COVID 19 – Dubai Silicon Oasis Announces Economic Relief Measures

by Zaara 22, May 2020

Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis announced incentives, exemptions, and flexible payment plans for companies, commercial occupants, and residents inhabiting buildings owned by the Authority.

DSOA has previously announced several economic relief measures including flexible payment plans, waivers and rental reductions for startups, residents, companies and commercial tenants located within the buildings owned by the Authority. Due to the overwhelming support achieved on these relief packages to support the business structure in DSO, the authorities launched additional initiatives in line with the directives of the government of Dubai's decision to open up the businesses gradually.

What Incentive Package do the Relief Measures Include?

The new DSO exemptions and incentives package comprise waiving both a Dh12,000 ($3,267) license fee and a Dh6,900 registration package for new clients for the first year until June end; the new client registration package includes a one-time registration fee, specimen signature fee, shareholder resolution fee, trade name reservation fee, Memorandum and Articles and Association. Under these packages, DSOA will also offer a one-month grace period for new companies.

These relief measures in Dubai and the United Arab Emirates have contributed in decreasing the economic and social impacts of the global health crisis and contributed to the achievement of the precautionary and preventive measures taken to contain the COVID-19 outbreak and mitigate the consequences.

Every free zone in Dubai is on the front foot in announcing relief measures to its businesses. Free Zones like DMCCC, DAFZA, DIFC, Dubai South Free Zone has already provided an economic stimulus to help businesses during the coronavirus crisis.

What is Dubai doing to help Businesses during COVID-19 Crisis?

Apart from launching various incentive measure, Dubai has launched an online survey to get feedback from regional businesses on the level of disruption they are facing as a result of COVID-19. The survey, launched by Dubai Economy (formerly Department of Economic Development) and its findings could come in handy as and when Dubai comes up with additional relief/stimulus packages.

The survey wants business persons to list any future change in direction they will bring out within their companies, including permitting more remote working to cut down costs and whether the plan is to depend on more on eCommerce channels.

Nevertheless, the most significant relief for businesses and customers would be the confirmation that the UAE has no plans to raise VAT (value-added tax).

How is Commitbiz helping businesses you during the COVID-19 Lockdown?

Tough times need strict measures; hence, we at Commitbiz have come up with a #STARTFROMHOME initiative to help businesses in the UAE. We have fine-tuned our business setup procedure so that you can register your business from the convenience of your home. Your company can be incorporated in just ten days, and what's more, you can also apply for an offshore bank account from your home.

Utilize these weeks to register your business in the UAE, and once this pandemic is in control, your company will be up and running. Also, don't forget, with the present economic situation, we're giving away special quarantine discounts on our business setup packages.

Contact us today for more information.