Dubai Silicon Oasis proposes further economic relief measures

By Rahul Vaimal, Associate Editor
  • Follow author on
Representational Image

Dubai Silicon Oasis Authority (DSOA) has offered additional economic stimulus propositions for businesses operating within the Free Zone.

The new Dubai Silicon Oasis (DSO) stimulus package comprises waiving both a Dhs 12,000 license fee and Dhs 6,900 registration package for new clients for the first year until the end of June 2020.

The new client listing package carries a one-time registration fee, shareholder resolution fee, specimen signature fee, trade name reservation fee, memorandum of articles and association.

DSOA will also provide a one-month grace period for new companies.

In April, DSOA published numerous economic relief proposals including adjustable payment plans, waivers and rental discounts for residents, startups, companies and commercial tenants located within buildings owned by the authority.

Residents were permitted to make monthly installments for their rents, while retrieval fees on bounced cheques for first-time offenders were excluded.

Dr. Mohammed Al Zarooni, CEO and VC – DSOA

“Amid the overwhelming support achieved by DSOA’s previous relief package to support the business sector in DSO, we have launched additional incentives in line with the directives of Dubai’s government decision to gradually open up for businesses”

Residential villa tenants could also avail of a discount of Dhs 5,000, while other residential tenants gain a discount of Dhs 2,000 if they paid the annual rent as one deposit.

For retail businesses, rent waivers were granted to restaurants, shops, and gyms at DSOA-owned buildings influenced by the closure of businesses, starting from March 15, 2020 and ending once the government allows retail outlets to reopen.

The DSOA waived all late payment and overstay fines until August 31, 2020 for startups based at Dubai Technology Entrepreneur Campus (DTEC), the largest tech hub and co-working space in the MENA region.

DTEC is providing entrepreneurs deferred rent payments for up to three months, and a five percent discount on their annual rent if paid on time and in one deposit.

Meanwhile, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can pay their rents in up to six installments, while also leveraging their visa security deposits to pay off their financial dues to DSOA.

DSOA also issued a waiver on all late payment fees until August 31 for companies and granted a five percent discount on the annual rent – if paid on time and in one deposit.

The authority will allow customers to use their visa security deposits to pay off their rental financial dues.

New companies establishing their offices in DSO for the first time are offered a grace period on monthly rent payments until the end of May 2020, and a discount of up to 10 percent on their monthly rent.

Furthermore, DSOA is waiving the service charge until the government allows companies to continue working from their offices.