All the countries around the world are ramping up fiscal measures and financial aid programs to respond to the economic effects of the COVID-19 pandemic. The United Arab Emirates has been upfront with regards to helping revive its businesses during these tough times. Right from announcing stimulus packages to slashing fees for various business activities, the country is doing it all.
The residents of the UAE may be working from home, but the business hasn’t stopped – particularly in many of the Emirates free zones. Free Zone Authorities have enhanced their already secure digital channels, while slashing business fees and rolling out special economic incentives. Free zones like RAKEZ, IFZA, and MASDAR City are working at the forefront to ease the cost of the companies operating in the respective free zone.
Business Support Package by DMCC
Dubai Multi Commodities Centre (DMCC), the most significant free zone of Dubai with the highest number of companies, has rolled out a business support package to back its business community while navigating the current economic environment. The package is applicable from April 1, 2020, and comprises a range of waivers and discounts, and complements the different economic initiatives announced by the UAE Government to support the financial and business sector.
Below measures are applicable to DMCC’s existing 17,000 member companies.
- 100% waiver for late license renewal penalties
- 100% waiver for all Flexi Desk and DMCC Business Centre penalties until the end of 2020
- 100% waiver of the Office Sharing Permit fee
- 100% waiver of the Company Reinstatement fees
- 30% discount on license renewal
- Exemption of outdoor area rents for JLT retailers with existing contracts, where DMCC free zone is the building landlord/owner
- Rent waiver for two months for commercial establishments impacted by the latest Dubai Economy directive necessitating a temporary closure, where DMCC free zone is the building owner/landlord
- A 3-month suspension of rent for Flexi Desk and DMCC Business Centre tenants renewals or monthly/quarterly installment with no discount
DMCC is offering many business incentives for new business registrations, and for companies that are already in the process of registering here.
- 80% reduction on the total company set up fee if shareholders are residents of JLT
- Up to 50% reduction on the entire company incorporation fee, along with a Flexi Desk for one year
- Flexible payment options for new DMCC Business Centre tenants
These measures will apply from April 1, 2020, until June 30, 2020 (unless stated otherwise).
The business support package is in line with DMCC’s commitment to making sure the UAE remains the chosen place to do business.
DMCC free zone has a robust business continuity plan in place that has been activated to mitigate the impact of the current market conditions and requirements on the business and its partners.
How can Commitbiz help you?
During these tough times, we understand that investors and entrepreneurs have halted the plan of setting up a business by a few weeks. How about utilizing these weeks to register your business in the UAE? What’s more, by the time you are ready to fire up your operations, you’d have your company license and bank account up and running!
We at Commitbiz 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.
Get your business the head start it needs. Setup your business in the DMCC free zone with the help of Commitbiz Management Consultants and avail limited period 'Start from Home' discounts on the business setup packages. Contact us today to learn more.