Dubai Economy issued 25.18 thousand contracts and amendment annexes

Business index.. Electronic incorporation contracts grow 129% during the first half

Dubai Economy seeks to facilitate the movement and conduct of business in the emirate.

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A report issued by the commercial registration and licensing sector in the Dubai Economy showed that 25,188 articles of incorporation and amendment annexes were issued electronically during the first half of 2021, with a growth rate of 129% compared to the same period in 2020, which recorded the issuance of 10,989 contracts. And an amendment appendix, which confirms the vital role of Dubai's economy in supporting the business community.

Type of license

The articles of incorporation that were ratified electronically during the first half of 2021 varied according to the type of license, with “professional” at the forefront of 57%, followed by “commercial” at 43%, and as for the appendices of the amendment that were ratified, “commercial” came in the fore. by 83%, followed by "professional" by 15%, and the rest of the percentages were distributed to tourism and industrial licenses.

“Limited liability companies” topped the articles of incorporation contracts that were electronically ratified during the first half of 2021 by 38%, followed by “individual institutions” with 29%. «Limited Liability Company - One Person» by 12%.

Emirate's competitiveness

The figures confirm Dubai's economic strategy aimed at facilitating the movement and doing business in Dubai, and the emirate's continued competitiveness and ability to attract companies and expand their businesses.

Business owners and companies can obtain the articles of incorporation and its appendices electronically in one visit through the Dubai Economy approved service centers, which own electronic signature devices without the need to review the Dubai Economy.

New actions

The commercial registration and licensing sector added some new procedures for electronic incorporation contracts, including: a contract for selling shares for a limited liability company, a one-person company with limited liability, and the issuance of a civil business contract in the event that there are citizens or Gulf parties. Attestation of the service agent contract for the sole proprietorship and the civil works company has also been added. The new procedures also included: Collecting electronic signatures for articles of incorporation, as the company’s representative (legal person) can sign electronically instead of the company in the event that a valid legal agency is provided by the company, or by a decision of the board of directors, or through the powers of the manager mentioned in the articles of incorporation.

The procedures also included adding some management powers, authorizing the director to establish, manage and cancel subsidiaries of the parent company, in addition to registering value-added tax and submitting returns to the Federal Tax Authority.

The powers are also granted to transfer the salaries of workers and employees to banks and banks, transfers to banks operating in the country, represent the company before courts and quasi-judicial authorities in the country, and finally appoint an arbitrator in case of any disputes.

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