The licence allows businesses on social media to transact as entities, export and import, open bank accounts and work with governments
Under a new ‘Golden Package’, the Tajer Abu Dhabi licence is now open to all GCC nationals and UAE residents, expanding its offering to 1,057 commercial activities, the Abu Dhabi Department of Economic Development announced on Sunday.
The scheme, which was launched late in 2017, allowed only Emiratis to set up businesses with 100 different activities without having an office or physical presence.
The licence will also now include one-person companies for Emiratis and GCC nationals, and limited liability companies for residents in partnership with locals.
“Our goal is to improve the ease of doing business in Abu Dhabi, especially for entrepreneurs and SMEs, which are a key engine of the national economy and have been identified as one of the most important strategic drivers of future growth,” said Saif Al Hajeri, chairman of the Department of Economic Development-Abu Dhabi.
He added that the licence allows individuals to start businesses at lower costs, since they are no longer required to invest in office space or its associated costs, allowing them to focus funding on early stage growth and innovation.
The scheme’s expansion comes after increased demand from Emiratis, according to the department, which issued 1,800 licences in six months, with Emiratis representing around 20 per cent of total economic licences issued during the same period.
The new Golden Package of Tajer Abu Dhabi boasts commercial activities under seven categories, including business and contracting, commerce, services and operations, consultancy and design, transportation and management, sales and maintenance and productive local families.
Furthermore, the licence allows businesses on social media to transact as entities, export and import, open bank accounts and work with governments.
The announcements comes as Abu Dhabi aims to diversify its economy away from oil. It announced in June an AED50 billion economic package to boost its development and growth over the next three years.