Federal trade register to plug legal loopholes

The Ministry of Economy and Commerce is working with other concerned authorities to set up a federal trade register to plug loopholes in the commercial law for corporate registration and address imbalance in demographic structure, a daily paper reported yesterday.

The Akhbar Al Arab said the ministry's move had come in conformity with recommendations by a technical committee for licensing of economic activities which highlighted the need for that register to organise trade names and prevent double implementation of some related-laws.

The initiative calls for creating an e-data base that links together all trade licensing bodies across the country and provide accurate data on commercial names and licences.

The recommendations, the paper added, stressed the need for enacting new legislations to fill flaws in the working laws, set local labour market in order and correct the imbalance in the country's demographic structure.