Abu Dhabi firms can now obtain or renew licences for up to 3 years

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Abu Dhabi firms can now obtain or renew licences for up to 3 years

04 Aug 2020

Abu Dhabi's Department of Economic Development (DED) on Tuesday announced that it is issuing and renewing licences for commercial and industrial businesses up to three years in order to enhance ease of doing business.
It said businesses can apply for and renew economic licences for one, two, and three years. This initiative aims to reduce all procedures and licensing transactions for around 70 per cent of the total volume.

According to DED, a total of 33,116 economic licences were renewed during the first-half of 2020.

The new measure is part of a series of initiatives announced by the Abu Dhabi government to ensure business continuity in the emirate and support private sector entities overcome challenges following the outbreak of coronavirus pandemic.

The DED said the initiative will enable businesses to plan long-term strategy, minimise the licensing procedure volume, and further strengthen Abu Dhabi's position as a leading global destination for investment and business growth.

In March 2020, Abu Dhabi Executive Council launched a host of new measures under 'Ghadan 21' to support SMEs and make loans available to local companies to combat Covid-19.

The emirate had announced Dh5 billion in utility subsidies, exempting industrial and commercial activities from Tawtheeq fee, Dh3 billion credit for supporting SMEs, Dh1 billion in market maker fund to improve liquidity, suspending real estate registration fees, waiving commercial and industrial penalties and a number of other initiatives.

The DED urged owners and managers of economic facilities operating in the emirate, especially those in the services sector, to comply with set precautionary and preventive measures and instructions that have been put in place to maintain public health and protect the community members from the coronavirus infection.

Source: Khaleej Times