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The United Arab Emirates cut 1,500 government fees to attract foreign investment

Date: 2019-08-12
BrowsingS: 4
Source: 中国经济网-《经济日报》
Author:
Release date: 2019-08-12
BrowsingS: 4

Recently, the UAE cabinet decided to cancel or reduce 1,500 government fees, which is 50% of the current government fees.


According to reports, the measure is a plan for the United Arab Emirates to study the tax structure of various countries and the actual situation of the country. It is an important part of a series of economic reforms aimed at further attracting foreign investors, creating more job opportunities and promoting economic diversification. . Earlier, the UAE has introduced a new policy that allows foreign companies to set up 100% of wholly-owned companies in 13 sectors, including manufacturing and renewable energy. In addition, the Afghan government has further relaxed the visa policy and introduced incentives to support small and medium-sized enterprises.

The United Arab Emirates cut 1,500 government fees to attract foreign investment


In this government fee adjustment, the Ministry of the Interior will reduce or cancel 1,200 charges, the Ministry of Economic Affairs adjusts 80 items, and the Ministry of Human Resources and Localization adjusts 200 items. The reduced fees of the Ministry of the Interior include the issuance or renewal of security licenses, security service licenses and surveillance system operating licenses; cancellation of service fees for commercial and industrial licenses. The lower fees charged by the Ministry of Economic Affairs include registration of foreign affiliates, registration and renewal of foreign trademarks, and transfer of acquisition services by foreign companies. The Ministry of Economic Affairs said that the cancellation of the fee-based project will further reduce the operating costs of enterprises in Afghanistan. The fees and charges adjusted by the Ministry of Human Resources and Localization include the issuance and renewal of work permits, the revision of labor contracts, the cost of domestic training and the issuance of overseas work permits.


Government fee adjustments are part of the “Tomorrow 21” economic stimulus plan, which will further improve the business environment in the UAE, give companies greater autonomy and encourage companies to create new investment opportunities and help create more for the UAE. Employment opportunities further enhance its appeal to foreign investors and consolidate and strengthen its position as a global business centre. In the latest ranking of world competitiveness announced by the International Institute for Management Development in Lausanne, Switzerland, the UAE has risen two more places, ranking first in the world for the first time, second only to Singapore, Hong Kong, the United States and Switzerland.


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