DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has extended its ‘Business Support Package’ until 20 October 2020. The announcement follows the strong appetite and positive reaction from Dubai’s business community to the original support package launched in March and the subsequent extension and expansion of the package in July.
The Business Support Package is the largest commercial package ever released by DMCC and is comprised of measures that safeguard and support businesses, helping to reduce costs and facilitating business continuity during the economic environment shaped by COVID-19.
Measures applicable to DMCC’s existing 17,500 member companies, include:
- 25% discount on 3-year licence renewal
- 20% discount on 2-year licence renewal
- 10% discount on 1-year licence renewal
- 10% discount on all licences expired in 2020 renewal
- 100% waiver of late licence renewal penalties
- 100% waiver of late lease renewal penalties
- 100% waiver of the Office Sharing Permit fee
- 100% waiver on change of address fee for relocating from physical office to DMCC Business Centre
- 50% waiver of the Company Reinstatement fee, applicable if the licence was terminated by the authority due to non-licence renewal
- 50% waiver of dormancy fees
- 30% discount on additional licence
- A 2-month suspension of rent for Flexi Desk and DMCC Business Centre tenants’ renewals or monthly/quarterly instalment with no discount
In addition, DMCC has partnered with Emirates NBD to offer new and existing member companies the opportunity to convert payments into flexible and interest-free instalments.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said:
“Our visionary leadership continues to take decisive action to safeguard public health and ensure the resilience of our national economy. As the largest free zone in the UAE, our decision to extend the Business Support Package is set to boost Dubai’s economic resilience at this critical time and ensure that the emirate remains the chosen place for doing business in the months and years to come. Dubai has been able to maintain its position as a global business hub and we have good cause to remain optimistic about the future.”
Ahmad Hamza, Executive Director – Free Zone, DMCC, said:
“Supporting our entire business community has been our top priority, and will remain so as we enter this new phase of recovery. By extending our Business Support Package, we enhance the ease of doing business, which in turn ensures that Dubai and DMCC continue to be the destination of choice for businesses, entrepreneurs and people alike.”
DMCC also introduced a 50% reduction in business set-up fees for all diamond-related companies alongside a free 12-month membership of the Dubai Diamond Exchange (DDE) – valid until 30 September 2020.
DMCC witnessed an uptick in new company registrations in May and June in sectors such as Technology, Professional Services, Financial Services, Energy, Precious Metals and Stones, and Food and Agro, in addition to company registrations from China. In the first half of 2020, DMCC welcomed 805 new member companies to its business district.
Further information on how companies can join DMCC, and access the business support measures can be found online here: dmcc.ae/member-support-package.