The Department of Economic Development in Abu Dhabi yesterday authorized the “commercial and industrial” economic licenses issued in the Emirate of Abu Dhabi to renew the licenses of their investment activities for a period of 3 years in addition to providing the option for renewal for a year or two, with the aim of facilitating the journey of investors and businessmen and enhancing the continuity of their business in a way that relieves them of the trouble of renewal and reduces Procedures, time and effort involved.
The Department of Economic Development in Abu Dhabi yesterday authorized the “commercial and industrial” economic licenses issued in the Emirate of Abu Dhabi to renew the licenses of their investment activities for a period of 3 years in addition to providing the option for renewal for a year or two, with the aim of facilitating the journey of investors and businessmen and enhancing the continuity of their business in a way that relieves them of the trouble of renewal and reduces Procedures, time and effort involved.
Rashid Al Balushi, Undersecretary of the Department of Economic Development in Abu Dhabi, confirmed that the department is keen, by providing the option to renew economic licenses for a period of 2 to 3 years, to achieve major goals that benefit customers and the Abu Dhabi government alike, in order to make it easier for the customer to have the trouble of renewing each year, and in return reduce the procedures and transactions for renewing licenses. Department of Economic Development, which accounts for about 70% of total transactions.
He mentioned that the total number of economic licenses that were renewed during the first half of 2020 amounted to 33,116 licenses, which constitutes 42.30% of the total number of expired economic license renewal transactions. For his part, Mohamed Ali Al-Marar, Director of the Department of Commercial Licenses at the Department, stated that the renewal of commercial and industrial licenses is carried out according to an easy procedure and mechanism, which is to log in via the “Tamm” website and click on renewal, then enter the license number, and choose the period for renewal.
He pointed out that since the launch of the initiative, 8 commercial and industrial licenses have been renewed for more than a year, 4 of them for a period of two years and 4 for a period of 3 years, so that the owners of these licenses benefit from obtaining all approvals and approvals only once for the length of the renewal period, which saves them time and effort.
He mentioned that to benefit from this initiative, the dealers need to show a documented and registered lease contract that covers the period required for renewal, in addition to a valid certificate of fulfilling the safety requirements, issued by the General Administration of Civil Defense, a valid environmental permit, and a valid membership certificate from the Abu Dhabi Chamber of Commerce and Industry .
Improving the business environment, Ali Al-Hamami, Director of the Industrial Organization Department at the Industrial Development Bureau, explained that the department’s initiative to allow the renewal of the industrial license for three years contributes to improving the business environment for industrial investors and saving time and effort for the investor, making procedures easier for him.
He pointed out that the mechanism for renewing the industrial license is a case of production for more than a year (two or three years), in which service fees, activities, products, external parties and the billboard are calculated, for the number of renewal years that have been selected. The renewed industrial license is valid for the number of years required.
He stated that the requirements for renewal for more than one year include a documented and registered lease contract that covers the period required for renewal, a valid certificate of meeting the safety requirements issued by the General Administration of Civil Defense, a valid environmental permit, and a valid Abu Dhabi Chamber of Commerce membership certificate.