Ministry of Economy streamlines implementation of companies and commercial law
UAE will implement its new Companies and Commercial Activities Law in a phased manner over a period of time until the final goal is achieved, said the Ministery of Economy.
A task force comprising members from the federal governmental and local departments and entities will be conducting a study on how to implement the law without upsetting the market economy, it added.
Officials from the UAE Federation of Chambers of Commerce and Industry and related departments at the Ministry held a meeting on Thursday at the Ministry premises in Dubai to discuss and streamline the mechanism of implementation of the law.
"The Ministry is keen to create suitable environment for foreign investment and to regulate the economic activities in UAE in the best manner. At the same time local capital will equally be encouraged by way of creating suitable environment for national investors", said Assistant Undersecretary of the Ministry of Economy for Corporate Affairs and Control, Humaid Bin Butti after the meeting.
The implementation of the law will ensure that it would not be hurreidly carried out before accepting the right of commercial establishments to hide commercial information for a period of time.
In this regard, the Cabinet's Resolution No. 229/12, issued in 2007, will be adhered to as it specifies to postpone the enforcement of the Federal Law No.17, issued in 2004 on prevention of commercial secrecy until 31st December 2009, Bin Butti added. Source
A task force comprising members from the federal governmental and local departments and entities will be conducting a study on how to implement the law without upsetting the market economy, it added.
Officials from the UAE Federation of Chambers of Commerce and Industry and related departments at the Ministry held a meeting on Thursday at the Ministry premises in Dubai to discuss and streamline the mechanism of implementation of the law.
"The Ministry is keen to create suitable environment for foreign investment and to regulate the economic activities in UAE in the best manner. At the same time local capital will equally be encouraged by way of creating suitable environment for national investors", said Assistant Undersecretary of the Ministry of Economy for Corporate Affairs and Control, Humaid Bin Butti after the meeting.
The implementation of the law will ensure that it would not be hurreidly carried out before accepting the right of commercial establishments to hide commercial information for a period of time.
In this regard, the Cabinet's Resolution No. 229/12, issued in 2007, will be adhered to as it specifies to postpone the enforcement of the Federal Law No.17, issued in 2004 on prevention of commercial secrecy until 31st December 2009, Bin Butti added. Source
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