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Ministry of Economy Reduced Its Service Fees for Up to 98%

Update: Ministry of Economy Reduced Its Service Fees for Up to 98 Percent

Ministry of Economy (MOE) of UAE recently announced an updated list of fees for their services, reflecting a significant reduction of cost for almost all offered services. The services that now have reduced fees are the ones that the ministry provides to individuals and businesses in the country. This move was carried out in accordance with Cabinet Resolution of UAE (No 20) of 2020, in relation to service fees.

The services with reduced fees are related to business activities, trade, production, investment, innovation, trademark applications, and import-export activities. Most prominent services with updated costs include trademarks, auditors, intellectual properties, origin, commercial agencies, and commercial registration services. According to the UAE MOE, the rates that have been reduced apply to services and some of them are reduced for up to ninety eight percent. This reduction in cost by the MOE will have a financial impact onto the business sector that’s valued approximately AED 113 million for 2020.

You may interested to know:Trademark Application Fees Slashed – Now Lowest on the Market

In response to COVID-19 spread

Sultan Al Mansouri, the Minister of Economy of UAE, said fee reduction for select services is an important and distinct step that’s being made in order to support the country’s business sector during current circumstances. The reduction in fees for MOE services is also one fo the UAE’s matrix of measures for facing the repercussions of coronavirus (COVID-19) spread that has affected the country’s business environment.

According to the Minister, reducing the fees for their services that are provided to companies and individuals alike can reduce the cost in conducting and establishing business not only in Dubai and Abu Dhabi, but for the rest of UAE. The reduction can also decrease the burden that is being experienced by some investment and commercial institutions. He also added that they intend to continue supporting the affected sectors and stimulate the country’s economic environment as well as ensuring sustainability with regards to the national economy’s pioneering structure. Essentially, the MOE’s goal is business continuity even when the rest of the world is in chaos from the pandemic.

Read More: Top Ways to Protect and Enforce Your Trademark in UAE

Sultan Al Masouri said that the MOE, including its partners, would like everyone to know that they are fully committed when it comes to dealing with COVID-19’s negative effects to the country’s economy. The Minister revealed that they’ll be working tirelessly in monitoring the business environment and market as urgent solutions are being developed. MOE is also looking at long-term incentive plans which can ensure economic gains protection as well as acceleration in the recovery of the UAE economy.

Below are some of the items that have been updated with new fees:

#ServicePrevious cost in AED Updated cost in AEDReduction %
1Collective management license100,00075,00025%
2Collective management license annual renewal50,00037,50025%
3Collective management license lost replacement1,00075025%
4Workbook registration for natual person1005050%
5Workbook registration for corporate person30020033%
6Registration application for no more than ten workbooks that are included with a distribution or import contract50035030%
7Lodge rights violation complaint/NP15010033%
8Lodge rights violation complaint/CP50035030%
9Commercial agency registration in records for commercial agents10,0007,50025%
10Registration renewal for commercial agency in commercial agents records4,0003,00025%
11Replacement for commercial agency registration certificate20015025%
12Application for official extract of registration record20015025%
13Application for non-registration certificate in records for commercial agents20015025%
14application for additional inspection with regards to trademark infringement1,00075025%
15Conflicts exist between clients and agents collection from commercial agent8,0406,00025%
16Conflicts exist between clients and agents to be collected8,0406,00025%
17Iron scrap export (per ton) to outside the state25020020%
18Notification with any change or modification to attached documents or data of registry or transferring registry from schedule onto a different one for natural persons20010050%
19Notification with any change or modification to attached documents or data of registry or transferring registry from schedule onto a different one for companies with foreign investors50035030%
20Registration of headquarter for a national company in the schedule of auditor for two years15,00010,50030%
21Registration of branches of a national company in the schedule of an auditor for two years10,0507,50025%
22Renewal of registration for branches of a national company in the schedule of auditor5,0002,50050%
23Registration of foreign company in schedule of auditors for two years60,00045,00025%
24Renewal of foreign company registration in the schedule of an auditor10,0007,50025%
25Registration of natural persons in working auditors records (duration of two years)6,0004,50025%
26Renewal of registration for a natural person in working auditors records2,0001,50025%
27Registration in trainee auditors list50035030%
28Complaint against corporate/natural auditor10,0007,50025%
You may want to know: 6 STEPS OF REGISTERING A TRADEMARK IN UAE

The services that are mentioned above are just a few of the ones that have newly reduced fees. If you require further information, talk to Farahat & Co.’s specialists. We will be able to represent you in behalf of authorities and process your applications for you, most especially ones that are related to trademark and intellectual property in UAE. Book an initial consultation with our team now!