Abu Dhabi cuts business setup, licencing fees

Abu Dhabi’s Department of Economic Development (DED) has issued two resolutions designed to reduce costs for businesses in the emirate, state news agency WAM said on Sunday.

The first decision changes the calculation mechanism for ‘billboard fees’, reducing the renewal costs for all economic licences to a fixed rate of Dhs200.

The DED has also exempted new licences, be they in the commercial, industrial, professional, craft, construction or other sectors, from fees charged by the Centre of Waste Management and the need to obtain a no objection certificate for the first year.

DED undersecretary Khalifa bin Salem Al Mansouri said the resolutions were intended to boost the emirate’s competitiveness and cut the time and cost of doing business.

He said further incentives would be offered to make the business environment more attractive in support of a Dhs50bn (($13.61bn) economic package launched by Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan in June.

That package includes plans to create 10,000 Emirati jobs, ease business licence requirements, support investment and speed up contract payments.

Read: Abu Dhabi crown prince approves Dhs50bn in economic stimulus

Cuts to tourism and municipality fees were also announced for hotels in June.

Read: Abu Dhabi cuts tourism and municipality fees at hotels

The UAE economy is expected to recover gradually this year without suffering a significant blow to growth from the introduction of a 5 per cent value-added tax in January.