Move expected to ‘spur’ business and benefit multi-sector growth
According to a report by official UAE news agency WAM, the Dubai World Trade Centre (DWTC) has announced a 70% reduction on licencing and incorporation fees within the DWTC Authority (DWTCA), a Free Zone (FZ) offering offshore licences for businesses, and ‘One Central’, to “spur business and benefit multi-sector growth.”
The DWTC’s programme will provide highly competitive offerings with the twin objectives of supporting the inward flow of greater FDI and accelerating private-sector contribution to Dubai’s GDP in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to reduce the cost of doing business in Dubai, reported WAM.
The report added that the move will lead to cementing Dubai’s position as a global investment destination of choice, and “ably complementing the consequent series of economic stimulus policies and regulations” recently approved by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
“The UAE’s bold economic initiatives demonstrate the strength and resilience of its economy, which is agile, open and inclusive. The DWTC’s commercial propositions are designed to support the government’s mandate on reducing fees to scale down the cost of doing business for the private sector and to offer a viable ecosystem that supports sustainable, long-term success, as well as attracts regional and global headquarters to consolidate and relocate their operations at a considerable scale to Dubai,” said Helal Saeed Almarri, Director-General of the DWTCA and Dubai Tourism and Commerce Marketing. “The significant reductions in licensing and incorporation fees further support The Executive Council of Dubai’s recently announced wide-ranging policy measures, and will collectively increase the competitiveness of, and the ease of doing business within the DWTCA free zone.”
The DWTCA’s revised fees will witness a decrease of between 50%-70% in FZ registration and licensing fees, with a 40%-50% reduction in immigration-related service fees depending on the scale of business operation, said WAM
“The commercial incentives deployed by the DWTCA present an incredibly compelling opportunity for businesses to accelerate their growth trajectory and their geographic reach, combined with the ability to leverage the strength of our long-standing international reputation as a business networking hub driving multi-sector trade and innovation. We are committed to expanding and enhancing our platform to nurture creative thinking and knowledge-sharing across businesses, as we increase the attractiveness of Dubai as the global business destination of choice for the international investment community and global talent,” concluded Almarri.