Abu Dhabi will slash the cost of establishing new businesses by “more than 90 percent” from Tuesday to increase the “competitiveness regionally and internationally” of the emirate, already a magnet for commerce. In recent weeks, authorities have ramped up efforts to woo new business to Abu Dhabi, one of seven emirates that make up the United Arab Emirates.

Corporate taxes are practically zero in the UAE as it seeks to diversify its previously oil-based economy. “Business setup fees in Abu Dhabi emirate have been reduced to AED1,000 ($272) — a reduction of more than 90 percent,” the Abu Dhabi Government Media Office said in a statement late Sunday.

The new tariff will see the scrapping of some fees that were previously payable to different public bodies and the reduction of others, and will come into force from Tuesday, July 27, it added. “The move will significantly enhance ease of doing business in the emirate and increase Abu Dhabi’s competitiveness regionally and internationally,” the statement said.

Source Credit: NDTV