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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.

https://www.msn.com/en-ae/news/other/ministry-of-economy-opens-registration-in-unified-
registry-for-family-businesses/ar-BB1mUAnm?ocid=BingNewsSerp