- September 23, 2020
- Posted by: Aswani
- Category: News
The Dubai Multi Commodities Centre (DMCC) extended their business support package till 20th October 2020. The original package was introduced in March and later extended and expanded in July. This extension was announced as a further step to the reaction received from Dubai’s business community.
The Business Support Package is the largest commercial package introduced by DMCC, to help businesses reduce costs and regulate businesses in the present environment. The package includes measures to safeguard and support businesses.
The measures applicable for 17,500 members of DMCC are:
25% discount on 3-year licence renewal
- 30% discount on additional licence
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
A 2-month suspension of rent for Flexi Desk and DMCC Business Centre tenants’ renewals or monthly/quarterly instalment with no discount
In addition to these, the DMCC has partnered with the Emirates NBD which will offer new and existing members opportunity to convert payments into flexible and interest-free instalments.
The Executive Chairman and Chief Executive Office at DMCC, Ahmed Bin Sulayem said that, “Our visionary leaders continue to take decisive actions to safeguard public health and to ensure resilience of the economy. The extension of the Business Support Package is introduced to boost the economic resilience of the economy, as it is the largest free zone in the UAE. Such steps are necessary to ensure that the Emirate remains the chosen place for doing businesses in the future too. Dubai has been able to maintain its position as a global business hub and we hope to be optimistic about the future”.
Hamza, the Executive Director, Free Zone of DMCC, added “Supporting our entire business community has been a priority for us and will remain the same as we enter the new phase of recovery. We enhance the ease of doing business by extending our Business Support Package, which will ensure that Dubai and DMCC continue to be the first choice for businesses, entrepreneurs, and people alike to do business”.
DMCC had introduced a 50% reduction in business setup fees and a free 12 month membership of the Dubai Diamond Exchange (DDE) valid till 30th September 2020 for all diamond related companies.
In the months of May and June, DMCC witnessed a rise in the number of company registrations in different sectors, such as Technology, Professional Services, Financial Services, Energy, Precious Metals and Stones, and Food and Agro, in addition to company registrations from China. DMCC had welcomed 805 new companies in the first half of 2020.
Dubai has set an agenda to rise from this pandemic and in order to overcome from this; they have introduced numerous support packages. Dubai remains a role model for every country around the globe not only for their lifestyle but also for their businesses policies. The government and other organizations have been focusing to help businesses overcome the crisis in several ways.