A New incentive has been implemented which will support those wanting to start a company in the UAE whilst keeping the startup costs at an all-time low.
Abu Dhabi Economic Department has introduced Tajer Abu Dhabi license package where you will be able to acquire a trade license without needing to lease office space or have a physical presence in Abu Dhabi.
Yes you have read it correctly… this package is open and applicable to all GCC nationals and UAE residents with a local Emirati partner, national sponsor and UAE corporate nominee.
This will greatly reduce the burden on the initial setup costs for entrepreneurs, startups and companies that are looking to expand or setup their company in Abu Dhabi. Additionally, this will attract more foreign investment, making setting up a business in Abu Dhabi become even more appealing, cost effective, quicker and easier.
“The UAE is giving big priority to small and medium enterprises across policies and initiatives with an aim to boost the share of the segment in national economy to 70 per cent from 60 per cent by 2021” Sultan bin Saeed Al Mansouri, UAE Minister of Economy
Tajer Abu Dhabi program initially was available to Emiratis looking to setup a business in 100 different commercial activities without the need to lease an office. Since this was well received (1,800 licenses issued within six months, representing about 20 percent of the entire economic licenses issued in the Emirate in the same period) this enabled the program to be open further and to be eligible to GCC nationals and UAE residents with a national sponsor.
Tajer Abu Dhabi license package has increased the eligibility to:
Furthermore, Sheikh Mohammed Bin Zayed, Crown Prince of Abu Dhabi has revealed this is part of the three-year Dh50 billion stimulus package for the emirate the aim is to create more jobs in the market, support private sector business owners and entice more direct foreign investment.
This is welcome news to those starting a business in Abu Dhabi as it enables business owners to start their business with lower setup and operating costs. There is no longer the need to pay for office security deposits, furnishing, running costs and utility bills. Business owners can focus on their core business and use the money at the crucial startup phrase in order to grow and develop and become successful.
The Golden Package of Tajer Abu Dhabi now consist of commercial activities which come under seven categories, which are:
Abu Dhabi Economic Department have expressed this license type will support businesses that operate using social media, permitting them to transact as a business with the ability to import and export, be issued with a UAE bank account and the ability to bid and work with governmental companies.
With more than 350,000 small and medium enterprises making up 94 percent of the total number of companies operating in the United Arab Emirates, the overall goal is to improve business conditions and ease of doing business for SMEs, entrepreneurs and those looking to start a business in the UAE.
Will Dubai Economic Department follow the same path? We hope so, as this will incentivize starting a business in the UAE even more. We predict it is only a matter of time and we look forward to continuing to support entrepreneurs and SMEs as they are the backbone of the country’s economy.
Creation ensures clients receive a seamless, cost effective and proficient entry to the GCC market. We provide clients with the foundations and best practices empowering them to build and control a successful business.
We continuously strive to exceed client’s expectations whilst making certain they are protected from undue risk at all times. Creation Business Consultants is the preferred and truly trusted business partners for the GCC.