Page 432 - MOE ENGLISH PR - MAY 2024

5/28/24, 4:34 PM Ministry of Economy opens registration in unified registry for family businesses – UAE BARQ
The Ministry had also conducted a series of meetings with various government entities, including
chambers of commerce and industry, licensing authorities in economic development departments and

free zones to strengthen collaboration and coordination in order to streamline the registration of
family businesses in the unified registry. These efforts cater to the needs of family businesses
seeking registration and provide them with comprehensive support in this regard.

The Ministry explained that the request to register a family company in the unified registry must be
submitted to the licensing authority that issued the economic licence to that company. The application

will be forwarded to the Ministry of Economy, which will then make a decision after examining the
company’s compliance with the regulations and conditions stipulated in the Family Businesses Law

and related decisions. Once the review is successfully completed, the Ministry proceeds to register
the applicant in the registry.

The Ministry further explained that as per cabinet decision No. 106 of 2023 concerning the

submission of the family charter, family businesses have the option to voluntarily register their family
charters with the Ministry. This charter encompasses specific details pertaining to the ownership,

objectives, and family values, as well as mechanisms for evaluating shares and methods of
distributing profits.

The Ministry affirmed that the registration of family companies in the unified registry contributes to
enhancing business continuity through intergenerational transitions. This is particularly crucial as the
Family Businesses Law governs the ownership of companies by defining their capital, how partners

can dispose of their shares and the mechanisms to relinquish them, in addition to organising the right
to redemption and evaluation of shares and their categories and their purchases.

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