On Sunday, Abu Dhabi announced that business setup and renewal fees for the private sector would be reduced to Dhs1,000.
The new price structure will take effect on Tuesday, July 27, 2021, and will represent a 90% reduction in the current business setup rates.
The Abu Dhabi Department of Economic Development (ADDED) made the statement in partnership with a number of government agencies, including the Abu Dhabi Chamber of Commerce and Industry. All fees from Abu Dhabi government entities, such as ADDED, the Department of Municipalities and Transport, membership fees for the Abu Dhabi Chamber of Commerce, Certificate of Conformity (CoC) issuance fees, and fees required by Abu Dhabi regulatory entities will be reduced.
According to the Abu Dhabi Media Office, many fees have been eliminated entirely, while others have been significantly lowered.
However, federal fees for starting a business and renewing a license still apply. The decision to reduce fees is expected to improve the ease of doing business in the emirate and boost Abu Dhabi's regional and worldwide competitiveness.
Investors will benefit from increased transparency and less administration as a result of the implementation of a set charge. It also backs the government of Abu Dhabi's attempts to promote a favorable economic environment for the private sector, especially for micro, small, and medium-sized businesses.
The chairman of ADDED, Mohamed Ali Al Shorafa, expects that this considerable adjustment in fee structure would make the establishment procedure for new and existing investors even easier. He further continued to state that as part of their new economic plan, they want to build a dynamic business environment in Abu Dhabi that supports development and innovation. They believe that restructuring fees will help them achieve their goal of making it easier to start and manage a business.