Steps to Start a Business in Dubai Maritime City in 2019

by commitbizadmin 04, Nov 2019

Steps to Start a Business in Dubai Maritime City in 2019

Dubai’s Maritime City (DMC) is the country’s pioneering experience in transitioning the city into a leading global maritime hub. It was founded in the year 2007 and is the world’s first purpose-built city for the global maritime industry. The DMC free zone is a vibrant mix that includes industrial, commercial, residential, and leisure facilities housed on a human-made peninsula. It is a business-friendly environment that provides for regulations, services, and infrastructure attractive to all the types of maritime businesses. With similar companies positioned close together in a familiar environment, the opportunities for networking, integration, and collaboration are magnified.

The Maritime City is divided into these sections-

  • The Maritime Centre which is dedicated to companies which want a head office in the free zone
  • The Harbor Offices where maritime companies can set up operations
  • The Harbor Residence which, as its name says, is destined for residential purpose
  • The Industrial Precinct where vessels can undergo repairs
  • The Marina District which serves a recreational centre
  • The Academic Quarter which was enabled for study purposes

Types of Business Entities in DMC Free Zone

  • Free Zone Establishment
  • Free Zone Company
  • A Division Office

Characteristics of DMC Free Zone

  • A Free Zone establishment in DMC needs only a single shareholder whereas companies in a free zone need two to five shareholders
  • The capital shareholder for FZE is AED one million, and for FZCO it is AED 500,000
  • Both the companies must have a maximum of five and a minimum of two directors and a normal person as a manager
  • The shareholders should live within the free zone, or they can hire an agent

Licenses Offered in DMC Free Zone

  • Research and Education License
  • Ships Manufacture and Repairing License
  • Supervision License
  • License for Maritime Services

Recently some licenses were launched by the DMC Authority which is the operations services of maritime, marine craft, and the business license. The license of Maritime operation services was allowed for companies working in a waste management industry. They can provide waste management, air production, and weight water solution. Marine craft license permits companies of overseas and local to manufacture and utilize vessels with the agreement of standards of international maritime. A commercial license is given to the individuals and companies both are concerned in activities of maritime generally in which no special allowance is needed.

Advantages of DMC Free Zone in Dubai

  • Freedom of tax on profits and capital growths
  • Complete overseas ownership of the company
  • Managerial support
  • Trading actions doesn’t have duty on customs
  • No tax on profits and capital repatriation

Procedure to Start a Business in Dubai Maritime City Free Zone

Business setup in Dubai Maritime City, like any other business setup in Dubai free zones, can be done by following the systematic and proper processing. To ensure that the company registration in Dubai Maritime City is correctly done and in the right time frame, the procedure should be followed. The steps to start a business in Dubai are as follows-

  1. Register your business name with the DMC free zone
  2. Obtain an initial approval for registering your business in the free zone
  3. The designated manager must provide one’s CV and a copy of one’s passport
  4. The owner/shareholder must provide one’s personal information
  5. Submit the required documents and pay the fees
  6. Collect the license and the submitted documents

Documents Required to Start a Business in DMC Free Zone

  • Copies of the shareholders’ passports
  • Information on the managers and directors
  • The manager(s)’ cv(s)
  • A lease agreement for the office space
  • The company’s articles of association
  • The company’s certificate of registration, in the case of branch offices
  • Power of attorney for the local agent carrying out the company registration process

If you want to start a business in Dubai Maritime City Free Zone, then we at Commitbiz can help you with it. Our advisors in Dubai are well-versed with the legal formalities and can make the start-up process hassle-free. Contact us today- we’d be happy to help you.