To lighten the effects of the current situation in the United Arab Emirates (UAE) and the world due to the coronavirus, Dubai South Free Zone announced several economic stimulus incentives. The stimulus package is a part of the UAE Leadership’s vision to stimulate the economy and support different sectors of the business society so that Dubai will remain a sought-after business destination.
Dubai South joined other free zones and government departments in coming out with measures that will help individuals and companies during this challenging time and beyond. The stimulus package includes:
- Flexible payment plans with easy instalment schemes
- Waivers of penalties on late renewals and cancellation of contracts and licenses
- 20% reduction on fees for license renewals [please confirm that this is what is meant by license fees renewals] for individuals and companies operating in Dubai South Free Zone
- First year license fees for new customers in the aviation, logistics and E-commerce sectors and the Business Parks will be waived
- Reduction of up to 25% on the renewal fees for Dubai South Business Centre customers renewing their contracts between now and October, 2020
- Flexibility to settle annual rental fees in up to four instalments
- Rental fees for individuals and companies looking to establish a new business will have a reduction of up to 25%
- Opportunity to apply for a lease deferral request of up to six months for customers who operate in the Business Park Free Zone, which will be granted on a case-by-case basis.
The said incentive package complements the measures announced by the Government of Dubai and its ongoing efforts to reduce the cost of doing business in the Emirate and help the companies to maintain their resources and employees.
To know more about the Dubai South Free Zone stimulus package, please feel free to contact us at email@example.com.