The Abu Dhabi Department of Economic Development (ADDED) has launched an e-contract and e-signature system which will enhance the issuance of economic licences for one person companies (OPC) and limited liability companies (LLCs).
 
The initiative seeks to hasten the issuance of licences for applicants through obtaining a certified Memorandum of Association (MoA) via ADDED’s Abu Dhabi Business Center website using the national digital identity ‘UAE Pass,’ and thus eliminating the need for a notary to review of the document.
 
Rashed Abdul Karim Al Balooshi, the Undersecretary of ADDED, said that the initiative was in line with the department's constant efforts to improve Abu Dhabi’s competitiveness in ease of doing business as it facilitates procedures and requirements for licensing economic activities.
 
Al Balooshi pointed out that the e-contract and e-signature system is an important step towards enabling business owners to easily obtain their economic licences.
 
The first phase of this initiative will be implemented on Tajer Abu Dhabi and All-in-One licences, which include the provision of certified MoAs in Arabic and English, and thus would no longer require any notarial seal.
 
Al Balooshi further highlighted Abu Dhabi’s major progress in the World Bank’s 2019 Ease of Doing Business report where the emirate jumped to 12th ranking globally, up by 23 places from its previous position during the 2016 report.
 
This, he stated, had been attained following ADDED’s continuing efforts to introduce initiatives that would shorten the procedures required for doing business in Abu Dhabi.
 
A total of 138 transactions were completed 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 licences have been issued, which is 29.6 per cent of the total number of economic licenses issued in the emirate.-TradeArabia News Service

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