Dubai is an international cosmopolitan city in the heart of United Arab Emirates and is also the financial, economic and Cultural hub in all of Middle East.
The economic growth strategy of the Dubai government has led to multiple free zones sprawling up in all of Dubai. These Freezones offer benefits in setting up a business in Dubai. These benefits are 100 % foreign ownership, 0% taxes on business and complete autonomy in terms of business operations, to name a few.
With these benefits as the USP, Freezones in Dubai have lured a large number of business owners into setting up business in Dubai.
One such free zone is the Dubai Multi Commodities Centre or commonly known as DMCC
About DMCC, Dubai
The DMCC is a strategic initiative of the Dubai Government to provide a marketplace and necessary physical and financial infrastructure to run a thriving commodities marketplace. The DMCC was established in the year 2002 and since then has remained the largest free zone in all of UAE. Around 12000 registered companies operate the in DMCC free zone.
Before we take a deep dive on how to set up your business within the DMCC, here is a list of benefits of operating your business out of DMCC.
Why DMCC Freezone, Dubai should be your preferred location for business setup in Dubai?
- 100% business ownership
- 0% corporate tax, and 0% personal income tax guaranteed for 50 years
- 100% capital repatriation
- Easy licensing procedures for a range of business activities
- ‘Plug and play’ office installations
- Easy lease or sale optional available for offices at competitive rates
- Immigration services to take care of all visa and work permit requirements
- Networking opportunities like events, workshops, and exhibitions
- Trade regulations and compliance standards training on a periodic basis to stay up to date on the latest in the legal framework
Revolutionary Office spaces
DMCC business center: Whether it is a commercial freehold property that you need or a retail space to run your business, the DMCC has office spaces for every need. Property price ranges from AED 650 to AED 20,000 per sq. feet for sale. For lease, the prices range from AED 50 to AED 200 per sq. feet per annum for leasing. (i)
There is futuristic building like ‘One JLT’ – which is a glass box style building in the heart of DMCC or ‘Burj 2020 District’ which is a super tall commercial building, the government of Dubai has office spaces ready for entrepreneurs.
The DMCC member zone is one stop shop for all member related requirements. The member zone hosts periodic networking events, seminar, workshops, and exhibitions to create a close-knit member community. This helps business owners to connect with crucial members and develop strong lasting business relationships
Company set up in DMCC business center
Here are 5 easy step stop set up your own company in DMCC
Step 1. Decide on which company type you want to operate
- Limited liability Company as a newly formed entity with multiple shareholders
- Branch of a local/foreign company
- Limited liability Company as a fully owned subsidiary.
If you are confused about the company types, then consult business consultants Commitbiz who will help you identify the best kind of company type for your business.
Step 2. What are the business activities that you want to operate on
As a budding entrepreneur or a seasoned businessperson, this is an important step for you as your business activity is going to be your bread and butter.
There are three options mainly, Service, Trading and Industrial
The DMCC business licensing procedure is different for each activity, so choose appropriately.
Step 3. Additional DMCC business licenses
There are options to apply for other licenses if they are applicable to your business activity
Single-family license: this takes care of centralization of a family’s wealth, personal affairs, succession planning and holding shares of family assets, businesses, foundations etc.
E-commerce license: This license is applicable to you if you want to use the digital/online platform for sale of your goods. As you know the world is going digital and almost everyone has some sort of e-commerce activity going on pertaining to their business. E-commerce license will help you and your customers/patrons in easy transactions online.
Step 4. Choosing a name for your company
This is very important as it reflects the identity of your company. There are some regulations around choosing a name for your company, for example, your company’s name should be directly relating to your business activity, it should not have been already taken by some other business entity etc. So take ample time to choose an appropriate name.
Step 5. Applying for company registration
The company registration and licensing the process is simple, swift and easy. It starts with the submission of your duly filled application form along with supporting documents. Following this, a pre-approval is sought from the DMCC, the company is registered and licenses are obtained after this.
A sample set of documentation required
- Duly filled an application form
- A valid copy of passport, visa copy
- Valid proof of residential address, this can be any of the utility bills like water, electricity bill
- Thought-through business plan
- In case you are opening a branch then, copies of parent company document are also required
- Finally, a No Objection Certificate(NOC) from a sponsor who holds a valid UAE visa
Your business activities can engage sale or trade of the following commodities
- Gold and other precious metals
- Base metals
Business setup for each commodity has a different set of specifications in Dubai and it is advised to have in-depth local knowledge of how the market functions to operate the business profitably.
Commitbiz business management consultants are here to help you set up your business profitably in DMCC Freezone in Dubai. Our team has enabled hundreds of business run successfully in the region.
If you want to know how we can help you, contact us today.