Abu Dhabi: UAE with new requirement to renew company licenses. In order to renew the license of an organization in the country, the UAE government has put forward a condition that the permission of all the partners is required. The UAE Ministry of Economy and Tourism has issued a new instruction regarding license renewal. The UAE is implementing a new law on firm licensing aimed at increasing trust in partnership businesses.
The new proposal of the UAE government is that the consent of all the stakeholders who share the profit share is required for the renewal of the license of the institutions. It is also a requirement that all services related to the license should be in the presence of the official representatives and partners of the organization. According to the new law, the partners of the firm have to give their consent through OTP to renew the license. It is also suggested to collect documents such as identity card, power of attorney, phone number from those who approach for license proceedings.
UAE Economy has already sent circulars to government service organizations regarding the revised law. There is also a proposal to levy fines on government service institutions that fail to comply with the instructions. Until now, there was no requirement for the owner to come in person to renew the license.
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