The Free Zone waives late renewal penalty fines as a one-off deal during the holy month of Ramadan.
This entire Ramadan season, IFZA underlines its ongoing support for businesses in the SME sector in a one-off deal where investors with IFZA Free Zone Licenses can avail a 100% waiver on Late Business License Renewal Fines. This scheme is designed to lighten the burden of investors who were unable to renew their licenses in time because of disruptions caused by the Covid-19 pandemic or other factors known to impact start-ups.
Investors can avail this special support for their business by reaching out to their IFZA Professional Partner and completing the necessary renewals process by 30 April 2022.
On announcing the waiver, Jochen Knecht, CEO of IFZA said, “creating a business-focused community has always been an important mindset at IFZA. We never lose sight of the fact that, amid our tremendous growth, we need to ensure that we do not leave anyone behind. This Ramadan, we truly believe that this waiver will bring a huge relief for investors who were unable to renew their licenses—for whatever reason. We count it our responsibility and our privilege to give back to the SME sector of the UAE, which comprise 98% of the total companies operating in the country and more than 52% of its non-oil economy. By providing support to businesses, IFZA continues to strengthen our commitment to the long-term prosperity of Dubai and the UAE by creating an encouraging business ecosystem that supports sustainable, diversified growth into the future.”
Strategically located in one of Dubai’s emerging districts, IFZA is a fast-growing Free Zone ecosystem which offers a wide range of benefits, including 100 percent foreign ownership, 100 percent import and export tax exemption within the free zone, zero restriction on hiring of foreign talent, a modern selection of office and warehousing solutions, straightforward company formation processes. Working through its international network of Authorized Partners and Consultants, investors can find easy access to IFZA services, wherever they are in the world.
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