Financial Support Package Announced

Ummal Quwain’s Ruler has announced a financial support package for businesses and individuals in the Emirate. Under Ummal Quwain Decision No. 2/2020, a 50% fees discount for new business licenses and commercial, industrial and professional license renewals at the Economic Development Department. Fines for expired commercial, industrial and professional company and economic establishment licenses have also been cancelled. In addition, a 50% reduction on fees for Ummal Quwain Chamber of Commerce and Industry activities has been announced. Under the Decision, the Economic Development Department will monitor the economic situation in and will present recommendations about the incentives to the Executive Council who will then take the appropriate action and implement the appropriate incentives. It will come into force on its issued date and will be published in the Official Gazette. Ummal Quwain Decision No. 3/2020 exempting companies who stopped their services because of Coronavirus crisis from fees and fines will still be enforceable. Full story

About the author

Add comment

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.