DMCC extends business support package in boost to Dubai economy
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has expanded and extended its ‘Business Support Package’ which will run until 31 August 2020. The announcement follows the positive market reaction from the Dubai business community to the original package launched in April – DMCC’s largest ever commercial incentive.
Designed to reduce the cost of doing business, support SMEs, and boost the commercial resilience of members during an economic climate shaped by COVID-19, a whole range of cost reduction measures have been announced.
New support measures, applicable to DMCC’s existing member companies, include:
- 33% discount on 3-year licence renewal (or 1 year for free)
- 25% discount on 2-year licence renewal (or 6 months for free)
- 20% discount on 1-year licence renewal
- 30% discount on additional licence
- 100% waiver on change of address fee for relocating from physical office to DMCC Business Centre
- 100% waiver of the office sharing permit fee
- 100% waiver of late renewal penalties for expired licences
- 100% waiver of late renewal penalties for expired leases
- 50% on license reinstatement fees if the company license was terminated by an authority due to non-license renewal
- 50% discount on dormancy fees
- 2 months’ rent holiday for Flexi Desk and DMCC Business Centre tenants or monthly/quarterly instalments with no discount
DMCC also announced that it has partnered with Emirates NBD to offer new and existing member companies cardholders to convert payments into flexible and interest free instalments.
In June, DMCC revealed that 805 new member companies joined the business district in the first half of 2020, highlighting its continued appeal for ease of doing business. Despite the challenging business climate, May and June saw a noticeable uptick in new company registrations on par with previous years.
His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, stated that Free Zones are a critical component of Dubai’s economy, contributing AED 135 billion, equivalent to 33%, to the emirate’s GDP.
Further information on how businesses can connect with DMCC, and access the support measures can be found online here: dmcc.ae/member-support-package