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DWTC announces up to 70 per cent reduction on FZ licensing

Dubai World Trade Centre (DWTC) announced up to 70 per cent reduction on licensing and incorporation fees within the DWTC Authority (DWTCA), a free zone offering offshore licenses for businesses, and One Central, the world-class lifestyle development at the heart of Dubai’s Central Business District, to spur business and benefit multi-sector growth. DWTC’s program will provide highly competitive offerings with the twin objectives of supporting the inward flow of greater FDI and accelerating private sector contribution to Dubai’s GDP in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to reduce the cost of doing business in Dubai thereby cementing its position as the global investment destination of choice, and ably complementing the consequent series of economic stimulus policies and regulations recently approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

DWTCA’s revised fees will witness a decrease of 50-70 per cent on FZ registration and licensing fees, with a 40-50 per cent reduction on immigration related service fees depending on the scale of business operation; dramatically lowering the fixed and ongoing costs of doing business for new and existing companies, consequently enabling accelerated ROI for the FZ entities. This program will seek to support and sustainable aid the attraction of a larger scale of HQ operations relocating to Dubai, thereby delivering not only greater economic value for Dubai but also bringing in more talent to live and work here in line with UAE Vision 2021, which calls for the development of a competitive knowledge-based economy.

The UAE is currently ranked 17 out of 137 countries and continues to lead the Arab world in terms of competitiveness, rising seven places over its 24th ranking in 2012-13, and consistently scores high across the pillars of institutions, infrastructure, goods market efficiency, labor market efficiency and business sophistication.

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