Announcements By DMCC to Help Businesses in Covid-19 Outbreak

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The year 2020 was expected to be the most promising year for the entire world including the UAE. However, due to the unforeseen circumstances of the COVID-19 Pandemic, businesses and the economy have faced a setback.

The UAE Government has taken some immediate steps to revive the business and market by bringing in various kinds of discounts in the fees and stimulus packages in order to help an entrepreneur or businessman to keep moving ahead.

Stimulus Packages Announced By DMCC

Dubai Multi Commodity Center (DMCC ) one of the most predominant free zones in Dubai has considered providing support packages to business communities in the form of waivers and discounts in fees starting from April 2020 to the end of 2020 subject to further changes.

Reliefs Applicable To 17000 Bonafide Existing Business Entities

1. 100 % waiver on the late fee
2. 100 % abolishment of penalties of all flexi desk and DMCC Business Center
3. 100 % waiver on office sharing permit fee
4. Company Reinstatement fees are 100 % waived off
5. 30 % discount on license renewal fees
6. Waiver on the outdoor area rents if DMCC is the building owner/landlord
7. Suspension of rent for flexi desk and DMCC business centre tenants till June 2020
8. Extension of visa validity till the end of the year 2020 in case visa is expired after March 2020

Measures Taken For New Registrations

1. Residents of JLT will have an 80 per cent reduction of fees on the total company setup
2. A reduction of up to 50 per cent on the total company setup fee along with flexi desk for one year
3. New DMCC Business Center tenants could have flexible payment options
4. The DMCC has temporarily arranged for the registrations to take place without the physical presence of the shareholders

All the above measures are liable to change at any time and it is recommended to check with a business consultant the validity and terms & conditions of these measures.

To learn more about the Announcements By DMCC to Help Businesses in COVID-19, book a free consultation with one of the Flyingcolour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email to info (at) flyingcolour (dot) com.

Please note that this article was published on  22/07/2020 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.