The Abu Dhabi Department of Economic Development (ADDED) has unveiled an e-contract and e-signature system which will improve the issuance process of economic licenses for one-person companies (OPC) and limited liability companies (LLC).
The initiative attempts to expedite the issue of licenses for applicants by receiving a certified Memorandum of Association (MoA) via ADDED’s Abu Dhabi Business Center (ADBC) website using the national digital identity ‘UAE Pass’ without the need for a notary to evaluate of the document.
Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said that the initiative is in line with the department’s continuous endeavors to increase Abu Dhabi’s competitiveness in ease of doing business as it expedites procedures and requirements for licensing economic activities.
Mr. Al Balooshi appended that the e-contract and e-signature system is a significant step towards empowering business owners to quickly get their economic licenses, stating that the first phase of the initiative will begin with Tajer Abu Dhabi and All-in-One licenses, which constitute the provision of certified MoAs in Arabic and English, and thus would no longer need any notarial seal.
Mr. Al Balooshi further pointed out Abu Dhabi’s significant improvement in the World Bank’s 2019 Ease of Doing Business report where the emirate surged to 12th ranking globally, up by 23 places from its previous position during the 2016 report. He remarked that this has been accomplished following ADDED’s enduring attempts to launch initiatives that would reduce the procedures mandated for doing business in Abu Dhabi.
He disclosed that a total of 138 transactions were performed for the issuance of MoAs for LLCs and OPCs since January 2020, while a total of 1,759 Tajer Abu Dhabi and All-in-One licenses have been distributed, which is 29.6 percent of the total number of economic licenses allotted in the emirate.
Mohammed Ali Al Marar, Director of Commercial Licensing Department, ADDED, stated that the process of securing the Tajer Abu Dhabi and All-in-One licenses using the new system will need the login with the UAE Pass and then picking any of the two licenses, followed by defining the company’s legal form, whether OPC or LLC.
Mr. Al Marar continued that aspirants must enter their contact details, including other individuals included in the process. After evaluating the application, a confirmation on the MoA’s details will be done to ensure the endorsement of all parties or a single party in the case of establishing an OPC. Further steps include the payment of the initial approval fees and the signing of the MoA using the UAE Pass of related parties. He additionally emphasized that once completed, the final step will be the payment of application fees and printing of the license certificate as well as the signed MoA approved by ADDED.