The Ministry of Economy (MoEc), in cooperation with Al Tamimi & Company, has launched the ‘Standard Contracts’ initiative to support Emirati entrepreneurs and startups in the country by facilitating their access to a range of most commonly used contract templates needed for the establishment of companies and starting various business activities through the MoEc website, without having to pay any charges.
Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, said,
“The UAE is keen to enhance and develop the national entrepreneurship environment, and adopt innovative projects that drive sustainable economic growth. We strive to provide all necessary enablers for the growth of SMEs in general and Emirati SMEs in particular, through providing training, financing, guidance and reducing costs, to help them focus on their core businesses.”
He explained that the Ministry of Economy continues to work on ensuring all kinds of support for the growth of the entrepreneurial sector in the country, in cooperation with its strategic partners in the government and private sectors. These efforts are aimed at creating a more flexible and competitive business environment that contributes to enhancing the growth and expansion of UAE startups and solidifying the country’s position as a destination of choice for entrepreneurs and startups from around the world.
The Ministry of Economy offers templates for 19 contracts, including: joint venture, consultancy service, agency agreement, assignment agreement, intellectual property rights assignment document, exclusive and non-exclusive distribution agreement, restaurant franchise agreement, management agreement, limited liability company incorporation contract, sole proprietorship incorporation contract, service agreement, settlement agreement, shareholders agreement, share purchase agreement, facilities agreement, trademark assignment agreement, trademark licensing.
Furthermore, it clarified that these templates are generic and therefore, the Ministry of Economy, Al Tamimi & Company, their advisors, employees, agents, or representatives do not bear any responsibility towards anyone who downloads or uses them. Additionally, all copyrights and other intellectual property rights related to these templates belong to the Ministry of Economy and Al Tamimi & Company.
The initiative will contribute to facilitating trade, establishment of businesses, reducing financial burdens on startups, organising relevant legal and procedural frameworks, supporting contract strength, and effectively implementing their objectives. This will lead to a rise in the number of startups in the country and maximise their contribution to GDP growth, thus promoting sustainable national economic growth and enhancing its flexibility and global competitiveness in line with the “We the UAE 2031” vision.
News Source: Emirates News Agency