UAE government took serious measures to cope with the issues rising with the economy of the country after the hit of the pandemic Covid 19. The body called TESS (Targeted Economic Supported Scheme) works under the United Arab Emirates Central Bank, and under the programme of TESS the government took suitable measures for the investors to open free zone, off shore and LLC company registration in Dubai
The Central Bank of the UAE or CBUAE under TESS launched the two phase scheme from the 14th of March 2020 onwards. The scheme covers two domains to serve Business setup in Dubai are
- • Acting as stress buster for the private businesses, individuals and small to medium enterprise
- • Businesses and individuals can get additional facility from the banks liquidity buffers
- • Small to Medium Enterprises and the individuals can get facility from the bank in terms of capital that exists
The budget for TESS program is Arab Emirates Dirham two hundred and eighty three billion to stimulate the market.
Waivers
During the pandemic the whole world is suffering, and so is the UAE, but CBUAE has launched the guidelines for small to medium enterprises in which fifteen to twenty five percent capital amounts will be held on the loans. All the banks are instructed to open the corporate accounts for within the short notice of two days with the mandates of the documents and this is good for those who wanted the Business setup in Dubai.
The five percent of hike is shown in the loan to value or LTV ratio for the mortgage loans, this will bring in more investors and they will be able to buy a property with less capital.
31st of December 2020
It is the good time for the LLC company registration in Dubai, because under the Targeted Economic Support Scheme banks and finance companies are ready to help retail customers along with the corporate by extending the capital buffer deadlines to 31st of December 2020.
To cut the stress of the cost in doing the business, and to rejuvenate the construction projects the package of AED 27.5 billion is announced by the Federal government, which resulted in the suspension of six months fees of work permit and cost cutting in other charges. The Dubai Government has announced the package of AED 1.5 billion, and other emirates’ governments have taken the measures to mitigate the situation by flexible payment terms, rebates and affordable loans this has made the Business setup in Dubai easy.
The Government has also established the dedicated team to ensure the smooth working of the supply chain management to the end customer.
