Emirati entrepreneurs and startups have been offered a convenient facility by the Ministry of Economy (MoEc), in cooperation with Al Tamimi & Company.
The entity has introduced the ‘Standard Contracts’ initiative to support Emirati businessmen and startups in the country by enabling their access to the most commonly used contract templates required to start companies and business activities. These are available through the MoEc website, without having to pay any charges, reported the state news agency, WAM.
Abdullah Al Saleh, Under-Secretary of MoEc, said, “The UAE is keen to enhance and develop the national entrepreneurship environment, and adopt innovative projects that drive sustainable economic growth. We strive to provide all necessary enablers for the growth of SMEs in general and Emirati SMEs in particular, through providing training, financing, guidance and reducing costs, to help them focus on their core businesses.”
MoEc has introduced 19 contract templates
MoEc offers templates for 19 contracts, including joint venture, consultancy service, agency agreement, assignment agreement, intellectual property rights assignment document, exclusive and non-exclusive distribution agreement, restaurant franchise agreement, management agreement, limited liability company incorporation contract, sole proprietorship incorporation contract, service agreement, settlement agreement, shareholders agreement, share purchase agreement, facilities agreement, trademark assignment agreement, trademark licensing.
MoEc said that company owners, entrepreneurs and concerned parties can use these templates free of charge, through its website.
These templates are generic and therefore, the Ministry of Economy, Al Tamimi & Company, their advisors, employees, agents, or representatives do not bear any responsibility towards anyone who downloads or uses them.
All copyrights and other intellectual property rights related to these templates belong to the Ministry of Economy and Al Tamimi & Company, as reported by WAM.
The initiative aims to support trade, establishment of businesses, reducing financial burdens on startups, organising relevant legal and procedural frameworks, supporting contract strength, and effectively implementing their objectives.
