- February 8, 2023
- Posted by: Waqas Siddiqui
- Category: Business & Economy
Fees of 14 business services reduced up to 92% by MoIAT
The Ministry of Industry and Advanced Technology (MoIAT) division of UAE government reduces 14 business services. It is an initiative to enhance the attractiveness of its business environment in the UAE. The country is currently ranked 12th globally for competitiveness.
The initiative aligns with the objectives of the ‘Make in the Emirates’ aimed at creating an attractive business environment for investors. It will also support entrepreneurship and SMEs in the industrial sector by reducing the cost of doing business in the UAE.
Ease of Doing Business – UAE
The UAE is the 12th ranking country globally and 1st in the MENA region in the World Competitiveness YearBook – 2022. The overall score of UAE was 88.67 out of 100. Similarly, in the World Bank’s Doing Business Report, the UAE ranks at 16th position and first among the Arab countries. High rankings are due to regulatory reforms making it easier and better for businesses to operate.
UAE Business Service Fee Reduction
The business service fee reduction will encourage sustainable industries in the UAE by promoting the deployment of advanced technology that lowers emissions and enhances the circularity of the sector. Recently, UAE launched AED 158 billion clean projects as well. The initiative is in line with the announcement of 2023 as the Year of Sustainability.
The fee for issuing product conformity certificates from a provider of a specific conformity assessment drops to Dh 670 from Dh 1,000. Some of the other major reductions are follows
- Conformity certificate for optional products to AED 1,720 from AED 3,700;
- Licensing to use the Emirates Quality Mark to AED 2,000 from AED 26,000;
- Licensing to use the national Halal mark to AED 2,000, from AED 18,000;
- Scope expansion of the Emirates Quality Mark and the national Halal mark to AED 250 from AED 2,500.
- Fees for the notification of conformity assessment bodies to AED 24,500 from AED 33,000
Impact of Business Service Fee Reduction
According to IMF’s projections, UAE will be the fastest growing economy in 2023 in the Gulf. The reduction of fees will further improve UAE’s competitiveness through growth in economy. The reduction and/or cancellation of some fees are in line with the ministry’s vision to make industrial sectors attractive. This will also support ‘We the UAE 2031‘ vision that offers promising opportunities for global partners. Additionally, this is also expected to increase the annual growth rate of business registrations up to 25% in the number of applications for next year, compared to a 12% increase in 2020. Being one of the top marketing research companies in UAE, we believe reducing fees will have a positive impact on the economy.
Research Konneciton is one of the best marketing research companies in the UAE. For investment advice, contact us on firstname.lastname@example.org.