To counter Covid-19, Ras Al Khaimah orders for exemption in renewal fees for certain commercial activities | Push Digits Chartered Accountants

To counter Covid-19, Ras Al Khaimah orders for exemption in renewal fees for certain commercial activities

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To counter Covid-19, Ras Al Khaimah orders for exemption in renewal fees for certain commercial activities

It has been announced that some selective commercial activities that suffered greatly due to the impact of the pandemic and precautionary measures, will receive the advantage of reduced renewal fees of trade license.

Some businesses will also be excluded from penalties as a result of the lockdown. New directives have added more measures and all this was to make sure that business continuity remained in the borders of UAE, as this determines the State’s economy.

RAKDED, Ras Al Khaimah Department of Economic Development, was directed to offer nurseries a 50% exclusion from the yearly trade license fees.

Moreover, all establishments that had to close down for purposes related to the quarantine, will be given a 25% exception. Furthermore, facilities that are located at the Ras Al Khaimah Airport, which could not possibly have alternate locations to work on their operations, would be given a 50% exemption on renewal fees.

The exemptions mentioned above are to be applied for one year, along with 100% exemptions that are granted to those with penalties during the situation of Covid-19.

The directives, which aim to stabilize UAE’s environment for the sake of businesses and the economy as a whole, will work on adding foreign investments in the market.

This year, in March, the Central Bank of the UAE has announced the TESS, Targeted Economic Support Scheme, which is a AED 100bn package. This includes AED 50bn with zero interest, AED 50bn funds taken from the bank’s capital, and collateralized loans for the United Arab Emirates banks.

Moreover, in March, the owner of JAFZA, known as Jebel Ali Free Zone, DP World has slashed their fees by 50% to 70% for administration fees and recent license registrations for companies that are already functioning in the free zone.

Meanwhile, Dubai South Free Zone has offered a reduction of 20% on renewal fees and have surrendered penalties on belated renewals as part of the stimulus package.

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