1 DOING BUSINESS IN ABU DHABI 2 3 DOING BUSINESS IN ABU DHABI TITLE : DOING BUSINESS IN ABU DHABI Printing and Publishing rights of the book and subsequent editions reserved with the Publisher. PUBLISHER: Morison Menon Corporate Services P. O. Box : 125365, Dubai, UAE Tel: +971 4 336 7000 Fax: +971 4 337 2525 Email : [email protected] © All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior permission in writing from the Publisher. DISCLAIMER: While every effort has been taken by the Publisher to avoid errors or omissions in this publication, any mistake or omission is not intended. The information given is liable to change without notice. It should be taken note of that neither the Publisher nor the Publishing team, will be responsible for any damage or loss, or any other consequences whatsoever, of any decision/investment/business set up etc. done based on the contents of this book. Language : English Number of Pages : 132 Number of copies printed: 30,000 Series : Fifth Edition - Year 2013 Month of Publication : January 2013 The book is not for sale. The book is distributed complimentary by the Publisher and by other entities with the prior consent of the Publisher. DESIGN : IPIX Solutions Pvt. Ltd. (A group entity of Morison Menon) Calicut, Kerala, India. Email: [email protected] www.ipixsolutions.com 4 HH Sheikh Khalifa Bin Zayed Al Nahyan President of the United Arab Emirates and the Ruler of Abu Dhabi HH Sheikh Mohammed Bin Rashid Al Maktoum Vice President and Prime Minister of the United Arab Emirates and the Ruler of Dubai HH General Sheikh Mohammed Bin Zayed Al Nahyan Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the United Arab Emirates Armed Forces 5 DOING BUSINESS IN ABU DHABI 6 FOREWORD HE Nasser Ahmed Alsowaidi Chairman – Abu Dhabi Department of Economic Development His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi, and before him the visionary Founding Father of the UAE, Sheikh Zayed Bin Sultan Al Nahyan, have long sought prosperity for the Emirate of Abu Dhabi and its people. The mandate of Abu Dhabi Department of Economic Development (ADDED) is to contribute to bringing about this prosperity, and in a manner likely to make it truly sustainable. ADDED is a leading government department responsible for the achievement of the aims of Abu Dhabi Economic Vision 2030. Vision 2030 is the plan by which the emirate will successfully diversify and move ever closer to being a ‘knowledge-based’ economy, rather than one driven principally by oil and gas. In this way, Abu Dhabi’s economy will be better equipped to contribute to, and compete in, the world economy. In order to fulfill its objectives, ADDED works closely with each of the stakeholders in Vision 2030. A necessary prerequisite to the success of Vision 2030 is the support and participation of the private sector, which helps wealth generation across a broad range of sectors - in healthcare, education, transportation & logistics, metals, aviation, and financial services, as well as in technology and media, and many others. Morison Menon’s ‘Doing Business in Abu Dhabi’ will play a helpful and informative role promoting the kind of diversified economic environment that Abu Dhabi needs. It will, on a daily basis and in practical ways, augment ADDED’s own activities of corporate registration and the provision of general advice to all kinds of businesses operating in the emirate. We are grateful to Morison Menon for their interest in Abu Dhabi, and wish them well in their future endeavours. 7 DOING BUSINESS IN ABU DHABI 8 MESSAGE HE Mohamed Thani Murshed Al Rumaithi Chairman of UAE Federation of Chambers of Commerce & Industry Chairman of Abu Dhabi Chamber of Commerce & Industry The Emirate of Abu Dhabi is located at the crossroads of key European, Asia Pacific, African and North American business hubs, providing greater access to many important markets and resources. Abu Dhabi offers top-notch infrastructure, tax benefits, stable currency and business friendly Government Departments that help prospective investors to quickly establish their business. The Abu Dhabi Chamber of Commerce & Industry offers a simplified “One Stop Shop Service Center” to provide investors and companies with quick, efficient and professional services with strong governmental support at the highest level. Collaborations between public and private entities are a key feature of the business landscape in Abu Dhabi. This has been made possible through proactive role that is being played by several Government Departments and Abu Dhabi Chamber. The ADCCI mission is “to contribute effectively to the enhancement of Abu Dhabi economy through adoption of the best professional and technical practices”. The Abu Dhabi Chamber, which came into being in 1969, has since then made rapid strides in promoting Abu Dhabi as an economic hub in the region. It has achieved outstanding growth in terms of increasing membership as well as services provided to companies in Abu Dhabi. Today, there are more than 95,000 registered members in the ADCCI. The Chamber has been working with key partners in Abu Dhabi to boost foreign investments and promote services and facilities. Through its efforts, it has managed to attract major international companies which are critical to the realization of Abu Dhabi’s Economic Vision of 2030, a common framework for aligning all policies and plans that contribute to the ongoing development of the emirate’s economy. The spinoffs from Abu Dhabi Economic Vision 2030 are already beginning to show results across many sectors of the economy. By bringing a handbook on ‘Doing Business in Abu Dhabi’ Morison Menon is doing exemplary service to the foreign investors wanting to be part of Abu Dhabi’s growth story. The handbook captures all relevant business information that a potential investor looks for. I look forward to the book becoming a useful reference material that guides the potential investors. 9 DOING BUSINESS IN ABU DHABI 10