DMCC announces Business Support Package to boost economic resilience
The package, applicable as of April 1, 2020, includes a range of discounts and waivers, and complements various economic initiatives announced by the UAE Government
DMCC - the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise - on Thursday announced the roll-out of a Business Support Package to support its business community as well as new companies navigate the current economic environment.
The package, applicable as of 1 April 2020, includes a range of discounts and waivers, and complements the various economic initiatives announced by the UAE Government to support the business and financial sectors.
Measures applicable to DMCC’S existing 17,000 member companies include: 100% waiver for late licence renewal penalties, 100% waiver for all Flexi Desk and DMCC Business Centre penalties until the end of 2020, 100% waiver of the Office Sharing Permit fee, 100% waiver of the Company Reinstatement fees, 30% discount on licence renewal, waiver of outdoor area rents for JLT retailers with existing contracts, where DMCC is the building owner/landlord, Waiver of rent for 2 months for commercial establishments impacted by the latest Dubai Economy directive 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 renewals or monthly/quarterly instalment with no discount Incentives for new registrations, and companies already in the process of registering in DMCC include: 80% reduction on the total company set up fee if shareholders are residents of JLT, up to 50% reduction on the total company set up fee, along with a Flexi Desk for 1 year, flexible payment options for new DMCC Business Centre tenants, complete digital process for business set up from the comfort of your home These measures will apply from 1 April 2020 until 30 June 2020 (unless stated otherwise).
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “In the past weeks,ourvisionaryleadershiphastakenexemplary decisions and actions and announced effective initiatives to safeguard public health and ensure a prosperous future for the nation. In these uncertain times, we have a duty to share the responsibility and support the UAE Government in its response to ensure our national economy remains resilient in the current circumstances. The Business Support Package we are announcing today is in line with DMCC’S commitment to ensuring the UAE remains the chosen place to do business. The economic wellbeing of our members and our community as a whole are key to ensuring we emerge from this situation stronger.”
Feryal Ahmadi, Chief Operating Officer, DMCC, added: “We want to reassure our stakeholders that we have taken all measures to ensure full operational continuity. The protection of our community, our member companies and our staff remain our main priority. The Business Support Package we have announced and put in place, coupled with the UAE government’s own broad economic incentives, should give the 17,000 companies comfort as they navigate the rapidly changing business conditions. We are confident that by working together, we will overcome the current period while maintaining a robust economy.” To date, the UAE Government’s has announced initiatives totalling Dhs126 billion to support businesses, with a particular focus on SMES and start-ups, and strengthen financial resilience.
DMCC has a robust business continuity plan in place that has been activated to mitigate the impact of the current market conditions and requirements on the business and its partners.
DMCC has collaborated recently with Careem NOW to offer a 25% discount on orders from 160 different restaurants within the JLT community. By supporting JLT restaurants during the current challenging market conditions, this partnership builds on DMCC continuous efforts to support Dubai’s economy and position it as the chosen place to do business. This initiative is also in line with the UAE Government’s actions and directives to safeguard public health and wellbeing, allowing residents across Dubai to stay home, stay safe, and get food delivered to their doorstep.
DMCC Authority also recently issued new rules and regulations (the New Regulations) to aid the process of incorporation of companies and doing business in the DMCC more generally. The New Regulations have come to effect as of 2 January 2020.
With the New Regulations, the provisions of the UAE Federal Commercial Companies Law No. 2 of 2015 no longer apply to DMCC Companies, indicating that the New Regulations are intended to be stand-alone regulations.
DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive.