The Dubai Multi Commodities Center (DMCC), the world’s leading free zone has extended its Business Support Package until 20 October this year.
The largest support package ever released by the DMCC was extended due to the huge positive reactions from the business community since its first launch in March and its renewal in July.
The package was initiated to support the DMCC-based companies to navigate the crisis caused by the pandemic and includes a variety of discounts and waivers to aid the companies.
The DMCC has designed several discount schemes for its existing 17,500 members including a 25 percent discount on a three-year renewal, a 20 percent discount on a two-year renewal, a 10 percent discount on a yearly renewal and 10 percent discount on all 2020 expired renewal.
Apart from these the packages the commodities free zone also provides a 100 percent waiver of late license/lease renewal penalties, office sharing permit fee and on change of address fee for relocating from the physical office to the DMCC center.
A 50 percent waiver of democracy fee and the company reinstatement fees, 30 percent discount on additional license and 2-3 months deferral of rent for Flexi Desk and DMCC Business Center occupants renewal or monthly or quarterly installment provision with no discount are the other exceptions given.
Ahmed Bin Sulayem Executive Chairman – DMCC.
“ Dubai has been able to maintain its position as a global business and we have a good cause to remain optimistic about the future. Our visionary leadership continues to take decisive action to safeguard public health and ensure the resilience of our national economy.”
The executive director for the free zone at the DMCC, Ahmad Hamza stated that through the package extension they aim to bring ease in conducting business activities through which to ensure the position of Dubai and commodities free zone as a hub for businesses, entrepreneurs and similar activities.
The DMCC has also collaborated with the Emirate NBD, one of the prominent banks in the region, to give it’s new as well as existing members a provision to make flexible payments and interest-free installments. The free zone has offered all diamond-related businesses a 50 percent discount in the business set up fees and a free 12-month membership at Dubai Diamond Exchange valid up to September 30.
DMCC has witnessed a slight increase in new company registrations in May and June from sectors like technology, financial services, energy, food and agro, precious metals and stones and company registrations from China. Despite the unfavorable situation created by the lockdown and other restrictions, DMCC welcomed 805 new companies into its business district in the first half of 2020.
