Exhibition and Events companies in Ras Al Khaimah will gain from the new resolution approved by the emirate by which these organizations will only have to pay 50 percent of any trade license renewal fees along with another 50 percent waiver on fines for violations issued by local entities or departments.
The new incentive which was approved through a directive by H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah will be in effect for a period of 12 months.
The new initiative is expected to support the MICE (meetings, incentives, conferences and exhibitions) industry in the UAE, a vital economic sector that is facing a difficult time due to the current global coronavirus pandemic.
The newly introduced measures for the MICE sector are part of a comprehensive series of schemes implemented to reduce the burden on companies and guaranteeing business continuity.
Other incentives introduced earlier by the emirate include exemptions on registration fees for many companies, as well as on license renewal fees. The incentives covered all business sectors in Ras Al Khaimah, including economic activities, tourism, government services, the environmental sector, small and medium enterprises (SMEs), retail and investments.
As a response to the devastating COVID-19 pandemic, the emirate of Ras Al Khaimah formulated a set of measures earlier this year to ensure business continuity. The procedures can be classified into three categories;
- Canceling or postponing payments
- Providing counsel and
- Offering marketing support according to the business activities of the entity in question.