UAE's Ministry of Economy cancels fees on 102 government services
The move is part of the government's agenda of reducing the cost of doing business in the country
The UAE Ministry of Economy cancelled fees on more than 100 government services and reduced the charges for others as the second-biggest Arabian Gulf economy continues to lower the cost of doing business.
The ministry has amended the fee and fine structure for 110 services, cancelling fees of 102 and reducing them for eight services by as much as 50 per cent, state news agency Wam said. The initiative is part of the Cabinet Resolution No. (51) of 2019, will and will be implemented on the services extended by ministry’s customer happiness centres and through its website, it added, without giving details of the services on which fees no longer apply.
The amended fees constitute 47 per cent of the total fees levied by the ministry, Wam cited Minister of Economy Sultan bin Saeed Al Mansouri as saying.
The latest amendments will provide a boost to the business community in the country as the cost of conducting trade and investment activities will drop for both Emiratis and resident business owners, including large, medium and small enterprises.
The move, the minister said, is part of his ministry’s drive to create a business-friendly environment where private sector companies can grow and flourish.
''The latest move comes within a series of policies and resolutions decided by the federal and local governments to stimulate and strengthen economic growth, provide new incentives to increase the attractiveness of the local business climate, generate more job opportunities and promote the UAE as a favoured investment destination which supports economic growth and advances UAE rankings on the global competitive indexes,'' he noted.
The reduction of fees follows the announcement last week that the UAE will further reduce or cancel federal government fees in another round of economic measures to ease the cost of doing business, boost its competitiveness and enhance its appeal to investors.
The cabinet issued a decision to cancel or reduce certain charges by up to 50 per cent on about 1,500 federal services for three ministries starting on July 1, according to a statement by the Ministry of Finance on Thursday. The measure was implemented following a study of fees compared to international best practices.
The UAE is implementing a series of reforms aimed at attracting foreign investors, creating jobs and diversifying the economy away from oil. The UAE has allowed 100 per cent foreign ownership of companies in 13 sectors from manufacturing to renewable energy, eased visa restrictions and provided incentives for small and medium enterprises (SMEs).
The services, on which the Ministry of Economy has reduced fees, range from registration of trademark and announcements by companies to charges for mergers and acquisitions of foreign companies.
The fee of a dispute between agents, appointed representatives and collector from a trade agent, is reduced to Dh8,040 from Dh12,000. For the registration and renewal of a trademark or trademarks for a group of goods, products or services is cut to Dh6,700 from Dh10,000, according Wam.
The fee of auditors’ three-year registration for branches of national companies has been reduced to Dh10,050 from Dh15,000. The fee for publishing official announcements by foreign private joint stock companies has been cut to Dh10,000 from Dh20,000, while the fee of sale, merger and acquisition of foreign companies has been cut from Dh15,000 to Dh10,050, Wam said.
Updated: July 13, 2019 09:22 PM