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The process of setting up a business can have many variables and appear to be a daunting task, however if you follow some key steps when starting your business, the setup will move smoothly.
In Abu Dhabi, you can choose to register your business in the mainland via the Abu Dhabi Economic Department (ADDED) or choose 100% ownership and setup your business in one of the eight free zones located in Abu Dhabi.
1. Type of Business Activity & Legal Form of Business
There are several types of licenses in Abu Dhabi and understanding the differences between each license can help you categorize the features that best support your business and make the correct selection for your company setup.
Most business licenses will require a physical office space with Tawtheeq in order to proceed with the licensing process. However, the licensing department has introduced a new license for start-ups called Tajer Abu Dhabi. This license not only offers reduced setup costs but also enables a new business owner to setup their company without the need for a physical business address for the first 2 years.
Rules and regulations vary according to the different ownership types and business establishments, therefore you need to select the best legal entity type to run your business.
2. Register Trade Name
While it can be fun to select a name for your company, a trade name distinguishes your company and describes its nature and legal form. The PRO services at Cloud Spaces can guide you not only through the process of setting up a business in Abu Dhabi but also in registering a trade name that complies with the rules before the registration process starts.
3. Approvals & Incorporation Paperwork
This step requires obtaining a No-Objection letter from the relevant authorities. Following the initial approval, the application process continues by submitting all files to Abu Dhabi Department of Economic Development (ADDED) or the Free zone authority for the processing of the commercial registration and issuance of the trade license.
4. Business Bank Account
Before you can begin trading, you will need a local bank account setup for your business. It usually takes between 2 to 3 weeks to open a bank account. Once you have received the legal documentation for your company, you can approach the bank of choice to meet with them and start the process.
5. Arrange your visas
The final step is to apply for your immigration establishment card from the Department of Immigration. This will allow you to process your visa as well as sponsor any employees you hire. As an Investor or Partner in the company you can apply for a three years residence visa for yourself as well as sponsor other members of your family.
With Cloud Spaces PRO services, setting up your own business has never been easier. Cloud Spaces provides you with a variety of flexible and affordable workspace solutions for your company. Once you have selected the workspace that suits your requirements, you can continue with our easy and cost-effective business setup service located only steps away from your office.