Small and Medium Enterprises (SMEs) get special focus from the UAE Government as they are considered vital for the economic diversification and growth and also because they help in building national human resources. These are: Sole proprietorship refers to a business licence that allows a single individual to own 100 per cent of a business. We received honest feedback and the right mentorship sessions that helped our start-up grow and advance.". Strengthening the performance and economic contribution of micro, small and medium-sized enterprises (MSMEs) and start-ups is central to Abu Dhabi's goal of creating a more diversified and competitive economy. Services9. The city has been funding heavily in real estate, industrial development, retail, and tourism. Offering insight into the value his organisation received from its participation in the Flat6Labs Ignite program, Rabih Chaar, CEO at Nadeera said, "We've been in many programs and the Flat6Labs program is unique as it allowed us to build family-like friendships. However, a Mastercard survey found that even with record funding levels, 60% of SMEs in the UAE continued to struggle, with 38% citing a need for easier access to funding and 61% pointing to the rising cost of doing business. In Association with Masdar City Free Zone. Consider E-Commerce Business Ideas. One of the most critical predictors for successful entrepreneurship is access to industry talent, and the partnership between The Catalyst, Masdar City and MBZUAI creates a platform to attract and retain some of the leading authorities in AI to Abu Dhabi, said Sultan Al Hajji, MBZUAIs vice-president of public affairs and alumni relations. Opinions expressed by Entrepreneur contributors are their own. You can use your National ID, if you are a Gulf Cooperation Council (GCC) citizen or resident, or your passport details to complete the process. Maintenance and installations6. DISCLAIMER: Entrepreneurs.ae shall not make any undertaking or guarantee regarding the accuracy and/or reliability of the information provided on this site. Import and export. Examples for an occupational license are law firms, accounting and audit firms, research and development firms, Professional License This license is issued to artisans and other professionals who personally engage in the practice of a particular craft. Once you have set up your UAE Pass account, you can access the Tamm platform - www.tamm.abudhabi and follow these steps:1. All rights reserved. This section is about Living in UAE and essential information you cannot live without. Explore Real Estate- one of the top business ideas in Abu Dhabi. Within these sectors, you also have the option of 100 per cent ownership of a company, if you apply for it to be an LLC (Limited Liability Company) or sole proprietorship. Companies may legitimately move offshore Abu Dhabi for tax avoidance or to enjoy relaxed regulations. Source Read More Business Licenses in Abu Dhabi This report provides an assessment of policies, programmes and regulations relating to MSME and start-up development in Abu Dhabi. Contracting5. As it is a business licence, it allows an individual to work with other businesses as well as individuals. Privacy Policy - Agriculture 2. The businesses in Abu Dhabi are also not issued with an operating license and only get an official Certificate of Incorporation. The Abu Dhabi Business Women Council was formed in the Emirate of Abu Dhabi by virtue of the Chamber's Board of Directors decision no. The report also includes exclusive interviews with these organizations, to share first-hand insight on their initiatives, philosophies, and overall support strategies. "It's my dream, Manar," he said to me. The highly tailored program comprised of coaching, mentoring, and training has led to investments of US$10.2 million into 38 promising start-ups, the large majority (68%) of which have been established in the UAE. The figures say it all: the total number of business licenses. Our mission is to bring together exceptional people to collaborate, innovate, and build game changing companies. Please fill the form and our recruitment team will provide you with additional information: 2023 Abu Dhabi School of Management. The Technology Innovation Institute (TII), a leading global scientific research centre and the applied research pillar of Abu Dhabi's Advanced Technology Research Council (ATRC), today strengthened its growing international influence in the field of artificial intelligence by announcing that Falcon 40B, the UAE's first large-scale AI model, is now open source for research and commercial use. The development trend of the oil-rich United Arab Emirates ("UAE") is at the heart of debates surrounding the effects of culture on economic choices and outcomes. I looked at him confused, and then asked him if he needed an office space to start his business. Xu Xinming, NYUAD Class of 2017 August 19, 2014. Last but not least Intel Capital, Intel's global investment arm, makes equity investments in technology startups. You must then enter their personal details, this includes