Stimulus: Some RAK firms exempted from renewal fees

By DG Staff

RAS AL KHAIMAH 25 August 2020: H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has ordered that certain commercial activities that were especially hit by the lockdown and other precautionary measures enacted to curb the spread of Covid-19 will benefit from reduced trade license renewal fees and full exemption from fines incurred during the lockdown.

The new directives add to a series of measures undertaken by H.H. Sheikh Saud to ensure business continuity in vital economic sectors and ease the burden brought about by the novel Coronavirus situation, while ensuring Ras Al Khaimah’s economy continues to record significant performance and competitiveness scores across all fields.

Sheikh Saud directed Ras Al Khaimah Department of Economic Development, RAKDED, to offer nurseries a 50 per cent exemption from their annual trade license renewal fees. In addition, establishments that closed to allow their facilities to be used for quarantine purposes will benefit from a 25 per cent exemption, while facilities located at Ras Al Khaimah International Airport that had no alternative locations to divert operations to will benefit from a 50 per cent exemption on license renewal fees. These exemptions will be in place for a year, in addition to full exemptions being granted from penalties for violations incurred during lockdown, said Wam.

The directives to exempt certain commercial activities from annual fees benefit Ras Al Khaimah’s business community and help stabilise the emirate’s economic, which has been witnessing a significant boom in investment. The directives also serve to drive additional foreign investment into Ras Al Khaimah’s market, which is resilient, competitive and has substantial economic potential.

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