The Umm Al Quwain Free Trade Zone Authority has taken a series of proactive steps to ensure business continuity for its existing investors who are battling the economic backlash. These welcome measures will lend a helping hand to SMEs and microbusinesses to overcome serious cash flow challenges in the next few months, retain their workforce and sustain their businesses.
Speaking about this economic response, Johnson George, General Manager of UAQ Free Trade Zone, said: “Sustainability in the face of this unprecedented crisis is what every investor needs right now. The Government of UAQ has the best interests of our investors in mind.” Apart from the support for existing investors, a business set-up package has been designed for new investors too. For existing clients, the benefits are:
1. Three months free bonus on licence and lease renewal – When the clients pay the licence renewal fees for 12 months they get the licence and lease renewed for 15 months. The plan adds up to a total cost savings of 25%. 2. Rental period extension of two months for clients with rental facilities that include office, warehouse and land. 3. Absolutely no renewal fines on late licence renewal payment until 15th July 2020. For new clients, the benefits are:
1. UAQ’s new business setup packages facilitate a three-month bonus on the lease and licence. New members could pay the fees for 12 months and get the licence and lease for 15 months. The new investor support plan adds up to a total cost savings of 25%.
2. Furthermore, all UAQ business licence packages have been upgraded with an additional visa eligibility, whereby the investors can obtain additional support from their business partners or employees.