their full name, mobile number, email address, and nationality. In addition to providing start-ups with mentorships from over 100 industry professionals and exclusive access to a network of nearly 100 venture capitalists and investors, the company has partnered with several government entities and private enterprises to offer exclusive benefits. More than 25 leading institutions have invested into the Flat6Labs managed fund. Dunes Ventures is a hybrid venture studio founded in Abu Dhabi supporting startup founders and corporates. My first university summer was not the type of holiday . Other organizations such as the International Businesswomen Group (IBWG) also organize networking and talk events for women in Abu Dhabi for every month; you do not need to be a member to attend these either. Repair 4. Small to Medium Sized Enterprises (SME) Market Conduct Regulation-(PDF,1.54 MB)- Central Bank of the UAE. For the past 10 years, Manar worked with global and regional brands, to help them narrate their stories, and connect with their audience, using the art of storytelling. . Twenty-five government and private entities have joined forces to launch a new platform to support micro, small and medium enterprises (mSMEs) in Abu Dhabi. Are there positive effects of posting students grades publicly? Repair4. 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Investor analysis: why African mines hold key to green energy transition, Huge setback for Indonesias massive coal gasification plans as US company withdraws, Another impressive year for FDI in Montral with huge growth in life sciences. Both on your website and other media. This combined with the world-class mentorship and critical-stage funding provided by our Ignite program, offers start-ups a proven platform to help them make the leap from disruptors to market leaders.. Click on the image for a larger view of the text. Family offices shift asset allocation amid rising interest, geopolitical concerns, UAE is a leader in renewable energy competitive auctions IEA, Saudi PIF to take 30% stake in Tamimi Markets via capital increaess, UAE is MENA's top M&A destination in Q1 2023 with deals worth $2bln, Three Israeli soldiers, Egyptian officer killed in border gunfire incident, Judge dismisses Washington, DC, privacy lawsuit against Facebook owner Meta, Japan's growing military strength not a threat - minister, Dubai Ruler Sheikh Mohammed spotted at popular mall, sits among residents at French caf, Wall St Week Ahead-Surging US megacap stocks leave some wondering when to cash out, China is reshaping the Belt and Road Initiative ahead of a post-pandemic era. What will sustainable cities of the future look like? The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. UAE has been gripped by Bollywood fever as the 23rd edition of the prestigious IIFA awards took place in Abu Dhabi. Abu Dhabi, being the administrative capital of the UAE, is one of the most sought-after offshoring places in the world. If one wants to protect its assets, then overseas Abu Dhabi company formation can be a viable option. The process, documents and cost can differ slightly, depending on the type of business activity you choose. Subscribe to get latest updates and free guide for business setup in U.A.E. Entrepreneurship is a process of initiating new businesses and creation of values for entrepreneurs (Morris & Jones, 1999). If you have a name in mind, and want to know if its already taken by another company, you can visit this link from Tamm : https://www.tamm.abudhabi/services/business/ded/tradename-search/home?lang=en to search for existing trade names. Dubai SME offers a loan on the seed capital to a maximum of 1 million AED to reduce initial costs of starting up a business project. According to the World Trade Organization, they make up more than 90% of businesses globally, employing 6070% of the population and accounting for 55% of GDP in developed economies. Leasing services10. More people are moving to cities, and raising carbon emissions as a result. ENTREPRENEURSHIP, SMES AND LOCAL DEVELOPMENT IN ABU DHABI OECD 2016 4 - TABLE OF CONTENTS Chapter 4. Limited Liability Company (LLC) is a company established by contract between two and up to 50 people. 4. Manar Al Hinai Look for a mentor. ALL RIGHTS RESERVED. Other ecosystem connections include a recent agreement between Masdar City and Hub71, another Abu Dhabi start-up accelerator, that will promote opportunities for cleantech and AI start-ups to collaborate in areas including mobility, food, health and climate action. Dubai Crown Prince launches $100 million venture capital fund to bolster startups and entrepreneurs We met over coffee, and she was overwhelmed with the many questions that fresh entrepreneurs often deal with: she didn't know whether she should register for a trade license through Abu Dhabi's free zones, or through Abu Dhabi's Department of Economic Development. These are the economic sectors available for the virtual licence: 1. The time looks ripe forMENAs [Middle East and North Africa] climate tech start-ups to boom, wrote Samuel