The Department of Economy and Tourism in Dubai (DET) has embarked on a remarkable journey to elevate the ease of doing business in the region. At the forefront are two pivotal initiatives: the Dubai Unified License (DUL) and the Unified Registry for Family Businesses. These initiatives mark a turning point in how business is conducted in the region, attracting global investors and entrepreneurs with the promise of streamlined processes and enhanced efficiency.
In a collaborative effort between DET and the Dubai Free Zones Council, the DUL takes a significant step forward by consolidating economic entities into a single digital registry, designed for efficient data management and sharing. Already having issued over 50,000 licenses, encompassing businesses in both mainland Dubai and Free Zones, this initiative holds the potential to reshape the entire business landscape of the region.
The DUL's implementation involves meticulous validation and screening, ensuring that only compliant and legitimate businesses are granted with a unique digital identity. This strategic move by the UAE Ministry of Economy not only reinforces compliance and governance but also paves the way for effective succession planning. Moreover, it aims to facilitate the process of opening bank accounts for Dubai-based companies.
Beyond the DUL, the Ministry has recognized the paramount role played by family businesses in the economy, constituting a staggering 90% of the private sector. As a testament to this recognition, a unified registry tailored specifically for family businesses has been introduced. This registry outlines a comprehensive process for registration, involving authorities responsible for verifying compliance, sharing critical data, and issuing certificates. Furthermore, the registry meticulously defines deregistration processes and conditions, providing a robust framework to support family businesses.
In a bid to foster the growth and expansion of family businesses, specific procedures for repurchasing shares have been elaborated upon, emphasizing the importance of approval and adherence to established obligations. These resolutions are designed to inject flexibility and bolster support for family businesses operating across various sectors in the UAE.
These transformative initiatives led by the UAE Ministry of Economy and the Department of Economy and Tourism in Dubai underscore their commitment to creating a conducive business environment. By simplifying procedures, elevating efficiency, and extending vital support to businesses, Dubai is poised to draw in more international investors and entrepreneurs, solidifying its position as a global business hub.
How Equiom Can Assist
As new developments and announcements regarding the DUL and the unified business registry for family businesses are anticipated, Equiom is here to guide you through these changes. Stay connected with us to receive expert advice and support, ensuring you effectively navigate and comply with the evolving regulations.
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