
Investors can start their businesses at a much lower cost since they no longer have to invest in office space and all the associated costs. This will allow them to focus both time and money at the important early stages of their business into growth and innovation, further increasing their contribution to the economy.”
Abu Dhabi Department of Economic Development – is now fully integrated with the General Directorate of Residency and Foreigners Affairs – the requirement to show Paid Up Capital amount for Company’s Initial Approval has been removed.
When applying for a trade license in Abu Dhabi it was previously a requirement for individual foreign investors to show that they had minimum paid-up capital in a personal UAE bank account or that the company had the amount in a UAE business account to allow the individuals to be approved from GDFRA initially to hold shares in an Abu Dhabi Company.
ADDED has now removed this requirement and integrated the investor approval stage within the Initial Approval and Company Trade Name Reservation process.
This applies to LLC companies (where foreign individuals hold shares in the 49%), or Professional Licenses (Sole Trade / Establishment Licenses) where the foreign person is the 100% owner, with a National Service Agent.
The integration of these systems will significantly speed up the company formation timelines and the removal of the requirement to show paid-up capital in a UAE bank account has removed a complicated hurdle in the process, this step was often a ‘chicken and egg’ issue where the individual could not open a bank account without the visa, but needed the account to obtain the initial approval. Most of the Investors got stuck because of lengthy procedures to open accounts without any UAE resident visa while planning to start a business in Abu Dhabi.
#Trade License without office #Virtual Office license #No Paid Up capital #Business setup with low cost # Business setup with no investment