All the countries around the world are doing everything in their power to protect their citizens from the Coronavirus. The governing authorities are implementing health policies to counteract the more damaging effects of this virus. Moreover, they have put into action financial aid programs and other fiscal measures to respond to the economic impact of the COVID-19 pandemic. This Coronavirus outbreak has brought the massive billion-dollar business industry of not only the UAE but also of the entire world to a standstill, which is worrying the economist world over. To deal with this situation, the United Arab Emirates has taken several bold steps concerning the revival of its businesses during these turbulent times. The UAE was one of the first countries that announced the biggest stimulus packages to slashing various charges for numerous business activities. The country is doing it all to decrease the effects of this pandemic.
The residents of the UAE may be working from the safety of their homes, but the business has not stopped even for a day – expressly in many of the Emirates’ free zones. Free Zone Authorities of Dubai and the rest of the UAE, have improved their already reliable and secure digital channels while cutting business fees and rolling out exceptional economic incentives. Free zones like MASDAR city, RAKEZ, DIFC, IFZA, and DMCC are working at the fore to ease the expense of the companies operating in the respective free trade zones.
Business Support Package Announced by DMCC
Dubai Multi Commodities Centre (DMCC), the most notable free zone of Dubai that has the highest number of companies operating within its boundaries, has, in light of the recent events, rolled out a business support package. This support package is first of its kind that is announced by a Dubai Free zone authority that’s primary purpose is to support its business community and make it easier for them to navigate through this current troubling economic environment. The package came into effect on April 1, 2020, and includes a range of waivers and discounts, that complements the different economic and financial initiatives announced by the UAE Government to support the business sector.
The below measures apply to DMCC’s existing 17,000 member companies operating within its boundaries.
- The free zone is offering a 100% waiver for late license renewal fines
- 100% deferral or waiver for all virtual offices, Flexi desk, and DMCC Business Centre penalties till the end of 2020
- 100% waiver of the Office Sharing Permit fee and has slashed half of the rent
- Complete waiver of the Corporation Reinstatement fees
- 30% discount would be given on Business license renewal
- Exemption of outdoor leases for retailers that have existing contracts, wherever the DMCC free zone authority is the building’s owner.
- Rent waiver or deferral for two months for commercial enterprises that have been affected the most by the latest Dubai Economy directive forcing a temporary closure, where DMCC free zone authority is the commercial complex’s owner
- A 3-month postponement of rent for Flexi Desk and DMCC Business Centre renters renewals or monthly or quarterly installments with discount
DMCC is giving many business grounds and incentives for engaging in new business setup in Dubai and are encouraging the companies that were already in the process of registering here before the natural calamity struck the country. These incentives include:
- 80% discount on the total business set up fee if stockholders are tenants of JLT
- Up to 50% decrease on the complete business incorporation fee, together with a Flexi Desk for one year
- Flexible repayment choices for new and existing DMCC Business Centre tenants
These measures, as it has been said earlier, will be applicable from April 1, 2020, until June 30, 2020 (which is three months from now and can be extended unless stated otherwise).
This business support package is in line with the free zones of Dubai’s vision. The DMCC’s devotion to forming a business environment ensures that the UAE continues to be the preferred place of business.
DMCC free zone has a healthy business progression plan in place that has been initiated to lessen the impact of the prevailing market conditions and demands on the business and its partners.
How can KWSME help you?
During these challenging times, we know and understand that business owners, investors, and entrepreneurs have halted all of their business activities and have stopped their plan of setting up a business for a few weeks. However, we urge you to utilize these weeks of zero economic operations to set up your business in the UAE. What’s more, by the time everything gets back to normal, you will be ready to fire up your business activities, as you will have your Trade and company license and corporate bank account up and already running!
We at KWS Middle East have finessed our business setup procedure so that you can incorporate your business from the convenience of your home. Your business can be registered in only ten days, and, moreover, you can also apply for a corporate bank account from the comfort of your home.
Give your business a head start that will help it excel on all fronts. Setup your business in the DMCC free zone with the aid of business setup consultants of KWS Middle East who are well-versed in the art of company formation
Do not hesitate to give us a call in case of any queries.
Contact us today and book our commitment-free consultation call today!