Dubai Silicon Oasis Authority Announces Additional Incentives, Exemption Packages for Business Partners
- Al Zarooni: The new incentives and exemption packages are a continuation of the previous packages that received a positive response.
- AED 12,000 license fee and AED 6,900 registration package fees will be waived for new clients for the 1 st year until end of June 2020.
- One-month grace period will be provided for new companies
Dubai-UAE: 10 May 2020 – Dubai Silicon Oasis Authority (DSOA) has allocated additional exemption packages and incentives to the business sector, in line with Dubai’s government decision to gradually open a number of economic sectors, shopping centers and commercial stores. This step is a continuation to the previous relief packages implemented by DSO which were well-received by partners and stakeholders.
The new Dubai Silicon Oasis (DSO) exemptions and incentives package include waiving both a AED 12,000 license fee and AED 6,900 registration package for new clients for the first year until end of June 2020; the new client registration package includes a one-time registration fee, shareholder resolution fee, specimen signature fee, trade name reservation fee, memorandum of articles and association. Under these packages, DSOA will also provide a one-month grace period for new companies.
Dr Mohammed Al Zarooni, Vice Chairman and CEO of DSOA, said: “Amid the overwhelming support achieved by DSOA’s previous relief package to support the business sector in DSO, we have launched additional incentives in line with the directives of Dubai’s government decision to gradually open up for businesses.
He added: "Strategic collaboration with our business partners based in DSO is already well established, and we look forward to strengthening these relationships further in an effort to anticipate future business strategies and needs, and in line with the united efforts to combat challenges that have resulted amidst the Covid-19 pandemic.”
Al Zarooni stressed that the government relief packages in Dubai and the UAE contributed to reducing the economic and social impacts of the global health crisis and contributed to the success of the precautionary and preventive measures taken to contain the Coronavirus outbreak and mitigate its consequences.
Al Zarooni stressed the importance of the joint efforts between all economic sectors and authorities to develop an integrated strategy for post-Covid-19, including the launch of innovative economic initiatives that create new ideas and promising economic opportunities for the future.
Last month, DSOA approved a package of incentive measures for startups based in Dubai Technology Entrepreneur Campus (Dtec) – the largest tech hub and coworking space in the MENA region wholly owned by DSOA – including waiving all late payment and overstay fines until August 31, 2020. Dtec is also providing entrepreneurs the opportunity to benefit from deferred rent payments for up to three months, as well as a five percent discount on their annual rent if paid on time and in one deposit. In addition, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can enjoy the option of paying their rents in up to six installments, as well as leveraging their visa security deposits to pay off their financial dues to DSOA.
DSOA has previously approved rent waivers for retail sector tenants affected by the closure including restaurants, shops, and gyms in Dubai Silicon Oasis Authority owned buildings, commencing March 15, 2020 and enacted until the government allows retail outlets to reopen. Retail tenants are also exempt from late payment fines until August 31.
Numerous business partners and tenants will also benefit from late payment fee waivers until August 31, while marketing fees are to be reduced by 25 percent and deferred for up to three months. Retail business owners can also choose to pay outstanding fees in installments and leverage their visa security deposits to pay off their financial dues to DSOA.