DED and DIFC Authority sign agreement to facilitate unified licensing proceduresPress Release 24 Feb 2010 06:19 am
The Dubai Department of Economic Development (DED) and the Dubai International Financial Centre Authority (DIFC Authority) have signed a co-operation agreement to unify licensing procedures and further enhance the business environment for investors in Dubai.
As per the agreement, the DIFC Authority will use the DED’s licensing and trade name registration system for registering companies in the financial district. This will support the Dubai government’s effort to unify the registration procedures for trade names and avoid their duplication across the emirate.
His Excellency Mr Sami Al Qamzi, Director General, DED, and Abdullah Mohammed Al Awar, CEO of the DIFC Authority, signed the agreement. Officials from DED and DIFC Authority attended the signing ceremony held recently at the DED headquarters in Deira.
“The agreement comes in line with DED’s objective of achieving the vision of the Dubai Government in further developing the various economic sectors and providing a business-friendly environment – a key factor for the continued growth of Dubai. DED will assist investors by co-ordinating with other government departments and authorities in achieving the goal of simplifying rules and regulations to set up businesses,” said Al Qamzi.
“We are pleased to sign the agreement with the DIFC Authority, which will contribute to enhancing the level of services provided to customers by exchanging expertise and information to raise the level of services and keep pace with the rapid development of the emirate,” added Al Qamzi.
The Department of Economic Development will accredit the classification of economic activities relating to DIFC Authority in accordance with international standards. This is aimed at creating a special classification of economic activities of companies and corporations, whose activities fall under the DIFC Authority. The DIFC Authority will provide DED with the economic activities to be accredited according to international standards.
Abdulla Mohammed Al Awar said: “Over the past few years, DIFC has witnessed a huge growth in the number of registered companies across various sectors. With DIFC playing an increasingly vital role in the economy of Dubai, it is imperative that we coordinate with the Dubai Department of Economic Development to ensure that our licencing and trade name registration practices are aligned with the DED’s procedures. This agreement enables the DIFC Authority to access DED records and avoid duplication in the trade names registered by DIFC and DED. The agreement is an example of the strong commitment of business and government organisations in Dubai to work together to raise the UAE’s stature as a global financial centre.”
The DIFC Authority develops policies and oversees the strategic development, operational management and administration of DIFC. The Authority provides assistance to companies that apply for DIFC licences at every stage of the application process.