COVID 19 has not just posed challenges to the health conditions of the individuals but has also become a great economic threat to the world. Economic depression has hit hard, and the unemployment rate rose considerably in the past few months. It was at this juncture that the UAE government took up certain steps to provide aid to the businesses in the Emirates of UAE.
The Department of Economic Development of UAE has come up with some solutions and relief measures to help businesses sustain their operations in this pandemic, one of the solutions being – Rental Rebate.
The UAE municipality decided to grant rental rebates up to 20% for restaurants, entertainment, and tourism sectors (except hotels). The tenancy contract signed between October 1, 2019, and March 31, 2020, or which expires during the period of April 1, 2020, and September 30, 2020, are eligible to avail of this rebate from the UAE government.
The rental rebate is a fully automated process and you will receive a notification once the amount is deposited in your company’s bank account after you register for the rebate. The eligibility does not depend on the size of the company. The registration process is simple and will be done online; you will need to submit the following documents during the registration phase:
- Emirates ID
- Company’s official bank name & branch details
- A letter from the bank showing the company’s account name and number
- Company’s rent contract/ Tawtheeq
- Tawtheeq’s starting & expiry dates
The rental rebate initiative was put forward to support the Tourism industry by providing economic guidance and assistance and in order to reduce the burden of running a business for the private sector in the Emirates of UAE during this tough time.
