As published in Khaleej Times
Wam/Abu Dhabi

Latest amendments will provide a boost to the business community in the country.

The Ministry of Economy has announced a new amended fee and fine structure for a package of 110 services in the implementation of Cabinet Resolution No. (51) of 2019 on reduction of government services fees it provides to customers and businesses.

According to the new fee structure, fees of 102 services will be cancelled while those of eight services will be reduced by 50 percent at the ministry’s customer happiness centres and on its official website.

Sultan bin Saeed Al Mansouri, Minister of Economy, said that the latest amendments will provide a boost to the business community in the country as the cost of conducting trade and investment activities will drop for both Emiratis and resident business owners, including large, medium and small enterprises.

Al Mansouri emphasised the ministry’s keen desire to create a business-friendly environment where private sector companies can grow and flourish.

“The latest move comes within a series of policies and resolutions decided by the federal and local governments to stimulate and strengthen economic growth, provide new incentives to increase the attractiveness of the local business climate, generate more job opportunities and promote the UAE as a favoured investment destination which supports economic growth and advances UAE rankings on the global competitive indexes,” he added.

The amended fees constitute 47 percent of the total fees levied by the ministry, he noted.

According to the updated fee structures, the fee of a dispute between agents, appointed representatives and collector from a trade agent has been slashed from Dh12,000 to Dh8,040.

For the registration and renewal of a trademark or trademarks for a group of goods, products or services have been cut to Dh6,700 from Dh10,000.

The fee of auditors’ three-year registration for branches of national companies has been reduced to Dh10,050 from Dh15,000. The fee of publishing official announcements by foreign private joint stock companies has been cut to Dh10,000 from Dh20,000 while the fee of sale, merger and acquisition of foreign companies has been cut from Dh15,000 to Dh10,050.