Abu Dhabi (Etihad)
The Ministry of Economy, in cooperation with the “Al Tamimi & Partners” legal consultancy office, launched the “Common Contracts” initiative, which aims to support Emirati entrepreneurs and emerging companies within the UAE, by facilitating their access to a set of the most widely used contract forms related to establishing companies and starting various commercial activities. Free of charge, without any financial fees, via the Ministry’s website.
Abdullah Al Saleh, Undersecretary of the Ministry of Economy, said: “The state is keen to enhance and develop the entrepreneurship environment, and adopt innovative projects that support the sustainable growth of the national economy, by providing all the necessary capabilities for the growth of small and medium-sized companies in general and Emirati companies in particular, by providing training.” Financing, guidance, and reducing financial costs, which helps it focus on its main work.”
He stressed that the Ministry of Economy is working to provide all possibilities for the growth of the entrepreneurship sector in the country, in cooperation with all its strategic partners in the government and private sectors, to create a more flexible and competitive business environment that contributes to enhancing the growth and expansion of the business of emerging Emirati companies, and consolidating the UAE’s position as a first destination for entrepreneurs and emerging projects. from all over the world.
The Ministry of Economy made available models for 19 contracts, including (joint project agreement, consulting services agreement, agency agreement, assignment agreement, intellectual property rights assignment document, consulting services agreement, exclusive and non-exclusive distribution agreement, restaurant franchise agreement, intellectual property assignment agreement, Management Agreement, Limited Liability Company Articles of Association, Single Person Company Articles of Association, Services Agreement, Settlement Agreement, Shareholders Agreement, Share Purchase Agreement, Facilities Agreement, Trademark Assignment Agreement, Trademark Licensing Agreement).
The Ministry noted that these forms are public, and therefore the Ministry of Economy, Al Tamimi’s office, and their partners, advisors, employees, agents, or representatives do not bear any responsibility towards whoever downloads them or any other person who has adopted any contract form, and all copyrights and other intellectual property rights are reserved. These models are owned by the Ministry of Economy, Al Tamimi Office and their partners.
This initiative will contribute to facilitating trade movement and business establishment, reducing financial burdens on startup companies, in addition to organizing the relevant legal and procedural frameworks, supporting the strength of contracts and implementing their requirements effectively, which will result in increasing the number of startup companies in the country and maximizing their contribution to supporting the gross domestic product. This supports the sustainable growth of the national economy and enhances its flexibility and global competitiveness in light of the “We are the Emirates 2031” vision.
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