With many startups and businesses at real risk from the implication of the COVID-19 lockdown, Dubai’s DMCC is extending a helping hand.
While the long-term implications of the global Corona crisis can only be speculated at this point, businesses and startups have certainly felt the impact already. Lay-offs, off-the-cuff pivoting and, in some cases, a complete halt in services and operations has sent the ecosystem into an abyss, but the Dubai Multi Commodities Centre (DMCC) is stepping in to do what it can in the latest in a stream of stimulus packages, which has thus far amounted to over AED 126. Billion.
With around 17,000 small and big businesses registered as members, the DMCC is offering the following in the period between April 1st and June 30th:
-100% waiver for late licence renewal penalties.
-100% waiver for all “Flexi Desk” and DMCC business centre penalties until the end of 2020.
-100% waiver of the office sharing permit fee.
-100% waiver of the company reinstatement fees.
-30% discount on licence renewal.
-Waiver of outdoor area rents for Jumeirah Lakes Towers (JLT) retailers with existing contracts, where DMCC is the building owner or landlord.
-Waiver of rent for two months for commercial establishments impacted by the latest Dubai Economy directive requiring a temporary closure, where DMCC is the building owner or landlord.
-A three-month suspension of rent for Flexi Desk and DMCC business centre tenant renewals or monthly/quarterly instalment without a discount.
Meanwhile, for businesses looking to register with DMCC, or are already in the process of registering, the following is being offered:
-80% reduction on the total company set up fee if shareholders are residents of JLT.
-Up to 50% reduction on the total company set up fee, along with a Flexi Desk for one year.
-Flexible payment options for new DMCC business centre tenants.
-Complete digital process for business set-up.
For more, head to the official DMCC website.
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