Do you want to register your company in Abu Dhabi? Do you want to know the legal obligations related to company registration in Abu Dhabi? Then read this.
Trade in Abu Dhabi
Abu Dhabi is the trade hub for U.A.E. Abu Dhabi owns the majority of the world’s wealth. What the city lies on the T-shape island is the second most populous city of UAE after Dubai.
The UAE earns most of its economy from Abu Dhabi, and the city’s government provides ample opportunity to the investors to initiate trade from Abu Dhabi. There are however some certain policies and procedures to begin a trade business within Abu Dhabi.
Trade in Abu Dhabi is profitable because of its location. The city connects east and the west through different modes, including roads and sea. Abu Dhabi is a free market economy, and there is no income tax on the profits earn by individuals, companies, and firms. One other reason that encourages you to trade in Abu Dhabi is low customs duties. The growing infrastructure of the city boosts the passion of the trades to initiate business in the region.
Before you run to get trade license, know these laws
Abu Dhabi does not allow you to trade if you aren’t a UAE national but hold on and don’t panic you still have an opportunity to establish a business in UAE through a partnership with the UAE National. The national must possess the share of at least 51%.
Secondly, as per the law, any foreign company doing a partnership with UAE national can only hire a UAE federal agent for buying property related to business activities.
Last and an essential law relates to the license. Any person who wants to initiate business in UAE (Abu Dhabi) must get the license.
The license is a permission granted by the government to pursue a related activity through all the legal proceedings into considerations.
Getting a trade license in UAE
The trade license process begins with company registration. It is essential to get a trade name for the company and get it registered with the chamber. There are five different types of trade license issued by the economic department of UAE. They include
- Sole proprietorship
- Commercial companies
- Foreign company branches
- Exclusive distributors
- Gulf establishment and companies
Each form of the company has to approach department of economic development, ZoneCorp or Abu Dhabi tourism department. The contacted department proceeds to license once the trade name has been authenticated and approved.
The relevant departments review the applications and documents.
If the documents are legally correct then it forewords the application to national trade chamber as it is essential for every business to be a member of trade chamber to get a trade license.
Once a company or firm gets the chamber’s membership, the company has accomplished all the steps to get a trade license.
It is not at all easy to set a business in Abu Dhabi, but the hard work is always fruitful. Once you get a trade license, the success is at your doorstep.