At the end of last month the Dubai Department of Economic Development announced new measures to help business in Dubai. The full article is below.
At the Links Group we support all initiatives aimed at fast tracking business licensing and registration while fully complying with all legal and regulatory requirements as laid out in the company’s law.
If the DED are successful with obtaining the ability to attest the MoA of new start up businesses this would take at least a day (if not more) out of the new business set up and that could be significant, certainly in urgent vases and time to market is of the essence, for example where a contract has been awarded to a foreign party.
Any initiatives by the public sector to ease the time it takes to form a new entity will be welcomed uniformly and ease the bureaucracy associated with forming a new company in the UAE.
Links role in line with the PPP signed with the FDI goes to the very root cause of assisting foreign company’s when entering what for many may be their very first foray into international markets and are very different from their markets at home.
Dubai Department of Economic Development’s new role to enhance UAE competitiveness
Department to be authorised to attest the company memorandum of association
By Zaher Bitar; Senior Reporter, Gulf News
Published: 16:18 April 24, 2013
Dubai: The Dubai Department of Economic Development (DED) is seeking the authority of the Dubai Courts to attest the company Memorandum of Association to ease licensing procedures as well as enhance the emirate’s competitiveness, a top official said.
“The law that authorises [the] DED to attest the companies Memorandum of Association without getting back to court, which is expected be issued by the government next month, will work on boosting the emirate’s competitiveness,” Mohammad Shael Al Sa’adi, chief executive officer of the DED’s Business Registration and Licensing Sector, told Gulf News.
Currently, investors seeking to obtain a licence from the DED should first get their company’s Memorandum of Association attested by the Notary Public at the Dubai courts, a process which usually takes a day to be completed.
One of the ten main indicators on the World Bank’s competitiveness reports is the ease of doing business. The issuing of this law will promote this factor by reducing the time of licensing procedures by one day, Al Sa’adi added.
DED is joining all efforts towards strengthening Dubai’s capabilities in facilitating economic activity and growth. It will also enhance Dubai’s global position and complement the UAE’s efforts to make a mark in the competitiveness landscape.
From 183 countries, the UAE’s rank in the Ease of Doing Business indicator jumped from 24 to 22 in 2013, and the anticipated law will definitely enhance this position next year, Al Sa’adi said.
“Our role is to provide an ideal climate conducive for investment and business in line with international standards and in a way that enhances economic growth and the global position of Dubai.”
Upgrading the licensing procedures is a perfect fit with the DED’s mandate to achieve and promote sustainable economic development in Dubai, he added.
“Today, 95 per cent of the licensing procedures in DED have been transformed online, to ease the lives of investors and business by saving time and efforts.”
Moreover, the DED is looking to soon issue a company licence within a maximum of 30 minutes, Al Sa’adi said.