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UAE Freezones Biz News Updates
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Abu Dhabi cuts business setup, licencing fees
The move comes in support of a Dhs50bn stimulus plan announced in June
Abu Dhabi’s Department of Economic Development (DED) has issued two
resolutions designed to reduce costs for businesses in the emirate, state
news agency WAM said on Sunday.
The first decision changes the calculation mechanism for ‘billboard fees’,
reducing the renewal costs for all economic licences to a fixed rate of
Dhs200.
The DED has also exempted new licences, be they in the commercial,
industrial, professional, craft, construction or other sectors, from fees
charged by the Centre of Waste Management and the need to obtain a no
objection certificate for the first year.
DED undersecretary Khalifa bin Salem Al Mansouri said the resolutions were
intended to boost the emirate’s competitiveness and cut the time and cost of
doing business.
He said further incentives would be offered to make the business environment
more attractive in support of a Dhs50bn (($13.61bn) economic package
launched by Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE
Armed Forces Sheikh Mohamed bin Zayed Al Nahyan in June.
That package includes plans to create 10,000 Emirati jobs, ease business
licence requirements, support investment and speed up contract payments.
Cuts to tourism and municipality fees were also announced for hotels in
June.
The UAE economy is expected to recover gradually this year without suffering
a significant blow to growth from the introduction of a 5 per cent
value-added tax in January.
September 09, 2018 |
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Courtesy Gulf Business
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