Doing Business in Abu Dhabi, UAE - Morison Menon

United Arab Emirates (the UAE) is a Federation of States at the Southeastern end of the Arabian Gulf. It is bordered by Saudi Arabia to the west and Oman to the north and south-east. The UAE is a Federation of seven emirates: Dubai, Ajman, Sharjah, Abu Dhabi, and Umm al-Quwain, Fujairah and Ras al-Khaimah. India, China, USA, Germany, Japan and South Korea are major trading partners and the majo

r export products include Crude Oil, Re-Exports, Natural Gas, Dried Fish, Aluminum and Dates.

Abu Dhabi is the capital of the United Arab Emirates. Abu Dhabi margins with Saudi Arabia to the west and south, Oman to the east and Dubai to the north. Abu Dhabi is considered as a window to the whole Middle Eastern region due to its strategic site. Abu Dhabi is placed as a preferred location for global firms looking to spread out into the growth markets of Asia and MENA.

Huge initiatives are taken by Abu Dhabi to diversify its economy away from any overdependence on hydrocarbons. Abu Dhabi intends to be one of the most attractive investment opportunities in the region. With this in mind, various dedicated economic zones offering tax-free enticements to investors and catering to a diversity of industrial sectors are being developed.

Abu Dhabi government has laid out a long term plan for economic assortment known as ‘Abu Dhabi Economic Vision 2030’. Abu Dhabi Department of Economic Development (ADDED) is its curator. Abu Dhabi Economic Vision 2030 underlines the need for a greater role for the private sector in the Emirate’s economic development. It emphasizes the value of investment in infrastructure, education and health driving the development of a sustainable knowledge-based economy, health and infrastructure and one that yields the value, heritage and culture of this great Emirate intact.

Almost all types of legitimate business operations are permitted in the Free Zone areas of Abu Dhabi. And there is no minimum capital required for setting up a branch company in Abu Dhabi Free Zone. Abu Dhabi Free Zone issues three categories of licensing such as Industrial, Trading and service licensing. The License is for a period of one year, and is renewable yearly.

A foreign company that wishes to deliver goods and business services from abroad, but devoid of establishing a physical presence in Abu Dhabi, can appoint a Commercial Agent. A Company registered in a GCC country can open a branch in Abu Dhabi without obtaining prior approval from the Ministry of Economy. Companies operating in Abu Dhabi Free Zone are exempted from all import and re-export duties and no restrictions are placed on hiring foreign employees.

Abu Dhabi Government authorities’ approval is required for business operations in Abu Dhabi depending on its nature. Government approval is needed during each and every phase of a project. Companies/Businesses in Abu Dhabi’s Free Zone can seek financing. Customs duties are imposed depending on the license owned, if goods are imported and exported within Free Zones in UAE areas. Agents holding an Abu Dhabi Economic Department Clearing and Forwarding License can clear cargo on behalf of the consignee.

Depending on the business nature, property ownership right is granted in Abu Dhabi Free Zone through a Standard Musataha Agreement. All employment contracts with companies operating in the Abu Dhabi Free Zone are governed by the Employment regulations enforced by the Abu Dhabi Free Zone. And no restrictions are imposed by the authority for employees in transferring money outside the country. Employees can also obtain a driving license upon the completion of required formalities with the government authorities concerned.

Morison Menon’s ‘Doing Business in Abu Dhabi’ will play an informative and helpful role in promoting the kind of diversified economic environment that Abu Dhabi requires. It will augment Abu Dhabi Department of Economic Development’s own activities of corporate listing and the provision of general advice to all kinds of businesses operating in this region.

‘Doing Business in Abu Dhabi’ covers Abu Dhabi Economic Vision 2030. The book details the rules and policies and other helpful information to help existing businesses and fresh investors planning to how to start a business. ‘Doing Business in Abu Dhabi’ will help entrepreneurs in setting up businesses in Abu Dhabi, including its Free Zones, and should provide them with all the required information in one place. For more information, Visit Our Website http://www.morisonmenon.com

Doing Business in Abu Dhabi, UAE - Morison Menon