BRIEF OVERVIEW OF DUBAI MULTI COMMODITIES CENTRE (DMCC)
Dubai Multi Commodities Center (“DMCC”) prides itself as the number one free zone in the UAE. It garnered four consecutive years endorsements from the Financial Times magazine as the “Global Free Zone of the World” awardee.
Formed in accordance with the national economic diversification strategy, DMCC’s latest set of awards is a testimony to its ability to attract foreign direct investment, drive market-friendly reform and foster a commercial environment that removes barriers to trade, intrusive regulations and prohibitive bureaucracy.
DMCC is home to a vibrant community, innovative infrastructure, world-class services and a stunning choice of properties, all minutes from excellent air, sea and road links to the world. DMCC is the gateway to global trade being home to more than 15,000 companies.
Its strength lies primarily on its strategic location, world-class infrastructure, products and services. DMCC offers a seamless and simple route to setting up a business in Dubai with 100 percent ownership.
TYPES OF LEGAL ENTITIES FOR COMPANY SETUP IN DUBAI MULTI COMMODITIES CENTRE
-New company
-Subsidiary
-Branch, and transfer of business (re-domiciliation)
BUSINESS LICENSES IN DUBAI MULTI COMMODITIES CENTRE
Trading License.
It is suitable for businesses engaged in trading activities. It allows companies to do import and export activities within DMCC and the UAE.
Service license.
It facilitates the rendering of services in different business sectors and covers representative offices of foreign business entities.
Industrial license.
It allows light manufacturing activities within the Free Zone. This license is suitable for companies engaged in precious metals & stones and jewelry; and for Coffee & Tea related activities (blending, packaging, roasting, storage...etc).
PERMITTED BUSINESS ACTIVITIES IN DUBAI MULTI COMMODITIES CENTRE
1. Commodity Businesses
2. General Trading
3. Food and Beverages
4. Consultancy and Advisory Services
5. Technology and IT
6. Healthcare and Pharmaceuticals
7. Real Estate and Property
8. Construction and Engineering
9. Industrial Manufacturing
10. Energy or Petroleum Sector
11. Personal & Community Services
12. Media and Marketing
13. Automotive Transportation
14. Shipping and Logistics
15. Aviation
16. Hospitality
17. Financials Activities
18. Stones & Jewelry
19. Crypto-commodities
BENEFITS OF BUSINESS SETUP IN DUBAI MULTI COMMODITIES CENTRE
-Strategic Location
-World-Class Infrastructure
-Tax Benefits
-Ownership and Repatriation of Profits
-Business Flexibility
-Trade and Networking Opportunities
-Supportive Ecosystem
-Convenient regulatory framework
-Access to Global Markets
-Reputation and Credibility
-Security and Stability
REQUIREMENTS FOR DUBAI MULTI COMMODITIES CENTRE COMPANY FORMATION
At the initial stage of the company’s registration, there are sets of documents and information which will be required to be provided to DMCC authority. Documents required will be based on whether the shareholder/s of the DMCC company is an individual or a corporate entity. Also, a summary of the Business Plan will be required for certain activities.
Individual Shareholder
-Passport Copy
-U.A.E. residence visa copy, if applicable
-Proof of residential address. If a utility bill is provided, it should not be more than six (6) months old
-No Objection Certificate from the sponsor, if holding a valid UAE residence visa
-Minimum Share Capital of AED 50,000 deposited into a corporate bank account
Corporate Shareholder
-Certificate of Registration of the parent company
-Trade License of Parent Company (if the parent company has a trade license)
-Memorandum & Articles of Association (MOA) of the parent company
-Certificate of Incumbency issued by the Company Registrar (or a similar document showing the company’s authorized signatories)
-Minimum Share Capital of AED 50,000 deposited into a corporate bank account
If documents are in any language other than English and Arabic,they must be legally translated into English and to be notarized in the home Country. At least one of the parent company documents to be attested (preferably the Certificate of Incumbency) by the UAE Embassy or a Consulate in the country of origin or by any Arab Embassy if a UAE Embassy or Consulate is not available.
ADDITIONAL REQUIREMENTS
Establishment card files a company with the General Directorate of Residency & Foreign Affairs (“GDRFA”). Issued for three years, it allows a company to recruit staff from abroad and apply for foreign investors, partners and employment visas.
For companies who chose a physical office, an Operational Fitness Certificate will be required to be arranged prior to registration of the company. This certificate is issued by Concordia, the designated community manager within the DMCC area.
Third party approvals for certain regulated business activities.
OFFICE SOLUTION
In order to maintain a DMCC business license, companies are required to rent either a flexi-desk or a physical office within the DMCC. The total cost of company formation will also depend on the chosen office solution. There are, however, several business activities that would require a physical office rather than flexi-desk.
Visa eligibility of the company is related to the size of the office facility. Each 9 sq.m. of the office space allows a company to apply for one resident employment visa.
RESIDENCE VISA
A DMCC licensed company must ensure that its employees are authorized to work in the DMCC Free Zone by either holding an employment residence visa, an identity card, or an access approval. The DMCC employment residence visa is valid for 3 years.
