Businesses operating in Dubai have been provided with a clean slate and the opportunity to rectify their business status. A decree announcing the pardon and reduction of fines for companies that have failed to renew their business licences has been issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The purpose of the decree is to encourage local businesses to resolve any outstanding issues they may have with Dubai’s Department of Economic Development, by cancelling or renewing their business licences and ensuring all their records are up to date. This must be done within six months of activation of the decree, and only applies if the business licence expiry date is before 2012. Its secondary aim is to garner a more accurate representation of the number of businesses currently operating within Dubai.
As a commercial facilitation and advisory service to such businesses, The Links Group applauds this initiative taken by the Dubai Government, in a move that is sure to increase foreign direct investment into the emirate. We are pleased to say that our clients consistently meet their licencing obligations due to the adoption of a strong corporate nominee model, which mandates that a professional service provider manages all licencing and related Government submissions to avoid penalties, guarantee compliance and ensure a duty of care to both client companies and local shareholders.