Ras Al Khaimah Government launches integrated Stimulus Package
Government of Ras Al Khaimah has announced the launch of a comprehensive integrated stimulus and incentive package, under the directions of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, and His Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, Chairman of the Executive Council. Aimed at easing the financial burden in the Emirate during the ongoing Covid-19 situation, the package forms part of Ras Al Khaimah’s continuous efforts to help private-sector companies face the challenges presented by the current coronavirus pandemic and to ensure continuity of business in all sectors.
The package of initiatives highlights the coordinated approach taken by local government entities and free zones in Ras Al Khaimah to alleviate hardship, including the Municipality Department, Department of Economic Development, Ras Al Khaimah Economic Zone (RAKEZ), Ras Al Khaimah Chamber of Commerce, Ras Al Khaimah Tourism Development Authority, the Environment Protection and Development Authority and the General Resources Authority in Ras Al Khaimah. All the bodies have agreed on three levels of support: payment exemptions, postponement of fees and the provision of consultancy and assistance.
Support for 15,000 companies and 25 percent discount on new residence visas for family members
Ras Al Khaimah Economic Zone (RAKEZ) has launched a package of customizable incentives, aimed at supporting more than 15,000 companies operating under its umbrella. These incentives include a three-month exemption from renewing commercial licenses, flexible options for payment of fees, such as installment plans; a 50 percent discount on the cost of licenses; full exemption from the amount of insurance on new residency visa applications; a 25 percent discount on new residency visas for family members of people employed by RAKEZ companies; full exemption from renewal delay fines; full exemption from cheque postponement fees; full exemption from package downgrade fees; full exemption from changing activity fees; a 25 percent discount on new workers’ housing applications; and complete exemption from entrance fees to centers affiliated with RAKEZ.
Extending business license renewal period for 60 days
The measures taken by the Department of Economic Development in Ras Al Khaimah include extending the license renewal period for 60 days from the date of expiry. In addition, business establishments will be allowed to operate around the clock for three months and be exempt from marketing permit fees for two months during this year, in case the current situation ends. Hotels, resorts and all tourism activities will also be exempt from commercial registration during the closing period, in addition to exemption from late fines and fines for engaging in activities arising from commercial licenses since the beginning of the year.
Business tenants exempt from rental fees for 3 months and health card fees reduced
Ras Al Khaimah Municipality Department has exempted tenants in markets (owned by the Municipality) from rental fees for three months, including barbershops, beauty salons and shops in Nakheel market. It has also exempted advertising companies from rental fees for three months and companies from the monthly installment fees of municipal rental documentation for the commercial sector for one year from the license renewal date. It has also waived permit fees for outdoor area occupancy for roads and public facilities and reduced fees for issuing health insurance cards.
Ras Al Khaimah Chamber of Commerce and Industry is continuing its role of supporting the local business community and enhancing its contribution to sustainable development by approving a set of steps to assist commercial organizations operating in the Emirate. These include 100 percent exemption from delay fines due on memberships ending on June 30, 2020. In an initiative to support citizen entrepreneurs who benefit from the business incubators program, the Chamber decided to exempt them from rental fees due for the period from April to December 2020.
