New law covers retail under economic activities

Business - New law covers retail under economic activities

Dubai ? His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued law No (14) of 2015 partially amending law No (13) of 2011 on the organisation and regulation of economic activities in Dubai and referred to hereafter as the original law.

The new law amended Articles No.?(6) of the law stipulates that no natural or moral person may practice economic activity in the emirate of Dubai unless though a duly registered establishment and after obtaining a license from Dubai?s Department of Economic Development and the Department. The law also prescribed the commercial establishment?s obligations to include: abidance to all laws, rules, regulations and resolutions applied in the emirate of Dubai, informing the Department within ten days about any change, update or amendment occurs in the establishment?s information or legal documents submitted upon registration, using the commercial name approved on the establishment?s license in all business transactions and enabling the Department?s employees to enter the establishment?s facilities, review its records and perform his legal duties.

Pursuant to Article (31) of the law, Dubai?s Department of Economic Development may enter settlements by conciliation with the violating establishment conditionally the establishment submits a request for settlement within six months from the date of violation, discharges 50 per cent of the fine due and enjoys a one-year clear record of similar violations starting from the date committing the violation subject to the settlement.

The new law defined the authorities and responsibilities of Dubai?s Department of Economic Development to include: establishing the rules and regulations for licensing, registering and listing businesses in the commercial register, organising and regulating economic activities in Dubai including retail sector.