Jan 04 2014

Ministry of Economy and Abu Dhabi Department of Economic Development sign cooperation agreement

ABU DHABI, 4th January, 2014 (WAM) --The Ministry of the Economy and the Abu Dhabi Department of Economic Development represented by Abu Dhabi Business Center, signed an agreement aimed at publishing limited liability, general and limited partnership companies documents' and collecting fees by the Business Centre on behalf of the Ministry.

The agreement stated the charges the Ministry of Economy in accordance with the Decision of the Council of Ministers, prescribe for publishing official documents of limited liability companies, at AED 3,000. Fees for publishing documents of partnership or limited partnership companies were set at AED 2,000, while the fee for publishing any amendment for the abovementioned companies was set at AED1000. The fee for the publishing documents concerning the opening of a new branch, is AED 1000.

The agreement was signed at Abu Dhabi Economic Media Club, by Humaid Ali Bin Butti Al Muhairi, Assistant Undersecretary of the Mionistry of Economy for Commercial Affairs, and Mohammed Rashid Al Rumaithi, Executive Director of Abu Dhabi Center, in the presence of a number of officials from both sides.

"The signing of this agreement comes within the cooperation between the Ministry of Economy and the Department of Economic Development to boost investment in UAE, raise the country's standing in ease of doing business and enhance the business environment," said Humaid Bin Butti Al Muhairi.

He stressed the keenness of the Ministry of Economy to activate the role of the Business Center as a "one-stop-shop" for all commercial licensing transactions in Abu Dhabi, and enhance the competitiveness of the Emirate of Abu Dhabi at the regional and international levels.

Mohammed Rashid Al Rumaithi the Executive Director of Abu Dhabi Center, praised the role of the Ministry of Economy and its efforts to support the Business Centre in achieving its objectives to enhance the investment environment in the Emirate of Abu Dhabi, in order to realize the strategic goal of turning the Emirate into an attractive investment hub among the top international ranks in the field of business competitiveness.

The agreement enables the Business Center to receive publishing applications for opening branches of (limited liability, partnership and limited partnership companies); and to collect fees on behalf of the Ministry of the Economy. This is done within the joint cooperation between the two sides in all areas of common interest and to exchange knowledge and expertise within their respective competencies.

Al Rumaithi said that Abu Center is set to play a leading and strategic role in the paradigm shift and development of the business environment in the Emirate. The Business Center will exceed its responsibilities as a trade licensing entity, to turn into a body vested with the greater role of developing the business environment, boosting the business sector and activating the private sector, to achieve the objectives of the Abu Dhabi Economic Vision 2030.

Under the agreement, the Abu Dhabi Business Center will receive applications for publishing announcements concerning the opening of branches of limited liability, partnership and limited partnership companies and related modifications. It will also collect fees on behalf of and in accordance with instructions of the Ministry of economy. The Business Center enables the Ministry through its Axela system Economy to access five accounts for completing commercial licensing transactions, accessing data and information regarding companies' licensee and capital.

The agreement also allows the Business Center to collect fees, publish and amend documents for opening of branches of limited liability, partnership and limited partnership companies in the Emirate of Abu Dhabi, and to transfer income arising from collection between accounts, in accordance with the instructions of the Ministry of Finance.

© Copyright Emirates News Agency (WAM) 2014.

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