The Department of Economic Development (DED) in Dubai has launched a package that will allow businesses to pay their fees and fines in easy instalments and freeze their trade license for a year, a media report said.

It will also enable companies to seek an amicable settlement with DED on commercial violations, reported Emirates news agency Wam.

The service package is part of enabling businesses to overcome obstacles and benefit from a credit facility that would allow them to maintain their competitiveness. DED had recently exempted companies and business establishments in Dubai from all fines imposed on them and granted them time till end of 2018 to renew their licenses.

The new package allows for the payment of license renewal fees and accumulated fines through convenient instalments within 12 months. DED is extending the facility in co-operation with its strategic partner aafaq Islamic Finance and a number of local banks. Business owners can approach any of the DED service centres located throughout Dubai or visit the DED website www.dubaided.gov.ae for more details on the facility.

Mohammed Al Shehhi, Deputy CEO, Corporate Support Services sector in DED, said: "The Department of Economic Development is committed to enhancing competitiveness in Dubai through extending value-added services that help business owners continue their activity and sustain their business. Eliminating all obstacles faced by companies is important to develop the economy and create a competitive environment conducive to investment in Dubai."

The licensee can benefit from the instalment if fines and fees have been accumulated for more than a year. Investors can apply for the fees not to be paid and avoid fines in case they wish to temporarily freeze doing business while retaining their license.

The waiver applies to fines issued before April 14, 2018 and for fines issued after this date license holders can take advantage of the offer of amicable settlement and payment in instalments. The licensee who requests amicable settlement must not have benefitted from any other exemptions following the first fine issued after April 14, 2018. As such license holders are entitled to a 50 per cent reduction in the basic value of penalties issued for the first violation.

Al Shehhi added that revitalising businesses and offering improved flexibility to businessmen and investors are a top priority for DED. "Facilitating payment of fees and fines as well as license renewals will eventually enable Dubai to attract investors and reinforce itself as a global trading and economic hub."