Free zone is a particular geographical area in the emirate where 100% foreign ownership is allowed. Free zones do not require partnership with a UAE citizen or with a local service agent.
DUBAI MULTI COMMODITIES CENTRE (DMCC) is currently the fastest growing free zone in Dubai and UAE in general.
In the beginning of 2015, DMCC reported registration of 10,000 companies. The free zone was founded in 2002. Very rapid development was registered in 2013, 2014 and 2015. In 2014, DMCC management launched an internal portal for all its member companies. Today almost all services are available online through DMCC Portal, which significantly speeded up processing of documents and requests. In addition, DMCC supported and promoted opening of Dubai Immigration office in Jumeirah Lakes Towers area. Medical Fitness Center is scheduled for opening, while DMCC also introduced a service for Dependent Visas.
DMCC is rightfully considered to be one of the most prestigious free zones for business setup in Dubai. This relates not only to the geographical location but also to the opportunities that this freezone provides.
DMCC is located opposite Dubai Marina, one of the most prestigious areas in Dubai. In addition, freezone is linked to the rest of the city by two metro stations, which are DAMAC Towers and Jumeirah Lakes Towers.
common share capital requirement is AED 50,000 (USD 13,698), where each shareholder holds a minimum of AED 10,000. Share capital needs to be deposited into company’s bank account.
1 year only, as in any other emirate, after which the license needs to be renewed.
Dubai Multi Commodities Centre requests all member companies to submit audit reports on an annual basis. A newly established company has to appoint auditors from the list of registered service providers. Late audit report submission may result into a penalty of AED 5 000.
unlike many other free zones, DMCC has a very rigorous approach towards late license renewals. In case company’s license is not renewed within the period of 4 months since its expiration, it becomes annulled, and for its renewal the payment of penalty and re-registration charges apply.
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