Friday, June 21, 2024
Today’s News

The UAE Ministry of Economy has Opened a Unified Registry for Family Businesses.

Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, stated that the UAE is committed to developing a robust legislative and regulatory environment to enhance the growth of family businesses and support their continuity and sustainability over the coming decades, by global best practices. This commitment stems from the sector’s critical role in promoting national economic growth and bolstering regional and global competitiveness.

By Cabinet Decision No. 109 of 2023, the Ministry established the Unified Registry for Family Companies to create a comprehensive and standardized database containing all information about the country’s family businesses.The Ministry explained that a request to register a family company in the unified registry must be made to the licensing authority that issued the company’s economic license. The application will be forwarded to the Ministry of Economy, which will decide after reviewing the company’s compliance with the regulations and conditions outlined in the Family Businesses Law and related decisions. Once the review is completed successfully, the Ministry will register the applicant in the registry.

Family Businesses Law governs company ownership by defining capital, how partners can dispose of their shares, and the mechanisms to relinquish them. It also organizes the right to redemption and evaluation of shares, their categories, and their purchases.

Also Read:

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Saudi Arabia’s Exports of Goods other than Oil Rise 3.3%: GASTAT


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Friday, June 21, 2024

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