Includes discounts on renewal of license and 100% exemption from fines

Dubai Multi Commodities is extending the business support package until October 20

  • The business support package is the largest commercial incentive package launched by the center since its inception.



The Dubai Multi Commodities Center announced the extension of the business support package until 20 October 2020, which includes discounts on license renewal and a 100% exemption from fines.

The center stated in a statement yesterday that this extension comes after the great turnout and positive reactions by the business community in Dubai towards the first support package that the center launched in March 2020, and its expansion and extension of its period last July.

He pointed out that the business support package is the largest commercial incentive package launched by the center since its inception, and aims to reduce expenditures and facilitate doing business, in light of the economic challenges imposed by the "Covid-19" pandemic.

The center explained that the support measures include 17,500 companies registered with it, pointing out that it has entered into a partnership agreement with Emirates NBD, to provide the opportunity for existing and new companies to pay their payments for the center’s services in flexible installments and without interest.

Enhance flexibility

The first CEO and CEO of the Dubai Multi Commodities Center, Ahmed bin Sulayem, said that the decision to extend the period of the business support package aims to enhance the resilience of Dubai's economy at this critical time, and to ensure that the emirate remains the ideal place to do business in the coming months and years.

He stressed that Dubai has managed to maintain its position as a global business center, pointing out that the strong potential calls for optimism about what the future holds for us.

A favorite destination

For his part, Executive Director of the DMCC Free Zone, Ahmed Hamzah, said that supporting the business community at DMCC tops our list of priorities, and our support will continue as we enter a new phase of recovery.

He added, "By expanding the business support package, we contribute to enhancing the ease of doing business, which in turn ensures that Dubai and DMCC remain two preferred business destinations for companies, businessmen and individuals alike."

Diamond companies

In addition, the Dubai Multi Commodities Center announced a 50% discount on business establishment fees in the center for companies operating in diamond-related sectors, in addition to free membership in the "Dubai Diamond Exchange", pointing out that the discount will continue until September 30, 2020. He revealed The Dubai Multi Commodities Center has witnessed an increase in new company registrations during May and June in sectors such as technology, professional services, financial services, energy, precious metals and stones.

He noted that 805 new companies have joined the DMCC business community during the first half of 2020.

Support procedures for companies in the DMCC

■ A 25% discount upon renewing the license to conduct business for a period of three years.

■ A 20% discount upon renewing a two-year business license.

■ A 10% discount when renewing a business license for one year.

10% discount upon renewing all expired licenses in 2020.

100% exemption from fines for delay in renewing licenses.

■ 100% exemption from fines late in renewing lease contracts.

100% exemption from the fees for a permit to share office space.

■ 100% exemption from the change of address fee when moving the business premises to the "Business Center".

■ Exemption of 50% from the license recovery fee, in the event that the company’s license is revoked by one of the concerned authorities for not renewing it.

50% exemption from non-use fees.

■ 30% discount upon issuance of additional business licenses.

Exemption from rent allowance for tenants of flexible offices and tenants in the Business Center for a period of two months, or monthly / quarterly installments, without deductions.

The extension comes after the great turnout and positive reactions from the business community towards the first support package.

Follow our latest local and sports news, and the latest political and economic developments via Google news