Dubai Multi Commodities Center
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 fDi magazine as the “Global Free Zone of the World” awardee.
Centered to 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 has been home to more than 15,000 companies.
Its strength lies primarily in its strategic location, world-class infrastructure, products, and services. Dubai Multi Commodities Center (DMCC) offers a seamless and simple route to setting up a business in Dubai with 100 percent ownership.
WHY DMCC COMPANY SETUP?
Established in 2002, DMCC’s succeeding years are a manifestation of various rapid developments and growth, specifically in terms of membership.
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 the processing of documents and requests. In addition, DMCC supported and promoted the opening of the Dubai Immigration office and a Medical Fitness Center in the Jumeirah Lakes Towers area.
In August 2018, Dubai Multi Commodities Center (DMCC) renamed Jumeirah Lakes Towers (JLT) metro station to DMCC. This step highlights DMCC’s continuous effort to develop, enrich and connect the JLT district, host to an emerging community of over 100,000 people who live, work and visit the area.
DMCC management is also highly committed to surpassing new heights in the coming years by launching projects like Expo 2020 Tower, which will be one of the largest commercial towers in the region. This initiative is getting famous as the “Uptown Dubai”.
DMCC BUSINESS FACILITIES
DMCC is located in the area of Jumeirah Lakes Towers, which has both commercial and residential towers and looks like a city within a city.
It has 2 metro stations and convenient access to the main highways of Dubai. Dubai Marina and The Palm Jumeirah are just across the road and Downtown is 10 minutes drive away.
You can find business centers, offices, clinics, schools, sports clubs within the same area.
DMCC company has 4 options of the facilities to rent when you do company formation DMCC:
- The flexi-desk facility as the minimum required office space
- serviced desk or office
- executive office in any of the business towers located in JLT
- Warehouse in JAFZA free zone
ADVANTAGES OF BUSINESS SETUP IN DMCC
- Full foreign ownership of companies
- No taxation (no personal income tax and no corporate taxes)
- No restriction on capital repatriation
- No duty levied for import/export
- Centrally located in Dubai with two Metro Stations
- Well-organized online system for using government services
- Fastest growing Free Zone in the UAE
- Recognized as the best free zone by the global fDi Magazine
- Flexible Office Solutions
- World-class infrastructure
- Various trading platforms such as the Dubai Gold & Commodities Exchange (DGCX), Dubai Diamond Exchange, DMCC Pearl Exchange, DMCC Tea Centre and DMCC Trade flow
Dubai Multi Commodities Center (DMCC) License Types
- Trading License: Allows importing, exporting, distributing, consolidating, and storing almost all products types
- Industrial License: Allows the implementation of light production activities specified in the license
- Service License: Allows carrying out service or consultancy activities specified in the license
- Branch Company: Allows open a branch of existing enterprise and doing business in DMCC free zone
- Commercial License: Allows trading any permitted goods
DMCC Business Sectors You can do a wide range of activities in DMCC in many sectors of business ranging from but not limited to Commodities, Agriculture, Mining, Fishing, Manufacturing, Trading, Consulting, Construction, Transportation, Storage, Hotels, Restaurants, Education, Healthcare, Social work, Financial intermediation, and other community, social and personal services.
DMCC license activities are the following
- Transport, storage, and communications
- Mining and quarrying
- Electricity, gas, and water supply
- Other community, social, and personal service
- Trading and repairing
- Hotels and restaurants
- Financial intermediation
- Health and social work
If you are planning Dubai Multi Commodities Center (DMCC) company formation, Jumeira Consultants is there at your service. We provide unbiased service to our clients, irrespective of the size and position of the company. It will take 2-3 weeks to register your organization in DMCC.
Dubai Multi Commodities Center (DMCC) COMPANY SETUP
DMCC company setup takes from 2 to 4 weeks depending on the business activity. Half of the procedure can be done remotely.
A personal visit of the shareholder will be required to sign company legal documents at the authority’s offices.
Company formation in DMCC entails depositing of the share capital to a corporate bank account. The free zone gives 60 days after the licensing for this procedure. The minimum share capital is 50,000 AED.
Documents for DMCC business setup include:
- Passport copy
- Utility bill
- Business plan for certain activities
There are quite a few post-registration formalities to be done:
- Demonstration of company capital to DMCC authority
- Appointment of auditors
- Stamping shares certificates
- Carrying out office inspection if you have rented one
The free zone holds promotions a few times a year, when it gives substantial discounts for DMCC company formation.
RENEWAL OF Dubai Multi Commodities Center (DMCC) LICENSE
Company renewal costs less than the incorporation. A one-time registration fee will not be charged. You will pay only license and facility fees.
It makes DMCC companies quite reasonable in terms of maintenance.
Any company in Dubai multi commodities center authority must provide an annual audit report even if no commercial activity happened.
Business setup consultants in DMCC can carry out the renewal procedure without your personal presence.
Dubai Multi Commodities Center (DMCC) COMPANY AMENDMENTS
Almost any minor amendments in DMCC can be done remotely. In case of shares transfer, a personal visit of the owner or a Power of Attorney will be required.
The average cost of any amendment is 4,000 AED.
Some amendments can be done for free during the renewal of the license. For example, business activities you can remove or add when you renew the company.
Other usual amendments can be:
- Company name change
- Change of the location
- Removing or adding the company Manager
Dubai Multi Commodities Center (DMCC) COMPANY LIQUIDATION
Company liquidation in Dubai Multi Commodities Center (DMCC) authority is quite a substantial process. The following steps need to be taken:
- Final audit
- Newspaper advertising of the company closure
- Closure of the bank account
- Termination of lease
- Cancellation of visas
- Cancellation of the license
Time-frame varies from 2 to 5 months sometimes. The government fees would be about 10,000 AED. Business setup consultants in DMCC can normally take care of the liquidation as well.
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