Abu Dhabi Department of Economic Development and other government entities are determined to make the capital of the United Arab Emirates even more attractive to entrepreneurs because they’ve decided to lower business setup fees by up to 94 percent.

“We hope this significant change in fee structure helps to further ease the set-up process for new and existing investors,” explains Mohammed Al Shorafa, chairman of Abu Dhabi Department of Economic Development. “Our goal for Abu Dhabi, as part of our new economic strategy, is to create a thriving business environment that encourages growth and innovation. Ease of starting and managing a business is a key lever, and we strongly believe the restructuring of fees will help us achieve this goal.”

The new business setup fees amount to just 1,000 AED ($273 USD), and they came to effect on July 27, 2021, covering all fees from Abu Dhabi government entities such as Abu Dhabi Department of Economic Development, the Department of Municipalities and Transport, membership fees for Abu Dhabi Chamber, CoC (Certificate of Conformity) issuance fee, and others.

This isn’t the first move Abu Dhabi have made in order to attract more entrepreneurship. In the past, the city has provided everything from rent rebates and discounts on utility bills to loan guarantee packages. Combined, all these business growth measures create an environment that’s especially favorable to tech entrepreneurs, who often compete with large enterprises with minimal financial resources. The less fees and other expenses they have to worry about, the more money they can dedicate to developing a great product and making it available to customers.

Also Read: How To Start An Online Business In Dubai (2023 Guide)

Abu Dhabi expects its economy to grow as much as 8 percent during the next two years as it recovers from the pandemic. The growth is expected to be driven mainly by government spending, foreign direct investment, the oil sector, and financial services.