UAE – Mubasher: The UAE Ministry of Economy slashed fees of several services in a bid to support the economy in the face of the novel coronavirus (COVID-19) outbreak.
The decision will be applicable to 94 services, including registration services, commercial agencies, trademarks, origin, auditors and intellectual properties with reduction rates of up to 98%, according to a statement on Sunday.
The reduction will have a financial impact estimated at AED 113 million in 2020, the statement showed.
The UAE’s minister of economy, Sultan bin Saeed Al Mansoori, said, “Reducing fees for services provided by the Ministry of Economy to individuals and companies will reduce the cost of establishing and conducting business in the country and will reduce the burden on commercial and investment institutions, which is to support the main and affected sectors stimulating the economic environment and ensuring the sustainability of the pioneering structure of the national economy and business continuity.”
Fees for a collective management licence were reduced by 25% to AED 75,000, while the annual renewal of collective management licence fees were slashed by 25% to AED 37,000.
In addition, fees of the licence for the use of ‘made in UAE’ mark were cut by 95% to AED 2,000.
