The decision is in line with directives from His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, to support businesses and boost economic activity in the Emirate. Sheikh Saud issued the directives with the objective of setting strong foundations that guarantee business continuity, drive economic growth, diversify sources of income, and continue to provide employment opportunities for the Ras Al Khaimah community.
The directives indicate that the exemption remains valid for one year from the date of implementation, allowing the relevant establishments to benefit from the waiver in the event that they need to renew their licence as per the expiration dates. The new exemptions follow an earlier set of measures that were approved last year, which waived 50 per cent of trade licensing fees, as well as exempting establishments from violations and late fees.
Targeting the exhibitions sector, the stimulus package introduced over the course of the past year included a 50 per cent waiver from the Ras Al Khaimah Chamber of Commerce and Industry on outdoor exhibition permits until the end of 2020, as well as a 25 per cent exemption for consumer and specialised exhibitions held at the Ras Al Khaimah Exhibition Center until the end of 2020.
These incentives are the latest in a series of stimulus packages introduced by the emirate over the past year, which benefited 15,000 companies. These included a 25 per cent discount on new residency visas for family members; a 60-day grace period for the extension of trade licences; exemption of fees for tenants of municipality-owned markets for a period of three months; and reduced fees for issuing health cards, among others.