DWTC free zone slashes its licensing fees
The authority announces up to 70% reductions
Dubai’s state-owned convention centre has announced up to 70 per cent reductions on licensing and incorporation fees within the Dubai World Trade Centre Authority (DWTCA), a free zone offering offshore licences for businesses.
In a statement yesterday, the authority said the fee reduction would include One Central, the mixed-use development at the heart of Dubai’s Central Business District, to spur business growth.
DWTC says its programme will provide “highly competitive offerings with the twin objectives of supporting the inward flow of greater FDI and accelerating private sector contribution to Dubai’s GDP,” said Hilal Saeed Al Marri, director-general of the DWTCA and Dubai Tourism and Commerce Marketing.
The move comes as the UAE seeks to reduce the cost of doing business, in an attempt to attract investment and retain
Attracting talent
talent. DWTCA’s revised fees will see a decrease of 50 to 70 per cent on free zone registration and licensing fees, with a 40 to 50 per cent reduction on immigration related service fees depending on the scale of business operation.
This will “dramatically [lower] the fixed and ongoing costs of doing business for new and existing companies,” Al Marri said.
The programme will also seek to “support and sustainably aid the attraction of a larger scale of HQ operations relocating to Dubai, thereby delivering not only greater economic value for Dubai but also bringing in more talent to live and work here.”
The UAE is currently ranked 17 out of 137 countries and continues to lead the Arab world in terms of competitiveness, rising seven places over its 24th ranking in 2012-13, and consistently scores high across the pillars of institutions, infrastructure, goods market efficiency, labour market efficiency and business sophistication.