“… We pride ourselves on delivering high value legal services. Excellence is our Minimum Standard.”
UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Law No.2 of 2014 for small and medium enterprises in which 10 per cent of the contracts by the government entities will be awarded to them, exempted them from certain customs taxes and also offered other incentives, according to a press statement issued by the Ministry of Economy.
Sultan bin Saeed Al Mansouri, UAE?s Minister of Economy, said classification of enterprises and businesses will be made by the Small and Medium Enterprises Council on the basis of the number of employees, annual returns and capital.
He said the SME law is in line with the vision of the leadership to create an appropriate business environment for UAE nationals to increase their presence in the business sector and enhance their role in supporting the sustainable development of the country.
The statement further said companies in which the Federal Government owns more than 25 per cent will award at least 5 per cent of their contracts to local SMEs.
The law states that products made by local SMEs should be given adequate space in exhibition abroad where UAE participates and also exempts them from customs tax for equipment, raw materials and intermediate goods for production purposes.