Abu Dhabi launches 'Virtual Licence' for non-resident foreign investors | ZAWYA MENA Edition
The Abu Dhabi Department of Economic Development (ADDED) has launched the "Virtual Licence" allowing the non-resident foreign investors to obtain an economic licence for doing business in the Emirate of Abu Dhabi without any prior residence procedures and from any location outside the United Arab Emirates.
This announcement was made on the sidelines of the Department’s participation in the Abu Dhabi government pavilion in the 41st session of the GITEX Global (Dubai 2021), held under the auspices of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, under the slogan "Nothing Stops People and Tech."
Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, stated that virtual licence is an unprecedented proactive initiative targeting attraction of Foreign Direct Investments (FDIs) through facilitating the economic activity licensing procedures and requirements, regardless of the location of the investor and no residency requirements shall be met before the issuance of this licence.
He added that this initiative goes in line with the directions of the UAE government to enable cross-border digital trade.
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