Dubai Economy issues 14,182 e-MOA & e-MOA addendums during Q1 2021, a growth of 54% over Q1 2020

• Growth figures underline Dubai Economy’s role in supporting businesses
• New procedures for e-MOAs have been added to facilitate ease of doing business in Dubai

The Business Registration & Licensing (BRL) sector of Dubai Economy has issued 14,182 electronic Memorandum of Association (MOA) and e-MOA addendums during the first quarter of 2021, a growth of 54% compared to Q1 of 2020, when 9,197 were issued. This is in line with the Federal Decree-Law No. 7 of 2018 by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan amending articles within Federal Law No. 02 of 2015 on Commercial Companies.

The report showed that the electronic MOAs issued during Q1 2021 varied with 55% being professional, followed by 43% commercial and the rest were distributed among tourism and industrial licenses, while e-MOA addendums issued during Q1 2021 varied with 80% commercial, followed by 17% professional and the rest distributed among tourism and industrial licences.

These figures underscore Dubai Economy’s strategy to further strengthen ease of doing business in Dubai, as well as enhance the emirate’s competitiveness and ability to attract businesses and support their sustainable growth, as well as to expand the number of businesses in various economic sectors in Dubai.

Business owners in Dubai can get the e-MOAs and all its addendums through Dubai Economy service centres or through approval to the text message from 6969 without the need to visit Dubai Economy.

The BRL sector has added new procedures for e-MOAs that include: Selling shares contract for a Limited Liability Company and for a One-Person Limited Liability Company; and Issuing a Civil Company contract if UAE or GCC nationals are parties. Approval of a service agent contract ratification for a Sole Proprietorship and a Civil Company have also been added.

E-signatures for MOAs are available whereas the representative of the company (a Legal Person) can electronically sign on behalf of the company provided that a valid legal agency is available by the company or by a decision from the board of directors or through the powers of the manager mentioned in the articles of MOAs.

The new procedures included adding administrative powers that give the manager rights such as: Establish, manage and cancel subsidiaries of the main company; Register value-added tax and submit returns with the Federal Tax Authority; Transfer the salaries of workers and employees to banks in the UAE; Represent the company before all courts and quasi-judicial bodies in the UAE; and finally Appoint an arbitrator in case of any disputes.

‘Invest in Dubai,’ a unified digital platform which offers the most competitive means to launching a business in Dubai, provides the electronic Memorandum of Association, initial approval, reservation of a trade name, issuance of instant licences, Dubai SME licences, Intelaq licences, DED Trader licences, in addition to the renewal of commercial licences. The platform simplifies the business journey and allows to complete services and transactions without the need to visit service centres. To start a business today, visit invest.dubai.ae or call us on 600 500 006.

News Source: https://www.mediaoffice.ae/en/news/2021/May/25-05/Dubai-Economy-issues-14182-eMOA-and-eMOA-addendums-during-Q1-2021-a-growth-of-54-over-Q1-2020