BusinessLive Middle East recently hosted a webinar on Business Continuity during COVID-19, which was powered by UAQ Free Trade Zone.

The webinar featured an eminent panel of experts that included Sonny Zulu, Managing Director – Retail Banking, Standard Chartered Bank; Shiraz Sethi, Regional Managing Partner and Head of Employment, DWF Middle East LLP; Sameh Magdi, Senior Business Development Executive, Umm Al Quwain Free Trade Zone (UAQ FTZ ) Authority, and Natalie Jones, Senior Associate – Employment & Incentives, Al Tamimi & Company.

A pandemic such as a coronavirus (COVID-19) outbreak challenges existing business continuity management initiatives. Every organisation, regardless of sector or budget size, is grappling with financial uncertainty. How can businesses ensure continuity in such challenging times?

The webinar began with Natalie Jones taking the participants through the current labour law rules and regulations and what it means for employers in the UAE. She stressed on the fact that the UAE Labour Law still applies to everyone and the recent resolutions have been introduced to support the pre-existing law.

Sonny Zulu touched upon the important aspects of financial planning that can help businesses get through the current Pandemic crisis. Talking about the government’s Targeted Economic Support Scheme, he said that government has introduced many initiatives such as payment holidays that allow SMEs, businesses, corporates, and individuals affected by Covid-19 to defer their payments. He also spoke about the initiatives that have been implemented by the banks to help their customers manage cash flow and provide them with financial guidance.

Sameh Magdi spoke on the initiatives introduced by the UAQ FTZ that includes a new promotion package that allows new businesses forming a company to get a license for 15 months instead of the original 12 months, giving them a 25 per cent discount and the opportunity to reduce incorporation costs and making the process cost-effective.

He added that the client will also be able to get a 25 per cent discount with the business centre unit package with includes the license, warehouse or a plot of land and also one more visa eligibility, allowing the business costs to be spread between two investors instead of one. The UAQ FTZ also plans to waive off any fines incurred in the delay license fee.

Shiraz Sethi, highlighted on the application of the new resolution, which is applicable to all onshore and mainland entities registered with the ministry. A strict interpretation of the resolution means that the new resolution does not apply to the free zones. He also stressed on the various other nuances of the UAE Labour Law and what it means for employers and employees.

You can watch the webinar here.