UAE Implements The Largest Legislative Reform In Its History29 Nov. 2021
Ahead of the UAE’s 50th National Day, His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE signed off on a wide-ranging reform of the country’s legal system. The move comes with the aim to strengthen economic, investment and commercial opportunities.
OVER 40 NEW LAWS ARE BEING ADOPTED
This change also comes with the aim of maximizing social security, stability and rights for businesses, institutions and residents. Over 40 new laws are being implemented across various sectors including real-estate, investment, trade and industry, copyrights, trademarks, electronic transactions, residency and data protection.
Some of these law changes include:
• Allowing individuals to register trademarks without the requirement of a trade license
• Allowing individuals to setup and fully own onshore companies across all sectors
• Granted small-medium businesses temporary protection to protect trademarks on their products during participation at exhibitions
Here is a full list of the reforms. This is the result of a combined effort put forward by 540 experts across 50 federal and local authorities in the UAE, who have worked with over 100 private sector companies in the past five months. These new laws and legislative amendments are adopted to keep pace with the developmental achievements of the UAE and reflect the country’s future aspirations.
Earlier this year Dubai’s Department of Economy and Tourism also revealed that 55,194 new business licenses were issued in the first ten months of 2021, registering a growth of 69% compared to the same period in 2020. These positive figures underline Dubai’s reputation for providing high-investment opportunities and confidence in the country’s economy.
This significant growth in the number of business licenses reflects the strength of Dubai’s economy, its success in managing the impact of a pandemic, low costs for doing business, and eased business regulations for startups as well as the government’s flexibility in effecting change. All of this has significantly contributed to the overall confidence of investors in this region.
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