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Dubai Silicon Oasis introduces additional economic relief measures

Dubai Silicon Oasis introduces additional economic relief measures

In April, DSOA introduced several incentives for residents, startups, companies and commercial tenants located within buildings owned by the authority

dubai silicon oasis

Dubai Silicon Oasis Authority (DSOA) has introduced further economic stimulus measures for businesses operating within the freezone.

The new Dubai Silicon Oasis (DSO) stimulus package include waiving both a Dhs12,000 licence fee and Dhs6,900 registration package for new clients for the first year until the end of June 2020.

The new client registration package includes a one-time registration fee, shareholder resolution fee, specimen signature fee, trade name reservation fee, memorandum of articles and association.

DSOA will also provide a one-month grace period for new companies.

“Amid the overwhelming support achieved by DSOA’s previous relief package to support the business sector in DSO, we have launched additional incentives in line with the directives of Dubai’s government decision to gradually open up for businesses,” said Dr. Mohammed Al Zarooni, vice chairman and CEO of DSOA.

In April, DSOA announced several economic relief measures including flexible payment plans, waivers and rental reductions for residents, startups, companies and commercial tenants located within buildings owned by the authority.

Residents were allowed to make monthly payments for their rents, while retrieval fees on bounced cheques for first-time offenders were waived.

Read: Dubai Silicon Oasis offers rent waivers, deferred payments to residents, startups and retailers

Also, residential villa tenants could avail a discount of Dhs5,000, while other residential tenants receive a discount of Dhs2,000, if they paid the annual rent as one deposit.

For retail businesses, rent waivers were offered to restaurants, shops, and gyms at DSOA-owned buildings affected by the closure of businesses, commencing from March 15, 2020 and ending once the government allows retail outlets to reopen.

The DSOA waived all late payment and overstay fines until August 31, 2020 for startups based at Dubai Technology Entrepreneur Campus (DTEC), the largest tech hub and co-working space in the MENA region.

DTEC is providing entrepreneurs deferred rent payments for up to three months, and a five per cent discount on their annual rent, if paid on time and in one deposit.

Meanwhile, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can pay their rents in up to six instalments, while also leveraging their visa security deposits to pay off their financial dues to DSOA.

DSOA also issued a waiver on all late payment fees until August 31 for companies, and granted a five per cent discount on the annual rent – if paid on time and in one deposit.

The authority will allow customers to use their visa security deposits to pay off their rental financial dues.

New companies establishing their offices in DSO for the first-time are offered a grace period on monthly rent payments until the end of May 2020, and a discount of up to 10 per cent on their monthly rent.

Furthermore, DSOA is waiving the service charge until the government allows companies to continue working from their offices.

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