The Abu Dhabi Department of Economic Development (ADDED) is introducing a professional license that will allow foreigners full ownership of businesses related to 604 professional activities.
The professional activities company covers a wide range of fields, including accounting, training, consultation, beauty salons, computer and internet network companies, and so on, as they are wholly owned by foreign professional partners.
As per the reports, the professional work license is a specialized license in professional activities, which includes any activity practiced by a professional investor within his area of experience and matching his academic or professional qualifications.
“The professional license contributes to boosting confidence among professionals and all customers. Also, this decision sparks an incubating environment for the professional community, which in turn accelerates the transformation to the knowledge-based economy. This type of license is preferable to new investors due to its low cost, and the ease of its issuance, especially if the desired activity is “consulting”, where the legal form of it is either an individual establishment or group of professionals company, in case there is more than one investor. This type of license is easy to set up or adjust, which in turn will streamline business practice across the Emirate of Abu Dhabi.”
ADDED stated that most corporations require a local services agent if they do not have an Emirati partner. The local service agent is in charge of managing the licensing requirements without bearing any liability for any financial obligation towards the company or its activities in Abu Dhabi or elsewhere.
Furthermore, ADDED will provide a service agent agreement to demonstrate and identify the relationship with all partners. In addition, the Department has released a model for the professional company’s Articles of Association, which can be found on the Department’s website.