The UAE maintains its tag as one of the strongest and most competitive economies in the world due to its commendable efforts in aligning itself to the best of global standards. The Federal Government has always taken care of implementing regulations that made the UAE economy more transparent. Regulations like VAT, AML/CFT, and the ESR have enhanced the country’s image before global economic watchdogs like the EU and the OECD. And with the recent introduction of the National Economic Register (NER), the UAE has effectively ended its tag as a tax haven or secrecy haven which is welcome news for the foreign investors who wish to set up their business in a transparent economy. In line with the UAE’s commitment to aligning the economy with the global standards, the RAK ICC has asked the companies licensed by the authority to comply with the requirement of the UAE National Economic Register. To comply with this new requirement, the RAK ICC companies need to consult their registered agents.
Also read: How to form an offshore company in RAK ICC?
What is the UAE National Economic Register (NER)?
The UAE National Economic Register is an integrated platform that enables the integration and sharing of government data at the national level. Using the online platform of UAE NER, any interested party can view the details of the business licenses and economic activities of the existing companies. With the introduction of the UAE NER, the banks, government, businessmen, and researchers could gain easy access to comprehensive and accurate information about the companies. The information could be about
- Economic licenses
- Business Activities
The UAE NER is an online platform maintained and monitored by the Ministry of Economy and hence it is a reliable source of all the information available on the government records. The UAE NER enables the banks and other parties to get access to information about the existing companies’ including the names of directors, managers, and partners. It is mandatory for the companies in the UAE including the RAK ICC companies to publicly list such information on the UAE NER and for the same purpose, the services of registered agents can be availed.
How to Use the UAE National Economic Register (NER) to Access Vital Data of the Companies?
The UAE NER has been developed by the UAE government by associating with the Telecommunications Regulatory Authority (TRA) with an aim to reduce the time taken for sharing the data between local and national registers. For accessing the information about the economic licenses the interested parties just need to type either,
- Business name
- License number
- Economic Register Number
What will be the Effect of the National Economic Register on RAK ICC Licensed Companies?
The UAE NER is a great effort by the Federal government in bringing in the much-needed transparency to the economy. The RAK ICC companies or any other company in the UAE that maintain a good and long track record need not worry about their information being listed on the public domain. The UAE NER will be of immense help to banks and customers while initiating the loan deals as the increased transparency will aid the due diligence process. Apart from this, the NER will effectively cut the chances of financial scams in the UAE.
The List of Company Details to be Made Public through the National Economic Register (NER)
The UAE has envisioned the NER with the objective of attracting more investments onto the country by setting up a business environment that is devoid of any financial irregularities. The sharing of company data will ensure that the investors who wish to evade taxes by concealing their identity could not set up a business here. The following are the list of major data that will be available in the public domain,
- CBLS number
- License Number
- Legal Type
- License Expiry Date
- Name of the Business
- Established date
- Business Activity
- Physical Address
- Free Zone Authority (RAK ICC for example)
- Name of the Responsible Manager
How Registered Agents With Free Zone & Offshore Authorities Can Help?
The UAE government’s efforts in introducing new regulations such as the NER, ESR, and AML has been welcomed by the investor community across the world as the investors will be the ultimate beneficiaries of a transparent economy. In an open and transparent economy, the chances of financial scams will be reduced and the businessmen can conduct their activities with a good reputation before the government and the other watchdogs. The NER is a robust enabler of a transparent environment of business setup in UAE and hence the companies are required to comply with it. Jitendra Business Consultants (JBC) are registered agents with RAK ICC and we provide RAK ICC offshore company formation, RAK offshore Company liquidation, services related to the UAE NER. As a registered agent, JBC could help the companies comply with the UAE NER requirement. With JBC’s help, adding or changing the responsible manager’s name in NER is a hassle-free process.