By Staff writer
Measures from UAE Ministry of Economy worth $31 million to business sector
The UAE Ministry of Economy has announced a reduction in fees for 94 services, of up to 98 percent, as part of efforts to mitigate the impact of the current coronavirus outbreak.
According to a statement, the reductions, worth $31 million to the business sector and to be implemented this year, span a range of services, with a particular focus on innovation, business activities, investment, production, trade, import and export activities.
This includes commercial registration services, commercial agencies, trademarks, origin, auditors and intellectual properties.
Sultan bin Saeed Al Mansouri, Minister of Economy, said: "Reducing fees for services provided by the Ministry of Economy to individuals and companies will reduce the cost of establishing and conducting business in the country and will reduce the burden on commercial and investment institutions, which is to support the main and affected sectors stimulating the economic environment and ensuring the sustainability of the pioneering structure of the national economy and business continuity."
Among the services receiving 25 percent discounts are the collective management licence fees; applications for registering a trademark or trademarks of goods, products or services related to a single category; and publishing official documents for joint stock companies or partnership companies on shares basis, among other services.
Fifty percent discounts include, 'To Whom Concerned' certificates for auditors; ratification of partnership contracts; renewing the registration of branches of national companies in an auditors schedule, and 'Origin Certificates' for national products (plus the amount of the invoice) among others.
While there will be a 95 percent reduction in fees for the licence to use the 'Made in UAE' mark and a 98 percent reduction in renewal fees for the licence.