(WAM) — The Abu Dhabi Department of Economic Development, ADDED, announced that it has launched an e-contract and e-signature system which will enhance the issuance of economic licenses for one person companies, OPC, and limited liability companies, LLC.

The initiative seeks to hasten the issuance of licenses for applicants through obtaining a certified Memorandum of Association (MoA) via ADDED’s Abu Dhabi Business Center (ADBC) 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, Undersecretary of ADDED, said that the initiative is 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 added that the e-contract and e-signature system is an important step towards enabling business owners to easily obtain their economic licenses, mentioning that the first phase of the initiative will be implemented on Tajer Abu Dhabi and All-in-One licenses, 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. He noted that this has been attained following ADDED’s continuing efforts to introduce initiatives that would shorten the procedures required for doing business in Abu Dhabi.

He revealed that 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 licenses have been issued, which is 29.6 per cent of the total number of economic licenses issued in the emirate.

Mohammed Ali Al Marar, Director of Commercial Licensing Department, ADDED, said that the process of securing the Tajer Abu Dhabi and All-in-One licenses using the new system will require the login with the UAE Pass and then choosing any of the two licenses, followed by determining the company’s legal form, whether OPC or LLC.

Al Marar added that applicants must complete their contact details, including other individuals involved in the process. After reviewing the application, a confirmation on the MoA’s details will be done to ensure the approval of all parties or a single party in the case of establishing an OPC. Further steps comprise the payment of the initial approval fees and the signing of the MoA using the UAE Pass of related parties. He further explained 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.