Dubai Silicon Oasis Authority DSOA announces additional incentives, exemption packages for business partners

Dubai Silicon Dubai Silicon Oasis Authority, DSOA, has announced the allocation of additional exemption packages and incentives to the business sector, in line with Dubai’s government decision to gradually open a number of economic sectors, shopping centers and commercial stores.

This step is a continuation to the previous relief packages implemented by the Dubai Silicon Oasis, DSO, which were well-received by partners and stakeholders.

The new DSO exemptions and incentives package include waiving both a AED12,000 license fee and AED6,900 registration package for new clients for the first year until end of June 2020; the new client registration package includes a one-time registration fee, shareholder resolution fee, specimen signature fee, trade name reservation fee, memorandum of articles and association.

Under these packages, DSOA will also provide a one-month grace period for new companies.

Dr. Mohammed Al Zarooni, Vice Chairman and CEO of DSOA, said, "Amid the overwhelming support achieved by DSOA’s previous relief package to support the business sector in DSO, we have launched additional incentives in line with the directives of Dubai’s government decision to gradually open up for businesses.

He added, "Strategic collaboration with our business partners based in DSO is already well established, and we look forward to strengthening these relationships further in an effort to anticipate future business strategies and needs."

Al Zarooni stressed that the government relief packages in Dubai and the UAE contributed to reducing the economic and social impacts of the global health crisis and contributed to the success of the precautionary and preventive measures taken to contain the Coronavirus outbreak and mitigate its consequences.

Last month, DSOA approved a package of incentive measures for startups based in Dubai Technology Entrepreneur Campus, Dtec, the largest tech hub and co-working space in the MENA region wholly owned by DSOA – including waiving all late payment and overstay fines until August 31, 2020.

Dtec is also providing entrepreneurs the opportunity to benefit from deferred rent payments for up to three months, as well as a five percent discount on their annual rent if paid on time and in one deposit. In addition, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can enjoy the option of paying their rents in up to six installments, as well as leveraging their visa security deposits to pay off their financial dues to DSOA.

DSOA has previously approved rent waivers for retail sector tenants affected by the closure including restaurants, shops, and gyms in Dubai Silicon Oasis Authority owned buildings, commencing 15th March and enacted until the government allows retail outlets to reopen. Retail tenants are also exempt from late payment fines until 31st August.

Numerous business partners and tenants will also benefit from late payment fee waivers until 31st August, while marketing fees are to be reduced by 25 percent and deferred for up to three months. Retail business owners can also choose to pay outstanding fees in installments and leverage their visa security deposits to pay off their financial dues to DSOA.

News Source : http://wam.ae/en/details/1395302841883