Coronavirus: Dubai Silicon Oasis Authority waives licence, registration fees for new firms

Dubai - A one-month grace period was also announced.

Dubai Silicon Oasis Authority (DSOA) unveiled on Sunday additional exemption packages and incentives to the business sector, including waiver of licence and registration package fees totalling around Dh19,000 each for new clients.
Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA, said the new packages are a continuation of the previous packages that were well-received by partners and stakeholders and in line with Dubai's government decision to gradually open a number of economic sectors, shopping centers and commercial stores.
Over the past several weeks, most of the free zone across the UAE has been rolling out stimulus measures and relief packages including free cutting and waivers to support companies to withstand the fallout of the lockdown. The federal government, various emirates as well the Central Bank of the UAE have already introduced a host of stimulus and relief packages including fee cuts and waivers totalling billions of dirhams to support the business community.
The new exemptions and incentives announced by DSOA include waiving Dh12,000 licence fee and Dh6,900 registration packages for new clients for the first year until end of June 2020. The new client registration package includes a one-time registration fee, shareholder resolution fee, specimen signature fee, trade name reservation fee, memorandum of articles and association. Under these packages, DSOA will also provide a one-month grace period for new companies, the authority said in a statement.
DSOA has previously approved rent waivers for retail sector tenants affected by the closure including restaurants, shops, and gyms in the buildings it owns, commencing March 15, 2020 and effective until the government allows retail outlets to reopen. Retail tenants are also exempt from late payment fines until August 31.
The authority said its business partners and tenants will also benefit from late payment fee waivers until August 31, while marketing fees are to be reduced by 25 per cent and deferred for up to three months. "Retail business owners can also choose to pay outstanding fees in installments and leverage their visa security deposits to pay off their financial dues."
Last month, DSOA approved a package of incentive measures for startups based in Dubai Technology Entrepreneur Campus (Dtec) - the largest tech hub and coworking space in the Mena region wholly owned by DSOA - including waiving all late payment and overstay fines until August 31, 2020.
Dtec is also providing entrepreneurs the opportunity to benefit from deferred rent payments for up to three months, as well as a five percent discount on their annual rent if paid on time and in one deposit. In addition, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can enjoy the option of paying their rents in up to six installments, as well as leveraging their visa security deposits to pay off their financial dues to DSOA
"Strategic collaboration with our business partners based in DSO is already well established, and we look forward to strengthening these relationships further in an effort to anticipate future business strategies and needs, and in line with the united efforts to combat challenges that have resulted amidst the Covid-19 pandemic," said Al Zarooni.
- issacjohn@khaleejtimes.com

• Dubai