The Dubai World Trade Centre has announced up to 70% reduction on licensing and incorporation fees within the DWTC Authority (DWTCA) a free zone offering offshore licences for businesses, and “One Central”, to attract more business.
The DWTCA’s revised prices will see a decrease of 50% to 70% in registration and licensing fees, with a 40% to 50% reduction in immigration-related service fees depending on the scale of business operation.
The decision is in line with government directives designed to reduce the cost of doing business and keep Dubai as a global investment destination.
“The UAE’s bold economic initiatives demonstrate the strength and resilience of this economy, which is agile, open and inclusive,” said Helal Saeed Almarri, director general of DWTCA, in a statement.
He added: “We are committed to expanding and enhancing 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.”
The Council of Dubai has recently announced an economic stimulus package aimed at attracting foreign direct investment, improving local manufacturing and creating better investment environment.
The UAE is currently ranked 17 out of 137 countries in terms of competitiveness.