Ministerial Council looks towards bill to boost young entrepreneurs
Law will focus on regulating small and medium business sector
Abu Dhabi: The Ministerial Council for Services (MCS) has given the green light for drafting a bill on Small and Medium Scale Enterprises (SMEs) in a bid to regulate the sector and support young entrepreneurs.
The draft law will boost the spirit of competitiveness among young UAE businessmen in a way that serves the national economy.
Presided over by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the MCS meeting also approved the launch of the unified national number for importers and exporters.
The system will provide a reference database for exchange of customs data at the federal level and enhance efficiency of inspection mechanisms in order to back up risks and customs security departments.
It will also be instrumental in developing a self-trade monitoring mechanism nationwide.
The system will constitute the foundation for the GCC unified number under the future GCC customs union.
