Abu Dhabi to issue professional licenses for 100% foreign ownership

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Abu Dhabi to issue professional licenses for 100% foreign ownership

 

ABU DHABI – The Abu Dhabi Department of Economic Development (ADDED) has announced the issuance of professional licenses permitting foreigners to set up and fully own their company within 604 business activities.

The professional activities company include many fields such as accounting, training, consultancy, beauty centres, computer and internet network companies, and others, as they are fully owned by foreign professional partners.

Rashid Abdulkarim Al Blooshi, Undersecretary of ADDED, said the professional license is preferred by new investors due to its low cost, and the ease of its issuance.

It is also popular with “consulting” businesses where the legal form is either an individual establishment or a group of professionals company, in case there is more than one investor.

This type of license is easy to set up or adjust, which will streamline the business practice across Abu Dhabi, according to ADDED.

ADDED indicated that a local services agent is required for most of the companies in case if there is no Emirati partner.

The local service agent is responsible for managing the licensing requirements without bearing any liability for any financial obligation towards the company or its activities in Abu Dhabi or any other place.

ADDED will also issue a form of service agent agreement to demonstrate and identify the relationship between all the partners.

In addition, the Department has issued a model for the professional company’s Articles of Association that will be available through the Department’s website.

Along with the possibility of licensing a professional company, ADDED also highlighted that opening a commercial branch without prejudice to the professional license or its features could be possible if the commercial activity is consistent with or complementary to the professional activity.

Additionally, existing establishments can adjust their status from a commercial to a professional facility while maintaining their registered number in the commercial and date of incorporation. ADH/Expat Media


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