The Dubai Silicon Oasis Authority (DSOA) announced on Sunday that it is waiving nearly 20,000 UAE dirhams worth of start-up fees for new businesses.
The regulatory authority said that with the new incentives package, new clients will be exempted from paying 12,000 UAE dirhams license fee and 6,900 dirhams registration package for the first year until the end of June 2020.
The registration package for new businesses usually includes a one-time registration fee, shareholder resolution fee, specimen signature fee, trade name reservation fee and memorandum of articles and association.
The authority said it will also provide a one-month grace period for new companies.
Last April, the DSOA rolled out a relief package, offering rent waivers to retailers, including restaurants, shops and gyms. The rent waiver was intended to benefit tenants only until the government allows the commercial establishments to reopen. The authority also approved the waiver of late payment and overstay fines until August 31, 2020 for startups based in Dubai Technology Entrepreneur Campus (Dtec).
Malls and shops in the UAE have recently reopened their doors to a limited number of customers following the government’s decision to ease mobility restrictions.
The number of coronavirus cases in the UAE spiked by more than 780 new cases in a day on Sunday, bringing the national count to 18,198, while the global infection rate has ballooned to over 4.1 million.
The pandemic is costing businesses billions of US dollars in lost revenues and driving the world’s economies to a halt.
According to Mohammed Al Zarooni, vice chairman and CEO of DSOA, the government relief packages in the UAE have helped mitigate the economic toll of the virus.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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