Pioneers Investors – The Abu Dhabi Department of Economic Development (ADDED) is introducing a professional license that will allow foreigners full ownership of businesses related to 604 professional activities.
The professional activities company covers a wide range of fields, including accounting, training, consultation, beauty salons, computer and internet network companies, and so on, as they are wholly owned by foreign professional partners. As per the reports, the professional work license is a specialized license in professional activities, which includes any activity practiced by a professional investor within his area of experience and matching his academic or professional qualifications.
ADDED stated that most corporations require a local services agent if they do not have an Emirati partner. The local service agent is in charge of managing the licensing requirements without bearing any liability for any financial obligation towards the company or its activities in Abu Dhabi or elsewhere. Furthermore, ADDED will provide a service agent agreement to demonstrate and identify the relationship with all partners. In addition, the Department has released a model for the professional company’s Articles of Association, which can be found on the Department’s website.