12,295 electronic Memoranda of Association issued by Dubai Economy since January 2019 to date

DUBAI, The Department of Economic Development – Dubai has issued 12,295 electronic Memoranda of Association and 4,894 e-MoA addendums including 279 e-MoAs issued via approval to text message from 6969 since January 2019 to date.

This comes in line with President His Highness Shaikh Khalifa Bin Zayed Al Nahyan Federal Decree-Law No. 7 of 2018 amending articles within Federal Law No. 02 of 2015 on Commercial Companies.

Business owners in Dubai can get the electronic MoA and all its addendums through Dubai Economy and its service centres or through approval to the text message from 6969 without having to go to Dubai Economy in person.

The electronic MoAs issued since January till now varied according to the activity as 59 percent were professional (7,310), 39 percent commercial (4,779), 160 related to tourism and 46 related to industry.

The report showed that 80 percent of e-MoAs were issued by DED, while 50 percent were related to e-MOA addendums. These figures underscore DED’s strategy to facilitate doing business in Dubai, as well as enhance Dubai’s competitiveness and ability to attract companies and investors interested in sustainable growth, and to expand their businesses in various economic sectors in Dubai.

The DED’s Business Registration and Licensing sector issued 1,367 electronic MoAs (93 pc of total MoAs), and 507 e-MoA addendums (65 percent of total addendums) during September 2019.

According to the legal form, the BRL report showed that MoAs for L.L.C. topped the list with 10,039 licenses.

Source: Emirates News Agency