Dubai companies exempted of all sorts of fines. Dubai government has given relief to business in Dubai by exempting companies from all fines, so that they can renew their licences by the end of 2018 to benefit from this decision.
Sami Al Qamzi, director-general, Department of Economic Development in Dubai, has taken this step to encourage companies and establishments operating in Dubai to renew their licenses by the end of the year.
The step is aimed to add to the financial benefits of the owners of expired business licenses, restore legal records and licenses, and help the business community in Dubai to enhance their competitiveness there.
Dubai business community hailed the decision as it will bring back small businesses out of the business due to different fines. This decision will stimulate economic activity alongside increasing competitiveness of the emirate.
Through this decision, government has shown its interest in small businesses which could not renew their licences on time or due to some non compliance issues and exemption of fines means government of Dubai ensuring that they want business back to restart their activity.
Must Read: Authorities step forward to set up largest open museum in Dubai
According to Ahmed Shaikhani, president, Pakistan Business Council, Dubai, this decision by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President & Prime Minister of the UAE & Ruler of Dubai, to exempt fines is a step in the right direction to increase business activity in the emirate.
He also added “Economic activity in Dubai will improve. All those companies which were not functioning and couldn’t renew their licences due to fines, will now come back into fold and generate more economic activity in the emirate,”.
Pakistani and other Asian expatriates are largely involved in small businesses, but due to lower currency rates of their countries even normal fines sometimes are big enough for them that’s why instead of paying fines, they often opt out to close their activities or at least they can’t operate in an efficient manner, but this fine exemption will encourage them to restart their activity and this will not only beneficial for Dubai, but also for the other countries where the company owners or employees come from.
