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04 October 2023

List of business service fees cancelled by Ministry of Economy revealed

By Wam

Last week, the Ministry of Economy announced it has waived and/or reduced the fees on a list of services it offers to businesses - as part of a move to further boost the country's appeal for doing business.

In a list obtained by the Emirates News Agency, WAM, the Ministry detailed those transactions and their corresponding fees, which have been updated to include 115 different ones.

The list includes cancelled service fees for intellectual property, commercial agencies, trademarks, industrial licenses, auditing accounts, patent and industrial designs, and commercial registration management, which the Ministry says will contribute to the reduction of financial expenses on companies.

61 transaction fees have been cancelled for the national patent programme, 15 for trademarks, 14 for industrial license services, nine for commercial registration, nine for auditing accounts, five for commercial agencies, and two services for intellectual property.

The fees that have been cancelled range from AED100 to AED5,000, according to the list.

The ministry's gesture is in line with the implementation of Cabinet Resolution No. 51 of 2019 on the reduction of government fees for services it provides customers and businesses.

The UAE ranked 11th internationally in the ease of doing business at a rate of 81.28 percent compared to 78.73 percent last year, according to a World Bank report.