The UAE Ministry of Economy announced on Sunday the reduction of fees associated to 94 services provided to individuals, companies, and the business sector.

The announcement follows the issuance of UAE Cabinet Resolution No. 20 of 2020 regarding services fees issued by the ministry.

According to a statement issued by the Ministry of Economy, fee reductions span a range of services, particularly those related to innovation, business activities, investment, production, trade, import and export activities.

Such services include commercial registration services, commercial agencies, trademarks, origin, auditors and intellectual properties, it added.

According to the ministry, the reduction rates applied to these services reach up to 98 percent. The financial impact on the business sector as a result of this reduction is estimated to be valued at AED113 million in 2020.

Commenting on the announcement, Sultan bin Saeed Al Mansouri, Minister of Economy, said that the reduction in fees for these select services, with large percentages of up to 98 percent in some services, is "a distinct and important step being made to support the business and companies sector in the UAE during the current circumstances."

The reduction in service fees represents a prominent addition to the matrix of measures taken by the UAE Government and local governments to face the repercussions of the spread of the coronavirus, COVID-19, on the business environment in the country, Al Mansouri explained.

He added, "Reducing fees for services provided by the Ministry of Economy to individuals and companies will reduce the cost of establishing and conducting business in the country and will reduce the burden on commercial and investment institutions, which is to support the main and affected sectors stimulating the economic environment and ensuring the sustainability of the pioneering structure of the national economy and business continuity."

The Ministry of Economy detailed a schedule of fee updates across services. Among them are services receiving 25 percent discounts including, the collective management licence fees; applications for registering a trademark or trademarks of goods, products or services related to a single category; and publishing official documents for joint stock companies or partnership companies on shares basis, among other services.

Fifty percent discounts apply to some of the ministry's services as well, including 'To Whom Concerned' certificates for auditors; ratification of partnership contracts; renewing the registration of branches of national companies in an auditors schedule, and 'Origin Certificates' for national products (plus the amount of the invoice) among others.

Most notable were the 95 percent reduction in fees for the licence to utilise the 'Made in UAE' mark and the 98 percent reduction in renewal fees for said licence.

Al Mansouri stressed that the ministry and its partners are fully committed in dealing with the negative effects that COVID-19 has made on the national economy. He revealed that they will be working around the clock to monitor the market and business environment situation to develop urgent solutions as well as medium and long-term incentive plans that ensure the protection of economic gains and accelerate the economic recovery.

News Source : http://wam.ae/en/details/1395302836088