2 June, 2022
MOFAIC Launches New System to Accelerate Ease of Doing Business
As part of its efforts to implement one of the most important Ministerial Resolution on attestations, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) has launched a new integrated system, in collaboration with several UAE government entities, to enhance the customer experience and facilitate doing business.
These upgrades are part of a framework of reforms that include digitization and aim to advance the realization of UAE Government objectives.
The new system, which includes the digitization of all services, will help enhance the ease of doing business. As part of the first phase, MoFAIC is working on reshaping attestation services provided to customers, especially entrepreneurs and companies, to streamline procedures and boost the quality of service, to meet their business requirements.
The first phase is being rolled out in partnership with the Ministry of Finance, the Ministry of Industry and Advanced Technology (MoIAT), the Central Bank of the United Arab Emirates (CBUAE), the Federal Customs Authority, and local customs departments.
Building on its keenness on boosting government integration and cooperation with other UAE government entities to improve government performance and the quality of services, MoFAIC exerts great efforts by engaging customers to optimize their experience and ensure the delivery of a smooth-running online attestation experience.
In line with its efforts to boost cooperation between government entities, the Ministry of Foreign Affairs and International Cooperation signed a Memorandum of Understanding (MoU) with MoIAT, under which MoFAIC will review, through the MoIAT e-services platform, attestations and related fees payable by investors in the industrial sector, to streamline attestation services. The MoU serves to optimize MoFAIC’s services to further showcase the UAE’s conducive investment environment.
The new system will also help regulate and streamline certain trade-related banking procedures through a collaboration between MoFAIC and UAE banks, as part of an agreement with the CBUAE aimed at enhancing the quality of these services and implementing relevant decisions.
The next phase will see enhanced ease in using online attestation services, with improved ease of access and service delivery times, which will, in turn, contribute to boosting the UAE’s economy and its allure as an ideal digitally advanced hub for businesses, entrepreneurs and investors.
To understand how this will impact your business productivity and costs, do get in touch with us