DIFC Business Stimulus Initiatives - Maximum Solutions News
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DIFC Business Stimulus Initiatives

In line with the measures adopted across the UAE to support commercial establishments, the Dubai International Financial Centre (DIFC) has adopted a series of business stimulus initiatives to help the current, new and potential members of its community.

Together with DIFC Investments Ltd, the DIFC has decided to offer a 3 months deferral on all leases on a 6 months payment plan. This measure is aimed to support existing and new commercial establishments.

In addition to the support on lease payments, DIFC has decided to implement a series of incentives for the next 3-month period and up to the 30th of June 2020. The measures are applicable to all commercial entities and are intended to offer a high degree of flexibility in terms of the way the payment waivers are applied.

DIFC has focused its measures on both commercial and labor and immigration fees implementing waivers and reduction of fees on:

      1. New Licenses: All new entities registered until the 30th of June 2020 with the DIFC Registration Authority will be offered a full waiver on licensing fees;
      2. Existing Licenses: A discount of 10% will be granted to all existing entities on their license renewal if payment of the license renewal is done prior to 30th of June 2020 (data protection fee, immigration card fee and DFSA fees will not be discounted);
      3. Properties: Any property registration which will occur within the DIFC jurisdiction prior to 30th of June 2020 will benefit from a discount of 1% in registration fees for any sale or purchase of property (or any part thereof); and
      4. Employment Visas within DIFC: No fees will be changed for visa transfers within DIFC and the issuance of seconded access cards as long as the required employment agreements are in place at the time of the request and the transfer abides by DFSA regulation (where applicable).

 

At this time there is no indication whether this period may be extended further.

For details regarding applicability of the waivers and incentives offered by the DIFC during this period and up to the 30th of June 2020 please contact us at: info@gccsolutions.com.