The days of having to take along scores of paper copies of official documents to register your business in Abu Dhabi will soon be a thing of the past.
Until now, business people have had to visit the offices of Abu Dhabi Department of Economic Development (DED) clutching original copies of utility registration certificates, letters of no objection from police and other authorities, and various other documents.
But an electronic system being launched by the DED will mean companies can provide all the necessary documents in electronic format. Either a flash drive or CD will be accepted.
The system will be more efficient, officials say. "This will be very quick and more convenient for both the company to register and the DED to process the registration," said Fahim Al Shehhi, the director of commercial licensing at the authority.
"It can be a headache for customers to have to remember to bring paper copies of their passport, visa, registry book, partner document and everything else to register their business," he said. "This will make it easier and forms part of our strategy to transfer from paper to paperless."
The move is part of a trend by government authorities to streamline company registrations in the Emirates. The Dubai Department of Economic Development plans to launch an e-services initiative next month, allowing companies to register for more services online.
Mr Al Shehhi said Abu Dhabi's e-archiving system would be launched in the next few weeks. But the Abu Dhabi DED was not yet at the stage of enabling business people to register their firms online from their own computers, he said.
"Online services are at a different stage, but as a step towards that, we have a strategy to reduce paperwork," he said.
For the Government of Abu Dhabi, the plans are a first step towards the emirate's goal of establishing a one-stop shop for commercial licensing. Officials hope in the future to spare people the hassle of visiting different governmental entities. Instead, the DED aims to have theservices offered by various government departments under one roof.
"In the future, the DED will have a one-stop shop for all services," Mr Al Shehhi said. "Customers will be able to come to the DED and won't have to go elsewhere."
Officials hope that by streamlining licensing services, more firms will be enticed to register. A concerted effort by entities across the country may help to lift the UAE's ranking in the World Bank's Doing Business report, which compares economies on business regulation and cost.
The UAE rose two places to 33rd in the latest report, which was released last year. The 13-day business set-up period in the UAE was better than the regional average of 20 days but worse than the average of 12 days for the member countries of the Organisation for Economic Co-operation and Development.
tarnold@thenational.ae
Killing of Qassem Suleimani
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Mountain%20Boy
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
EA Sports FC 24
MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A