Reviewed the new vision in the development of the national commercial registry

«Economy»: The Commercial Agencies Law allows the entry of larger numbers of citizens into the «field»

The Economic Integration Committee held its meeting headed by the Minister of Economy.

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The Economic Integration Committee met under the chairmanship of the Minister of Economy, Abdullah bin Touq Al Marri, and the presence and membership of the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and representatives of the local economic development departments in the emirates of the country.

The committee reviewed discussions with the Federal National Council on the legislative provisions of the “commercial agencies” law and the “cooperatives” law.

Al Marri stressed that the new commercial agencies draft law would bring about a qualitative leap in supporting new industries in the UAE, and the entry of greater numbers of citizens into the activity of agencies.

legislative environment

In detail, the Minister of Economy, Abdullah bin Touq Al-Marri, said that the Economic Integration Committee has achieved advanced stages in supporting the development and improvement of the country’s economic legislative environment during the last stage, which contributed to consolidating its efforts to shift towards a new economic model based on flexibility, competitiveness and sustainability, and in line with The "Fifty Principles" and the determinants of the "UAE Centennial 2071", noting that the recommendations and decisions recently taken by the committee played a prominent role in consolidating the strength and durability of the national economy, and strengthened support for concerted national efforts aimed at consolidating the country's position as a leading global destination for investment and business.

commercial agencies

At the outset of its meeting, the committee reviewed the discussions and discussions with the Federal National Council regarding the legislative provisions of the “commercial agencies” law and the “cooperatives” law.

Al Marri stressed that the new commercial agencies draft law would bring about a qualitative leap in supporting new industries in the UAE, attracting quality investments to the state, improving agency services and products, and entering greater numbers of citizens into agency activities, which gives vitality and diversity to the commercial agency model, as One of the most important drivers of the business environment, especially by providing a legislative framework that takes into account the best practices, and establishes a balanced relationship between the agent and the principal, while ensuring the protection of the agencies’ investments and the continuity of their services according to the best specifications.

Commercial Register

The committee also reviewed the new vision of the UAE in developing the national commercial register, in accordance with the provisions of Decree-Law No. 37 of 2021 regarding the commercial register, and reviewed the efforts of the concerned authorities to strengthen its link with the economic register, and the system for collecting federal government revenues with all licensing authorities, which contributes to The flow and availability of information and data for companies with higher accuracy, more comprehensiveness and directness, in a way that supports the investment environment of the country.

The Minister of Economy explained that the new linking system to the economic registry is an important step in supporting the achievement of the country’s future economic policies, enhancing the competitiveness of the business environment, and supporting and accelerating the process of digital transformation in its governance, as it contributes to unifying frameworks for registration, control and follow-up of companies’ activities, and thus enhances the activation and application of economic legislation. It facilitates the transition of government fee policies to the profit tax system, and supports the state's directions towards promoting digital services based on artificial intelligence and technology.

Anti-commercial cover-up

In another axis, the committee discussed the latest developments in the draft law on combating commercial cover-up and was briefed on the vision of the Ministry of Economy in this law, which included the need to remove all cases of commercial cover-up, especially after the state issued economic legislation such as allowing foreign ownership of investments, and legislation regulating real beneficiary data. It highlights the importance of keeping pace with these legislative changes by establishing an integrated law to combat commercial concealment, and to enhance the protection and competitiveness of the investment and business environment.

 Supporting the work of the Gulf

The Economic Integration Committee followed up the workflow of the operational plan for company registrars, which witnesses a concerted national effort between federal and local government agencies to enhance the system of procedures for the real beneficiary of private sector establishments, and in order to achieve compliance with the legislation, decisions and regulations related to countering money laundering and combating the financing of terrorism, and the financing of illegal organizations. It takes into account the best international standards and practices, and the results and requirements of the Financial Action Task Force (FATF).

The committee also reviewed the role of the concerned authorities in supporting the system of joint Gulf economic work, especially in the commercial and customs aspects, in order to increase intra-Gulf trade, ensure the flow of goods and merchandise between the GCC countries, and contribute to strengthening the Gulf economies.

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