ABU DHABI: The Ministry of Economy has announced a new list of service fees, reflecting a reduction across 94 of its offered services, particularly provided by the Ministry to the public covering individuals, companies and the business sector. The move is being made in accordance with UAE Cabinet Resolution No. 20 of 2020 regarding services fees provided by the ministry.
The reduction covers a wide range of services, particularly the ones related to innovation, business activities, investment, production, trade, import and export activities. The most prominent of these services include commercial registration services, commercial agencies, trademarks, origin, auditors and intellectual properties. According to the ministry, the reduction rates applied to these services reach up to 98 per cent. The financial impact on the business sector as a result of this reduction is estimated to be valued at AED 113 million in 2020.
H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that the reduction in fees for these select services, with large percentages of up to 98 percent in some services, is a distinct and important step being made to support the business and companies sector in the UAE during the current circumstances and represents a prominent addition to the matrix of measures taken by the UAE Government and local governments to face the repercussions of the spread of the coronavirus (COVID-19) on the business environment in the country.
H.E added: “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.”
Al Mansoori stressed that the MOE and its partners are fully committed in dealing with the negative effects that COVID-19 has made on the national economy. He revealed that they will be working around the clock to monitor the market and business environment situation to develop urgent solutions as well as medium and long-term incentive plans that ensure the protection of economic gains and accelerate the economic recovery.