Wendel, a senior market research analyst at Al-Monitor, in a recent article. It was so confusing, and I know that this is one of the issues that is holding back many budding entrepreneurs in Abu Dhabi. supports GCC nationals to establish small and medium enterprises (SMEs) in the emirate of Dubai. In recognition of the crucial role start-ups play in the economy and in tackling some of the worlds biggest challenges, The Catalyst and the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) recently signed an agreement to accelerate the growth of artificial intelligence (AI), clean tech and smart city technology, including autonomous transportation, throughout the region. Perhaps the most pressing challenge for many start-ups is access to funding, with at least one US-based accelerator, Y Combinator, warning that venture capital (VC), which start-ups need to grow, will dry up due to increasing interest rates and a slowdown in economic growth. Are you ready to quit your job? Due to an innovative and flexible approach towards its economy, Abu Dhabi is counted among the fastest emerging international business centres, Creative Zone chief executive Lorenzo Jooris said. Lastly, there is the Department of Economic Development (DED), which you could approach to obtain different types of licenses such as: Commercial License, Occupational License, and Professional License. By offering an overview of local stakeholders, the Abu Dhabi SME Hub explores the active role they play in driving entrepreneurship across the Emirate, shedding light on the value they offer to startups and mSMEs. In order to move away from an oil . Few o Abu Dhabi is the largest Emirate and the capital of the UAE, located on the south-eastern side of the Arabian Peninsula, besides the Persian Gulf. "Support functions here steer business leaders . To apply for fund, send an eMail to kfgateway@khalifafund.ae for steps on registering on the Khalifa Fund Gateway or log on to the Smart Khalifa Fund portal. She pursued further degrees and certifications from SOAS London, University of Pennsylvania, Yale School of Management, and NorthWestern University. The three-month program, which initially kicked off during UAE Innovation Week, supports university students between the ages of 18-25 to . Moreover, the Forum offers a valuable networking and knowledge exchange platform for industrial community members, both locally and internationally. DisruptAD is attracting and creating a thriving community of founders, fund managers, incubators, and accelerators to globally build, support and scale disruptive technologies from Abu Dhabi. Discover More here! Now 17, She's on Track to Solve Even Bigger Problems. This website is not responsible for, and does not control, such external content. The National Entrepreneurship Agenda- Ministry of Economy. Competitive Knowledge Economy of Vision 2021, , the UAE aims to increase the percentage of contribution of SMEs to the non-oil GDP from 53 in 2018 to, Federal Law No. According to the provision of article (24) of the executive rules of the Chamber Law no. Abu Dhabi, which is home to more than 500 start-ups, offers support and financing that helps business thrive. Alongside investments, Flat6Labs start-up programs, executed to cater specifically to the needs of innovative entrepreneurs, help them accelerate their growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors and corporates. Added's SME sector chief Mouza Al Nasiri, right, and Creative Zone chief executive Lorenzo Jooris during the signing ceremony. If the application is approved, you must settle the fees online and you will receive the official virtual licence through the Tamm website - www.tamm.abudhabi. Here are a few other advantages of setting up a business in Abu Dhabi: Free Zone company formation offers single-window administration and is authorized as an independent jurisdiction that allows an expatriate businessperson to own a company wholly (100%). We are uniquely positioned to support start-ups in cleantech so they can bring their solutions to market and create a more sustainable future for us all.. Al Nisr Publishing LLC 2023. Actors like Anil Kapoor, Varun Dhawan, Hrithik Roshan, Krystle Dsouza, Babil Khan, Esha Gupta, Urvashi Rautela, Sharvari Wagh and Nushrratt Bharuccha dazzled the green carpet of IIFA 2023. The courses in this pre-professional area are designed to help students explore the dynamics of social innovation, organizational change, and transformative leadership with a particular focus on the not-for-profit and government sectors. Setting up a business in the UAE has certain restrictions, so, free zones act as a gateway to carry on international business trade. How to Change Careers: A Step-by-Step Guide, Sheraa Hackathon Sees 150 Youth Come Together In Sharjah To Develop More Than 300 Food Waste Management Ideas, 5 Ways Social Media Has Transformed Tourism Marketing. Health and entertainment events 11.. Drop your email to subscribe to our newsletter. Business setup in Abu Dhabi one has to obtain a specific license depending on the business