Business Relief Incentives Implemented Across The UAE - Maximum Solutions News
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Business Relief Incentives Implemented Across The UAE

Mainland and freezone authorities alike have shown their support to businesses operating in the UAE through various measures implemented aimed at offering relief and assistance to corporate entities affected by the economic fluctuations resulted from the spread of COVID-19.

We list below a list of measures implemented by ABU DHABI GLOBAL MARKET (ADGM) and its financial regulator, the FINANCIAL SERVICES REGULATORY AUTHORITY (FSRA), the DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) and its financial regulator, the DUBAI FINANCIAL SERVICES AUTHORITY (DFSA), the DUBAI MULTI COMMODITIES CENTRE (DMCC) and the DUBAI AIRPORT FREEZONE AUTHORITY (DAFZA).

 

Freezone Support Measures*

 

ADGM

 

ADGM

      • 100% waiver on commercial licenses renewal fees until 25/03/2021;
      • 100% waiver on business activities of existing entities renewal fees until 25/03/2021;
      • 100% waiver on data Protection renewal fees until 25/03/2021;
      • 100% waiver on temporary work permits issuance, renewal and late application fees until 25/03/2021.

 

FSRA

      • 50% refund on supervisory fees already paid for 2020;
      • 50% waiver on supervision fees due up to 31.12.2020;
      • 100% refund on annual fund fees paid by existing entities for 2020;
      • 100% waiver on annual fund fees due up to 31.12.2020.

 

DIFC

 

DIFC

      • 100% waiver on licensing fees for new licenses registered until 30/06/2020;
      • 10% waiver on renewal fees for existing entities for renewals paid until 30/06/2020;
      • A discount of 1% in property registration fees for any sale and purchase of property within DIFC;
      • 100% waiver on visa transfers and seconded labor cards

 

DFSA

      • 50% waiver on all new application fees until 31/12/2020;
      • 100% waiver of registration fees for domestic funds until 31/12/2020;
      • Extensions for submissions of annual filings and reports;
      • 100% waiver on application fees for Authorized Individuals;
      • Temporary relief from capital requirements for entities not holding or controlling client money or insurance monies;
      • 100% waiver for waiver and modification fees until 31/12/2020;
      • 100% waiver of automated late return fees until 31/12/2020;
      • 100% waiver of listing fees for SME issuers in the DIFC until 31/12/2020.

 

DMCC

 

      • 100% waiver on licence renewal penalties;
      • 100% waiver for all Flexi Desk and DMCC Business Centre penalties until 31/12/2020;
      • 100% waiver on Office Sharing Permit fee;
      • 100% waiver on Company Reinstatement fees;
      • 30% discount on licence renewal fees;
      • Waiver of outdoor area rent for JLT retailers with existing leases, where DMCC is the building owner/landlord;
      • Waiver of rent for 2 months for commercial establishments requiring a temporary closure, where DMCC is the building owner/landlord;
      • A 3-month suspension of rent for Flexi Desk and DMCC Business Centre tenants renewal fee or monthly/quarterly instalments;
      • 80% reduction on the total company set up fee if shareholders are residents of JLT area;
      • Up to 50% reduction on the total company set up fee, if the entity opts for a 1 year Flexi Desk option;
      • Flexible payment options for all new DMCC Business Centre tenants.

 

DAFZA

 

      • Postponement of lease payments for up to three months;
      • converting financial payments for office spaces to monthly installments;
      • 100% waiver on lease payments for 3 months for retailers;
      • Full refund on security deposit for leased payments and labor guarantees;
      • 100% waiver on registration and licensing fees for new companies;
      • 100% waiver on all fines imposed on existing entities.

 

*all measures are subject to approval and their implementation is discretionary to the respective authority

Maximum Solutions is a leading corporate services provider in the Middle East providing market entry, local partnership and government liaison services in Dubai, Abu Dhabi, Saudi Arabia and Kuwait.

If you would like more information about the economic relief measures implemented in the UAE please get in touch at info@gccsolutions.com.