Based on UAEBARQ, The Abu Dhabi Department of Economic Development (ADDED) has announced the release of the professional license across the Emirate of Abu Dhabi, permitting foreign professionals to establish and fully own a professional business company within 604 professional activities following their area of experience and qualifications.
The
professional activities company includes many fields such as accounting,
training, consultancy, beauty centers, computer and internet network companies,
and others, as foreign professional partners fully own them.
His
Excellency, Rashid Abdulkarim Al Blooshi, Undersecretary of ADDED, said that
the professional license boosts confidence among professionals and all
customers. Also, this decision sparks an incubating environment for the
professional community, which accelerates the transformation to the
knowledge-based economy.
HE also
pointed out that 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 will streamline
business practice across the Emirate of Abu Dhabi.
ADDED
indicated that a local services agent is required for most companies if there
is no Emirati partner. The local service agent is responsible for managing the
licensing requirements without liability for any financial obligation towards
the company or its activities in Abu Dhabi or any other place.
Furthermore,
ADDED will issue a form of service agent agreement to demonstrate and identify
the relationship between all the partners. In addition, the Department has
issued a model for the professional company’s Articles of Association that will
be available through the Department’s website.
Along with
the possibility of licensing a professional company, ADDED also highlighted
that opening a commercial branch without prejudice to the professional license
or its features could be possible if the commercial activity is consistent with
or complementary to the professional training. Additionally, existing
establishments can benefit from this decision by adjusting their status from a
commercial to a skilled facility while maintaining their registered number in
the retail and date of incorporation.
It is worth noting that 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.