Freezones firms in the UAE capital can now acquire onshore branch licenses without needing second additional offices on the mainland
Abu Dhabi’s Department of Economic Development (DED) has announced that it is now allowing firms registered in any of the UAE capital’s freezones to operate licensed branches outside of freezone jurisdictions.
Restrictions on freezone entities earlier required additional premises on the Abu Dhabi mainlaind before they could open branches outside freezones.
The move is one among ten new strategic initiatives the Emirate announced it would undertake over a three year AED 50 billion plan to stimulate economic growth.
The dual licensing scheme will allow freezone-based firms to engage in a broader range of commercial activities including tenders for government and semi-government contracts that were previously limited to onshore firms.
Abu Dhabi’s DED said in a statement that the announcement forms the first phase of the initiative, the second of which will seek to allow more companies to take advantage of the dual-licencing scheme.