Electronic Contracts Initiative Launched in Abu Dhabi

Abu Dhabi’s Economic Development Department has announced it has launched an e-contracts and e-signature initiative. Under the initiative, e-licenses for sole traders and limited liability companies will be issued. The aim is to make procedures easier for customers and make doing business in the Emirate more attractive. The system provides a foundation contract ratified and documented without a notary being required by accessing the Abu Dhabi Business section of the UAE PASS system. The first phase of the initiative will be implemented on Tajer Abu Dhabi and All-in-One licenses, which include the provision of certified Memorandums of Association in Arabic and English. Those looking to use the new system will need to log in with the UAE Pass and then choose any of the two licenses and then specify whether they are a sole trader or limited liability company. Applicants will have to fill in their contact details, including other individuals involved in the process. Once the application has been reviewed, a confirmation on the Memorandum of Association details will be made to ensure all parties or a single party in the case of establishing an OPC approve it. The initial approval fees will then have to be paid and the Memorandum of Association signed using the UAE Pass of related parties. Once this is done, the application fees will have to be paid and the license certificate and signed Memorandum of Association (as approved) printed. 138 Memorandums of Association for sole traders and limited liability companies have been issued this way so far this year and 1,759 Tajer Abu Dhabi and All-in-One licenses have been issued. This is 29.6% of the total number of economic licenses issued in the Emirate. Full story

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