Investors living outside the UAE can now start a business in Abu Dhabi mainland without visiting the country. This has become possible with the introduction of the Abu Dhabi Virtual License by the Abu Dhabi Department of Economic Development (ADDED). The Virtual License has increased the flexibility of doing business in Abu Dhabi as foreign investors can invest in the emirate with more confidence at a lower cost. The Virtual License is likely to attract more foreign investors, thereby transforming the process of business setup in Abu Dhabi.
Investors interested in obtaining a Virtual License in Abu Dhabi need to know the process and rules set out by the ADDED. As one of the leading business setup consultants in UAE, we are here to help you understand how to apply for a Virtual License without any hassle. Read ahead.
What is Abu Dhabi Virtual License?
The Abu Dhabi Virtual License targets foreign investors without the UAE residency status. The License allows the non-resident foreign investors to obtain a trade license without being physically present in the UAE. The License allows the non-resident foreign investors to get hold of a business license to do business in Abu Dhabi prior to starting the residency procedures. Consult with business setup consultants in Abu Dhabi to know more about the Abu Dhabi Virtual License.
What’s the Vision Behind Abu Dhabi Virtual License?
The introduction of the Abu Dhabi Virtual License was announced at the 41st session of the GITEX Global, Dubai 2021. The ADDED introduced the Virtual License in Abu Dhabi for attracting Foreign Direct Investments (FDIs) by simplifying the licensing procedures and requirements. Obtaining a trade license in Abu Dhabi has now become accessible for investors irrespective of their current
Significant Features of the Abu Dhabi Virtual License
As per ADDED, foreign investors can obtain the Abu Dhabi Virtual Licence in any of the 13 economic sectors that are regarded as the major strategic sectors targeted by the Abu Dhabi government to attract Foreign Direct Investment (FDI). By obtaining the virtual License in any one of these economic sectors, foreign investors can enjoy 100% ownership in their respective firms. However, foreign investors set up a business in Abu Dhabi with a virtual license in two approved legal structures:
- Limited Liability Company (LLC)
- Sole Proprietorship or Sole Establishment
Foreign investors should note that the Abu Dhabi Virtual License is available to all natural persons or legal persons residing outside the UAE. Individual investors and corporate groups can consult with the best business setup consultants in Abu Dhabi to obtain the Virtual License without any hassle.
Any Approval Required for Abu Dhabi Virtual License?
Obtaining approvals from government bodies or authorities is one of the excruciating challenges associated with the process of business setup in the UAE. The UAE government mandates that the investors must obtain approvals if the activity poses any risks. This requirement makes the foreign investors run around the government departments to get approvals for their proposed business in Abu Dhabi.
Getting approvals from authorities considerably delays the process of business setup in Abu Dhabi.
It also tests the patience of new investors seeking to start a business in Abu Dhabi. Usually, the investors navigate such challenges with the help of business setup consultants in Abu Dhabi. However, ADDED has stated that the foreign investors who obtain a virtual license in Abu Dhabi need not require prior approvals from the concerned entities. This is because the idea of a virtual license centre on granting an economic licence to natural or legal persons residing outside the UAE encourage them to do business in Abu Dhabi.
Steps to Obtain an Abu Dhabi Virtual License
The ADDED has set out a straightforward process to obtain a Virtual License in Abu Dhabi. Foreign investors can apply for an Abu Dhabi Virtual License through Abu Dhabi Business Centre website (ADBC). The steps are simple, which can be navigated with the help of business setup consultants in Abu Dhabi:
- Register a new account (company formation specialist in Abu Dhabi can help)
- Access the ADBC
- Duly fill the application form with the economic name
- Fill in the contact information of the applicant
- Choose the business activity to be carried in Abu Dhabi
- Upload a scanned copy of the applicant’s passport on the website
- Carry out the review of the data filled
- Submit the application for Virtual License
- ADDED will issue a text message and an email to finish the payment process
- Make the official payment and obtain the Abu Dhabi Virtual Licence
How Can Jitendra Business Consultants Help?
Abu Dhabi Virtual License is expected to be a big catalyst for driving more Foreign Direct Investment into the emirate as it facilitates a flexible business formation process for foreign investors living outside the UAE. Since the License can be obtained before proceeding with the residency process, a great change in the landscape of business setup in Abu Dhabi is on the anvil. However, to navigate the procedures, foreign investors can seek the advice of business setup consultants in Abu Dhabi, such as Jitendra Business Consultants (JBC).
JBC can help the investors meet all the requirements associated with obtaining an Abu Dhabi Virtual License. JBC has a team of highly qualified company formation experts who can simplify the process of application. Investors need not worry about the documentation related to the application process as JBC will handle it. JBC’s business setup services in Abu Dhabi is the key to investors’ business success.