activity. Offer Technology Services. Most startups look to obtain a Limited Liability Company (LLC) license. Will Uzbekistan retain its position as Central Asias FDI star? It is well known that entrepreneurship plays a key role in economic development; however, its cultural underpinnings remain a marginal field of study. The program hosts an intake cycle every six months and has thus far completed four cohorts with the fifth cohort to be announced shortly. The Catalyst provides mentoring in business development and strategic planning, office and manufacturing space, a massive shareholder network, up to $250,000 in venture capital, as well as legal affairs, human resources, marketing and public relations support. Management and provision of the supporting services12. If your business is within the hospitality sector, then you should approach Abu Dhabi Tourism Authority for that. To support this momentum, Flat6Labs and DisruptAD have increased the average initial investment in each organisation from US$175K to US$185K with the top performing start-ups, in every cycle, now receiving follow-on funding. The platform offers productive incubation, investment and commercial scaling opportunities for tech start-ups in a state-of-the-art infrastructure for a digital led age. It also provides funding options for launching the business. for steps on registering on the Khalifa Fund Gateway or log on to the. The report serves as an in-depth guide for entrepreneurs looking for the right location to launch their enterprise, existing businesses looking for growth opportunities, and foreign investors considering starting a business in the emirate. The 2nd edition of the #MakeItInTheEmirates forum kicks off today, organized by #MoIAT @AbuDhabiDED and @ADNOCGroup , with participation from regional and global experts, investors and decision makers across the industrial sector pic.twitter.com/XTEZzl26Is, (@MoIATUAE) May 31, 2023. Mainland Licenses subscription, UAE: 3 business licences that do not require physical office spaces, Thinking of a name for your business in Dubai? The second edition of the Make it in the Emirates Forum, organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC, kicked off today at the Abu Dhabi Energy Centre. These cookies are used to improve your experience and provide more personalized service to you. It also shows number of men and women working in that selection. ValidityThe licence is valid for one year. The virtual licence was officially launched in 2021 by the Abu Dhabi Department of Economic Development (ADDED) for non-resident foreigners, and the entire application process is completed online through Tamm, which is Abu Dhabis official government services platform. Health and entertainment events11. The cost for issuing virtual licence is Dh790, as per the Tamm website. Abu Dhabi, which is home to more than 500 start-ups, offers support and financing that helps business thrive. These individuals may work alone or work up to five people. Other partners include Masdar, Khalifa Industrial Zone, ZonesCorp, Abu Dhabi Airport Free Zone, Khalifa Fund, Abu Dhabi SME Hub, Abu Dhabi Commercial Bank, Etisalat, Telr, SME PM, Vestigos, Bloovo, DHL, InsuranceMarket.ae, Daman, Obeid and Medawar Law Firm, Team Red Dot and CZ Tax and Accounting. Flat6Labs Ignite is a specialised seed program committed to supporting start-ups in Abu Dhabi. Best Entrepreneurship Courses in Abu Dhabi (2023 Fees) AED 88. The UAE mGovernment is not responsible for the accuracy of information in the translated language. Retail trade7. Transport8. Start-ups, the backbone of many economies, are increasingly being asked for novel ideas to power smart cities and develop technology that fights climate change. To seek funding from Dubai SME, the following conditions must be met: Log on to TheFund.ae to apply for funds. In the UAE, start-ups find it easier to access funding, with MAGNiTT, a start-up data company, reporting that MENA recorded $2.6bn in VC funding in 2021 the highest the region has ever seen. Selected start-ups will receive technical, business and go-to-market mentorship from AWS and up to $50,000 each in credit through Amazon Web Services Activate to kick-start their data and operations transformation. You need to register at the website to keep up-to-date with their meeting agendas. Download the free whitepaper to see how Abu Dhabis Masdar City is creating a blueprint for sustainable development. Wholesale trade and13. . The figures say it all: the total number of business licenses registered in Abu Dhabi at the end of quarter one of last year was 108,016, with 66,023 licenses in Abu Dhabi, 30,715 in Al Ain, and 11,278 in the Western Region. All Rights Reserved. So, if you live in the capital and have a burning urge to start your own business, you can kick it off by starting off with these three things: network, look at the funding options available, and finally, register your venture. You can manage them any time by clicking on the notification icon. The emirates recent steps to further enhance the economic climate and stimulate private establishments include reducing the number of requirements to start a business by 71 per cent and slashing business set-up fees by over 90 per cent. Flat6Labs is the MENA regions leading seed and early-stage venture capital firm, currently running the most renowned start-up programs in the region. Growth Strategies Influence For Impact: Steve Harvey And Oweis Zahran, Co-Founders, MELT Middle East Here's how Harvey and Zahran aim to use the power of celebrity to bring people together. Business Strategies for Entrepreneurs . DisruptAD, ADQ's venture platform, was launched to accelerate the future of innovation. 