Commercial registrations in UAE reach 5,944 by 2020

65 new agencies were registered during the first quarter of this year 2021

  

The UAE’s Ministry of Economy (MoE) said the total number of commercial agencies registered in the various sectors in the country reached 5,944 by the end of last year.

In addition to the 348 new agencies registered during 2020, 65 new agencies were registered during the first quarter of this year 2021.

The Ministry emphasized that it is extremely important for establishments to renew the registration of their commercial agencies annually at the specified time to ensure that the registration remains valid and to enjoy the privileges and protection offered by the law. The law ensures the protection of the commercial agent by not allowing his products to enter except without his knowledge or consent, in addition to resolving related disputes through a Commercial Agency Committee.

The Ministry underlined the necessity to expedite the renewal to avoid delisting of agencies according to the provisions of Cabinet Resolution No. 3/3 of 2006, which authorizes the Ministry to cancel the registration of commercial agencies that has not been renewed for a year or more. The Ministry indicated that it will delist non-renewed agencies within the next two months.

Furthermore, MOE explained that the UAE has achieved a significant step forward in organizing the commercial agencies sector, relying on its highly developed legislative environment. This helps maintain the competitiveness of its sustainable economy.

The sector contributes to building national facilities with huge investments, attracting foreign investment, creating jobs and building expertise, regulating internal trade, preventing commercial fraud, developing transport and shipping sectors and attracting shoppers.

Besides, it encourages Emirati businessmen to venture into entrepreneurship and establish pioneering national companies that enjoy sustainable partnerships with global markets. The Ministry highlighted its continuous endeavours to make more efforts in cooperation with various partners to continue driving investment and growth in the country’s commercial agencies. – TradeArabia News Service

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Economy