Umm Al Qaiwain - UAQ Ruler issues decree on economic incentives to support businesses, individuals.
His Highness Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has issued Emiri Decree No. 02 for 2020 on an economic incentive package to support businesses and individuals, Wam reported on Thursday.
The decree stipulates a discount of 50 per cent on fees related to new business licences and commercial, industrial and professional licence renewals at the Department of Economic Development, as well as the cancellation of fines for expired licences of commercial, industrial and professional companies and economic establishments in the emirate, and a 50 per cent fee reduction on fees on activities related to the Umm Al Qaiwain Chamber of Commerce and Industry.
Resolution No. 3 for 2020, which exempts companies that halted their services due to the coronavirus crisis from fees and fines will continue to be in force.
Emiri Decree No. 02 for 2020 stipulates that the Department of Economic Development in Umm Al Qaiwain will monitor the economic situation in the coming period, and will present its recommendations about the incentives, to be submitted to the Executive Council that will take the necessary action and implement appropriate incentives.
The decree will be in force from the date of its issuance and will be published in the official gazette.