|By Arabian Post Staff|Dubai World Trade Centre (DWTC) announced up to 70 per cent reduction on licensing and incorporation fees within the DWTC Authority (DWTCA), a free zone offering offshore licenses for businesses, and One Central, the lifestyle development at the heart of Dubai’s Central Business District, to spur business and benefit multi-sector growth.
DWTC’s programme seeks to provide highly competitive offerings with the twin objectives of supporting the inward flow of greater FDI and accelerating private sector contribution to Dubai’s GDP in line with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to reduce the cost of doing business in Dubai thereby cementing its position as the global investment destination of choice, and ably complementing the consequent series of economic stimulus policies and regulations recently approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
“The UAE’s bold economic initiatives demonstrate the strength and resilience of its economy, which is agile, open and inclusive. DWTC’s commercial propositions are designed to support the government’s mandate on reducing fees to scale down the cost of doing business for the private sector and to offer a viable ecosystem that supports sustainable, long-term success, as well as attracts regional and global headquarters to consolidate and relocate their operations at considerable scale to Dubai. The significant reductions in licensing and incorporation fees further support The Executive Council of Dubai’s recently announced wide-ranging policy measures, and will collectively increase the competitiveness of, and the ease of doing business within the DWTCA free zone,” said Helal Saeed Almarri, Director General, DWTCA and Dubai Tourism and Commerce Marketing (DTCM).
DWTCA’s revised fees will witness a decrease of 50-70 per cent on FZ registration and licensing fees, with a 40-50 per cent reduction on immigration related service fees depending on the scale of business operation; dramatically lowering the fixed and ongoing costs of doing business for new and existing companies, consequently enabling accelerated ROI for the FZ entities. This programme will seek to support and sustainably aid the attraction of a larger scale of HQ operations relocating to Dubai, thereby delivering not only greater economic value for Dubai but also bringing in more talent to live and work here in line with UAE Vision 2021, which calls for the development of a competitive knowledge-based economy.
The UAE is currently ranked 17 out of 137 countries and continues to lead the Arab world in terms of competitiveness, rising seven places over its 24th ranking in 2012-13, and consistently scores high across the pillars of institutions, infrastructure, goods market efficiency, labour market efficiency and business sophistication.
“The commercial incentives deployed by DWTCA present an incredibly compelling opportunity for businesses to accelerate their growth trajectory and their geographic reach, combined with the ability to leverage the strength of our long-standing international reputation as a business networking hub driving multi-sector trade and innovation. We are committed to expand and enhance our platform to nurture creative thinking and knowledge sharing across businesses, as we increase the attractiveness of Dubai as the global business destination of choice for the international investment community and global talent,” Almarri pointed out.