Emirates News Agency – Mohammad bin Rashid Hamdan bin Mohamed advises national entrepreneurs who are members of the Enterprise Development Corporation to be exempt from license fees.

Up to seven years instead of five.

Hamdan bin Mohammed directs national entrepreneurs who are members of the Mohammed bin Rashid Enterprise Development Corporation to be exempted from the license fee.

– His Highness praised the role of small and medium enterprises in reviving the economic movement in Dubai and creating new opportunities.

– Use of the extension for trustee members who are currently registered and have not completed a five-year term.

Encouraging small and medium enterprises to expand their programs and focus on pioneering innovations in key areas including advanced technologies, healthcare and various services.

– Abdul Rahman Al Saleh: “The extension decision will support most local companies and help avoid the accumulation of financial obligations.”

Hilal Al-Marri: Supporting and promoting exceptional Emirati staff is at the forefront of the national agenda and comprehensive development plan for the next fifty years.

Small and medium enterprises in Dubai employ 95% of its companies, employ 42% and contribute 40% to the emirate’s GDP.

Law No. of DUBAI, 21 November, 2020, 2009. Article no. 10, so the exemption period is 7 years instead of 5 years.

He appreciated the role of small and medium enterprises in creating new opportunities for citizens, reviving the economic movement, improving the country’s position as a global hub for entrepreneurship and creating an attractive environment for creative ideas. Increase interest in key sectors, keep pace with global growth and focus on knowledge-based economic activities.

Sheikh Hamdan bin Mohammed stressed that providing an exceptional and attractive competitive environment for entrepreneurs holding small and medium enterprises comes down to implementing the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of the United Arab Emirates. Orders of Dubai and His Highness to make Dubai a global hub, a symbol of innovation and a destination for entrepreneurs who contribute to achieving quality successes for a diversified and sustainable national economy.

The decision to extend the exemption period aims to fully address the challenges posed by the global crisis caused by the outbreak of Govt-19 and enable entrepreneurs and their start-ups to expand their plans out of fear of financial outflows. Law No. 2009. Section No. of 23. Under 10, 1,000 dirhams in the first three years of licensing for small and medium enterprises and 2,000 dirhams in the fourth and fifth years. And fees which, in turn, reflect favorably on the implementation of its role in the economic development of the Emirate and the United Arab Emirates.

Abdul Rahman Saleh al-Saleh, director general of the Dubai government’s finance department, said the extended exemption granted to small and medium-sized enterprises was expected to help revive Dubai’s comprehensive economic movement. The Emirate government, in light of the orders of the wise leadership, has announced five packages of economic stimulus with a total value of 7.1 billion dirhams in the wake of the outbreak of the Covit-19 crisis. Terms for the Emirate to resume large-scale economic activity that enhances business competitiveness and its investment attractiveness.

He added, “We see the financial burden on small and medium enterprises as a very important one because it will help most local companies avoid accumulating financial obligations on them and economic activities in support of Dubai’s strategic development plans.

For his part, Helal Saeed Al Marri, Director General of the Dubai Department of Economics and Tourism, said: “The prudent leadership and swift and decisive actions taken by the government are a key factor in making Dubai unique globally. Given the diversity of scales and its economic activities, it is one of the emirate’s priorities to be the best in the world. Expand projects, advanced technologies, health and diversity It will also encourage the focus on pioneering innovations in key sectors, including restricted services.

It is noteworthy that the Department of Finance has been initiating efforts since 2018 to encourage small and medium enterprises from its members, in collaboration with the General Secretariat of the Board of Directors and the Mohammed bin Rashid Foundation for the Development of Small and Medium Enterprises. This includes allocating 20 per cent of government purchases for the benefit of members and expeditious payment of institutional arrears in addition to special transactions and contracts relating to primary and final insurance and other benefits provided by Act No. 12 of the Warehouse Act, 2020. Management in the Government of Dubai.

Dubai’s SMEs make up almost 95 per cent of all businesses, employ 42 per cent of Dubai’s total employees and contribute 40 per cent to the emirate’s GDP.

The decision to extend the fee waiver comes in the wake of continued incentives and assistance provided by Mohammed bin Rashid for the development of small and medium enterprises under government directives to ensure business continuity during the epidemic phase. Accepted. The recent exemption will help small and medium-sized businesses, especially those that have not been able to benefit from concessions and assistance due to restrictions on business operations over the past two years.

Law No. 2009. Section No. of 23. The decision to extend the fee will apply to currently registered members who have not completed the five-year period specified in 10, and this decision will not apply to new members.

The Mohammed bin Rashid Foundation for the Development of Small and Medium Enterprises has provided incentives of more than 995 million dirhams to 10,803 members of small and medium enterprises since 2002.

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