Move aims to enhance its regional competitiveness and attract new sources of foreign direct investment
Abu Dhabi Airports Free Zone (ADAFZ) has reduced business setup costs by more than 65 percent, with the aim of enhancing its regional competitiveness and attracting new sources of foreign direct investment (FDI).
The business setup cost reduction also supports the government of Abu Dhabi’s latest initiatives aimed at strengthening the competitive business environment of Abu Dhabi.
In addition to waiving all licence fees for new companies, ADAFZ has received a Tawtheeq registration exemption as well as an exclusion of VAT in designated zones across its properties for its customers.
It said it is also enhancing its processes to reduce the registration time, enabling clients to set up at its facilities at minimal time and cost.
Bryan Thompson, CEO of Abu Dhabi Airports, said: “This new approach of reducing cost and time falls in line with the directions of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council of Abu Dhabi to boost Abu Dhabi’s economic competitiveness.
"This is being done through a number of initiatives and incentives that aim to attract businesses and institutions to establish themselves in the Emirate, ensuring sustainable growth across all economic sectors and strengthening Abu Dhabi’s status on the world economic stage."
Rowan Michael Kelly, senior vice president of Abu Dhabi Airports Free Zone, added: “This reduction in setup costs and exemption from Tawtheeq registration were agreed upon following comprehensive benchmarking evaluating the free zone's services, costs and the business environment.
"Our ultimate goal is to drive local economic development and support the sustainability of FDI, accelerating and increasing the contribution to Abu Dhabi’s GDP."
ADAFZ said it has waived payment of all new licence fees during 2019 and 2020 for new company startups, both limited liability companies and branches.