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.
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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.
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:
|#||Service||Previous cost in AED||Updated cost in AED||Reduction %|
|1||Collective management license||100,000||75,000||25%|
|2||Collective management license annual renewal||50,000||37,500||25%|
|3||Collective management license lost replacement||1,000||750||25%|
|4||Workbook registration for natual person||100||50||50%|
|5||Workbook registration for corporate person||300||200||33%|
|6||Registration application for no more than ten workbooks that are included with a distribution or import contract||500||350||30%|
|7||Lodge rights violation complaint/NP||150||100||33%|
|8||Lodge rights violation complaint/CP||500||350||30%|
|9||Commercial agency registration in records for commercial agents||10,000||7,500||25%|
|10||Registration renewal for commercial agency in commercial agents records||4,000||3,000||25%|
|11||Replacement for commercial agency registration certificate||200||150||25%|
|12||Application for official extract of registration record||200||150||25%|
|13||Application for non-registration certificate in records for commercial agents||200||150||25%|
|14||application for additional inspection with regards to trademark infringement||1,000||750||25%|
|15||Conflicts exist between clients and agents collection from commercial agent||8,040||6,000||25%|
|16||Conflicts exist between clients and agents to be collected||8,040||6,000||25%|
|17||Iron scrap export (per ton) to outside the state||250||200||20%|
|18||Notification with any change or modification to attached documents or data of registry or transferring registry from schedule onto a different one for natural persons||200||100||50%|
|19||Notification 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 investors||500||350||30%|
|20||Registration of headquarter for a national company in the schedule of auditor for two years||15,000||10,500||30%|
|21||Registration of branches of a national company in the schedule of an auditor for two years||10,050||7,500||25%|
|22||Renewal of registration for branches of a national company in the schedule of auditor||5,000||2,500||50%|
|23||Registration of foreign company in schedule of auditors for two years||60,000||45,000||25%|
|24||Renewal of foreign company registration in the schedule of an auditor||10,000||7,500||25%|
|25||Registration of natural persons in working auditors records (duration of two years)||6,000||4,500||25%|
|26||Renewal of registration for a natural person in working auditors records||2,000||1,500||25%|
|27||Registration in trainee auditors list||500||350||30%|
|28||Complaint against corporate/natural auditor||10,000||7,500||25%|
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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!