1. She is the co-founder and Storyteller-in-Chief of Sekka and the director of the Khaleeji Art Museum. In fact, he could apply for an entrepreneurship scheme through one of the free zones in Abu Dhabi for a fraction of his estimated price. If you are an Emirati woman and do not require an office space to start, then you could apply for the Mubdia program, launched in 2005 by Abu Dhabi Chamber of Commerce and Industry. AED 17,702 - Less. As of 2018, there were 54,234 SMEs in the capital, out of which 33,760 were micro, 18,945 were small and 1,529 were medium enterprises, according to the Statistics Centre Abu Dhabi. At The Catalyst, we firmly believe that the key to solving our most pressing environmental challenges lies in innovation and technology, says acting managing director Suleiman Ali Amin. Again, his reply was no. We'll be in your inbox every morning Monday-Saturday with all the days top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur. For example, through its MoU with Wio Bank, Flat6Labs has ensured its start-ups receive priority banking support and easier access to capital, while an MoU with Abu Dhabi Residences Office (ADRO) enables the company to fast-track the golden visa application process for entrepreneurs. I don't blame her. This paper is an attempt to fill this gap. An operation manager and an accountant shall be appointed with the consent of the Fund before starting the enterprise. Abu Dhabi's Sandooq Al Watan personifies the mantra 'Entrepreneurship for a Cause' By: Abu Dhabi SME Hub Interviews Aug 01, 2021 Sandooq Al Watan's mission is to attract investments and community contributions in order to utilise them for the benefit of the Emirati society. The minimum financial contribution of the applicant to the funding shall be 20 per cent, depending on the type of activity and the degree of the risk therein, and shall be paid in advance. Abu Dhabi is the largest Emirate and the capital of the UAE, located on the south-eastern side of the Arab Free Zone Company Abu Dhabi Free Zone company formation offers single-window administration and is author Business setup in Abu Dhabi one has to obtain a specific license depending on the business activity. For example, the table below shows the number of SMEs in the trade sector in the emirate of Abu Dhabi with a further classification of size of the businesses. the enterprise must be 100 per cent owned and managed by UAE national(s), it must be located in the emirate of Dubai, the applicant shall personally implement and develop the business plan, he/she should devote time and efforts to manage the enterprise. Access and explore the full report using the download box above. New Entrepreneurship jobs added daily. To date, nearly 140 founders have been expertly trained under the program, and these entrepreneurs have gone on to grow their businesses, resulting in the creation of 668 new jobs for highly qualified professionals in the process. Business intelligence for leaders in foreign direct investment. For a step-by-step guide on how you can complete setting up your UAE Pass account as a visitor to the UAE, use this link. UAE start-ups are the largest recipients, attracting $373m across 29 deals. Services 9. The UAE: Khalifa Fund, a not-for-profit entity mandated by the Abu Dhabi Government has been supporting SMEs since 2007. Is that enough?" Established in 2002, it was created as an integrated division of the Department of Economic Development (DED) and as a resource for support, information and outreach for the growing small and medium enterprise sector. 'Business activity' is a general term, which refers to any activity a business operates in. The city constitutes more than three-quarters of the area of the country of UAE, and is the second most crowded Emirate in the federation, after Dubai. On the bright side, when I finally decided where to register my business, I was up and running in less than two weeks, and with costs that didn't break my bank account. People approach me all the time through social media asking me about advice, and it is absolutely fine. It highlights information over two main sections: Abu Dhabis Economic Landscape & Business environment: Abu Dhabi Covid Response & Ghadan 21 initiatives, UAE Bank account offerings tailored to mSMEs, startups & Tajer license holders, New UAE regulations for an enhanced business environment, Educational, R&D, innovation & support entities.
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