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UAE government issues a ministerial resolution in support of UAE SMEs (SMEs) have new incentives, according to a report.
Beneficiary companies should be members of accredited funds or schemes supporting UAE SMEs, state-owned news agency Ten thousand reported Thursday.
“Empowering the people of the UAE remains a top priority… which encourages all of us to continue working hard to serve them better,” Wam was quoted as acting Deputy Minister for Human Resources Affairs at the UAE Ministry of Human Resources and Emiratisation The words of Khalil Al Khoori, as said.
“We are proud of the UAE’s national wealth and its young men and women who play a key role in efforts to diversify and accelerate economic development efforts to build a dynamic world-leading economy, enhance the country’s economic competitiveness, and encourage innovation and entrepreneurship on its citizens.”
The new incentives include a maximum of five businesses in the Tier 1 category per owner, instead of two, and a five-year period from the date the licence is issued, in the Tier 1 category, the report said.
The ministerial resolution outlines five conditions for any SME to be classified as Tier 1 within five years.
First, the business owner or all partners must be Emiratis; Second, the business must be a member of a government-approved fund/programme supporting SMEs; Third, it must be managed by the owner or an Emirati manager; Fourth, the owner must not own or Be a partner in a business restricted by other departments and be fined; Fifth, the owner must not own more than five companies.
“Empowering SMEs is a strategic priority in the country’s ongoing efforts to develop the UAE’s business sector, and the UAE has made great strides in laying the foundations for entrepreneurship and encouraging innovative start-ups and SMEs,” said Mr Al Khoori.
SMEs are the backbone of UAE economy, government introduce Financial support programs to help business owners through the Covid-19 pandemic.
The UAE has also taken steps to create a more attractive environment for foreign investment by relaxing visa rules, relaxing company ownership rules and updating laws.
United Arab Emirates Number one In the latest Global Entrepreneurship Index, it outperformed major global economies such as usThis U.K., Japan, Canada, South Korea and some EU countries. last year, UAE ranks fourth in GEI rankingsDepend on London– Researcher Global Entrepreneurship Monitor.
Updated: August 18, 2022 at 5:06 pm
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