UAE launches unified registry for family businesses

The UAE has launched a unified registry for family businesses under the supervision of the Ministry of Economy.

The registry will serve as a database containing all information related to family-run companies in the country.

It's part of efforts to enhance the governance of these businesses and streamline their operations.

Family businesses currently account for nearly 90 per cent of the UAE’s private sector, and they contribute 40 per cent of the national GDP.

"The introduction of the Family Charter is key to the success and continuity of future generations of family companies, as it defines the rules of family ownership, goals and values, including mechanisms for assessing quotas and distribution of profits," said Abdulla bin Touq Al Marri, UAE Minister of Economy.

How to register a family business in the unified registry?

1. The majority shareholders of the family-owned company apply for registration in the official registry through the relevant authority in each emirate.
2. The relevant authority in the emirate, which also covers free zones, verifies that the family company meets all the specified regulations and requirements.
3. The relevant authority is in charge of connecting and sharing the mentioned data with the family-owned company, and any changes or updates made to it are communicated to the Ministry of Economy.
4. The Department of the Unified Registry at the Ministry, after receiving the required data and documents, is responsible for managing the registration of the family company, and a certificate is issued.
5. If there is no digital connection for data sharing between the Ministry and the relevant authority, the data must be shared using any other coordinated method between the two parties within three working days