PHOTO
- 50% exemption for nurseries on trade license renewal fees
- 25% exemption for establishments that closed to allow their facilities to be used for quarantine purposes
- 50% exemption for RAK Airport facilities that have no alternative locations
Ras Al Khaimah – His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, has ordered that certain commercial activities that were especially hit by the lockdown and other precautionary measures enacted to curb the spread of COVID-19 will benefit from reduced trade license renewal fees and full exemption from fines incurred during the lockdown.
The new directives add to a series of measures undertaken by H.H. Sheikh Saud to ensure business continuity in vital economic sectors and ease the burden brought about by the novel Coronavirus situation, while ensuring Ras Al Khaimah’s economy continues to record significant performance and competitiveness scores across all fields. H.H. Sheikh Saud ’s directives during this time have supported the Government’s efforts to ensure commercial activities in the Emirate can continue, which in turn ensures high-quality services for the entire community.
H.H. Sheikh Saud directed Ras Al Khaimah Department of Economic Development (RAKDED) to offer nurseries a 50% exemption from their annual trade license renewal fees. In addition, establishments that closed to allow their facilities to be used for quarantine purposes will benefit from a 25% exemption, while facilities located at Ras Al Khaimah International Airport that had no alternative locations to divert operations to will benefit from a 50% exemption on license renewal fees. These exemptions will be in place for a year, in addition to full exemptions being granted from penalties for violations incurred during lockdown.
The directives to exempt certain commercial activities from annual fees benefit Ras Al Khaimah’s business community and help stabilize the Emirate’s economic, which has been witnessing a significant boom in investment. The directives also serve to drive additional foreign investment into Ras Al Khaimah’s market, which is resilient, competitive and has substantial economic potential.
-Ends-
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
