UAE business environment encourages innovation, growth

uae, business, environment, innovation, growth,
UAE
  • Date: 31-Jul-2021
  • Source: Zawya
  • Sector: Economy
  • Country: UAE
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UAE business environment encourages innovation, growth

UAE - Recently the Abu Dhabi Department of Economic Development (ADDED) after having consulted various other government entities including Abu Dhabi Chamber of Commerce and Industry announced reduction in business setup fees in Abu Dhabi emirate to AED1,000 – a reduction of more than 90 per cent. License renewal fees also have been reduced to AED1,000.As per the ADDED’s media announcement, the new fees include six activities within the business license, and will cover all fees from Abu Dhabi Government entities such as ADDED, the Department of Municipalities and Transport, membership fees for Abu Dhabi Chamber, CoC (Certificate of Conformity) issuance fee, and fees required by Abu Dhabi regulating entities dependent on the type of business. Several fees have been removed entirely while others have been considerably reduced. This is a very welcome move which will further support the small and medium sector enterprises in managing costs during the pandemic resulting dip in revenues. It also supports Abu Dhabi Government’s efforts to create an even more thriving business environment for the private sector, especially for micro, small and medium-sized