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5/28/24, 4:35 PM Ministry of Economy starts accepting applications for registration of family businesses in the unified registry - Middle East News 247
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 license 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 companies 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, 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 business 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 organizing the right to redemption and evaluation of shares and

their categories and their purchases.

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