Friday, Jan 18, 2008

Dubai: The Ministry of Economy has introduced a system that will ensure that there is no duplication of company names in different emirates.

Some companies in the past found that when they wanted to start a business in a different emirate, businesses of similar names were already licensed.

The problem was more serious for large firms and well-known brands because they had to register under a new name to be able to operate in a different emirate.

Now the Ministry of Economy has linked economic departments that issue licences to businesses across the seven emirates.

"This project will effectively link the UAE's economic chambers and local municipalities with the ministry through a centralised system, facilitating efficient, non-repetitive, and uniform investor and trade name registration at the national level," UAE Minister of Economy Shaikha Lubna Al Qasimi said yesterday.

There are an estimated 200,000 business establishments of various sizes in the UAE, with the number of companies in Dubai estimated between 80,000 and 90,000.

The ministry will form a committee to identify recurring brand names recorded prior to the implementation of the "Uniform Commercial Register" (UCR). Its recommendations will be passed on to senior officials of both the ministry and the local departments.

Database

UCR will also create a central database on investment in various sectors, the number of companies in different activities and people employed by them.

Ali Ebrahim, deputy director-general of executive affairs at Dubai's Department of Economic Development, said the system will protect the interests of both large and small companies.

"If I have a company in Dubai and want to register it in Sharjah, suddenly I discover that name is already taken. With the new system, we will be avoiding trade name duplication," he said.

The scheme links the Department of Planning and Economy in Abu Dhabi, departments of economic development in Dubai and Sharjah, the economic chambers of Umm Al Quwain and Ras Al Khaimah, the municipalities of Fujairah and Dibba Al Fujairah, Ajman Municipality, and the Ajman Chamber of Commerce and Industry.

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