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 bySaudi 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, Japanand South Korea are major trading partners and the major export products include Crude Oil, Re-Exports, NaturalGas, 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, Omanto the east and Dubai to the north. Abu Dhabi is considered as a window to the whole Middle Eastern region due to itsstrategic site. Abu Dhabi is placed as a preferred location for global firms looking to spread out into the growth markets ofAsia and MENA.

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

Abu Dhabi government has laid out a long term plan for economic assortment known as ‘Abu Dhabi Economic Vision2030’. Abu Dhabi Department of Economic Development (ADDED) is its curator. Abu Dhabi Economic Vision 2030underlines the need for a greater role for the private sector in the Emirate’s economic development. It emphasizes thevalue of investment in infrastructure, education and health driving the development of a sustainable knowledge-basedeconomy, 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 nominimum capital required for setting up a branch company in Abu Dhabi Free Zone. Abu Dhabi Free Zone issues threecategories of licensing such as Industrial, Trading and service licensing. The License is for a period of one year, and isrenewable yearly.

Almost all types of legitimate business operations are permitted in the Free Zone areas of Abu Dhabi. And there is nominimum capital required for setting up a branch company in Abu Dhabi Free Zone. Abu Dhabi Free Zone issues threecategories of licensing such as Industrial, Trading and service licensing. The License is for a period of one year, and isrenewable yearly.

A foreign company that wishes to deliver goods and business services from abroad, but devoid of establishing a physicalpresence in Abu Dhabi, can appoint a Commercial Agent. A Company registered in a GCC country can open a branch inAbu Dhabi without obtaining prior approval from the Ministry of Economy. Companies operating in Abu Dhabi Free Zoneare 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 FreeZone can seek financing. Customs duties are imposed depending on the license owned, if goods are imported andexported within Free Zones in UAE areas. Agents holding an Abu Dhabi Economic Department Clearing and ForwardingLicense 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 StandardMusataha Agreement. All employment contracts with companies operating in the Abu Dhabi Free Zone are governed bythe Employment regulations enforced by the Abu Dhabi Free Zone. And no restrictions are imposed by the authority foremployees in transferring money outside the country. Employees can also obtain a driving license upon the completion ofrequired 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 ofdiversified economic environment that Abu Dhabi requires. It will augment Abu Dhabi Department of EconomicDevelopment’s own activities of corporate listing and the provision of general advice to all kinds of businesses operatingin this region.

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