Abu Dhabi is one of the largest Emirates in the UAE which has infinite natural resources of oil and gas. The Abu Dhabi National Oil Company [ADNOC] stores, refines, and distributes petrochemical products. Its vision is to bring the pioneering technologies to escalate the supply to the energy market. To set up an oil and gas company in Abu Dhabi, the businessmen have to understand the procedure for the same. Here’s how you can start your business in Abu Dhabi
The Abu Dhabi National Oil Company [ADNOC] consists of blocks of licensing strategy which is offered via research and development for producing oil and gas in Abu Dhabi. There are three crucial steps for the Company to work directly with ADNOC:
- Securing Supreme Petroleum Council approval
- Registering as a vendor
- Get certified for AFNOCs In Country’s Value Scheme [ICV]
Significant procedure for company set up in Abu Dhabi
- Select the trade names to establish as the trademark
- Decide on the business activity for the proposed entity
- Select the legal form of the entity
- Arrangement of office space
- Submit the documents with the authorities
- Obtain a trade license
- Open a corporate bank account
- Register at immigration and labor department
- Receive visa and employment permits
Where can you register the oil and gas company in Abu Dhabi?
The Freezone or offshore companies are not allowed to conduct the business activities of oil and gas. Only onshore companies either as a Limited Liability Company [LLC] or Foreign Branch that are registered with the Department of Economic Development [DED] in Abu Dhabi are allowed to conduct this activity. The foreign nationals hold up to 49% of shares in the company and 51% by the UAE Nationals. A Foreign Branch setup requires a local agent but with 100% ownership of the company.
Setup your business with MSZ Consultancy in Abu Dhabi
Are you planning to start your company in Abu Dhabi? Contact MSZ Consultancy. We are one of the leading business consultancies in Dubai. Our team of experts will not only assist you on business setup in Dubai but will also guide you with PRO services, licensing procedures, and more. If you are looking for any assistance our team executives will be glad to help you. Get in touch with us today.
Originally posted on MSZ Consultancy