Dubai is undoubtedly one of the leading cities in the world and among the leading business hubs in the world. For those looking to do business in the Middle East, Dubai is an obvious choice, with its strong economy and strategic geographic location. One of the best resources for businesses looking to establish a presence in Dubai is the Dubai Multi Commodities Centre (DMCC) – the world’s largest and most successful free zone.
DMCC, established in 2002 and located in the heart of Dubai, offers a variety of services and advantages for businesses looking to tap into the resources of the region. The benefits of setting up a business within the DMCC are numerous, and include low costs, streamlined processes, access to a wide range of services and, most importantly, preferential access to all the UAE markets.
DMCC is home to one of the world’s first free zones dedicated to the development of gold and commodities trading, with thousands of businesses in the commodities industry already located in DMCC. It is therefore of no surprise that DMCC is a leader in the Dubai financial sector, offering the highest quality standards, with under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
Dubai is also known for its high concentration of luxury residential development, and DMCC is no exception. With its award-winning infrastructure and strategic location, many high-end projects are located in DMCC, such as the Jumeirah Lake Towers, a high-rise cluster of residential and office towers located near the Emirates Golf Club. Additionally, a range of residential complexes and villa communities can be found in DMCC, ranging from the prestige of Dubai Marina, to the luxurious Palm Jumeirah, to the more affordable districts of Jumeirah Village, Al Barsha and Jumeirah Lakes Towers.
The ultimate goal of DMCC is to create a business-friendly environment for businesses of all sizes, as well as to provide enhanced opportunities for Dubai’s traders and exporters. To facilitate this, DMCC offers a wide range of services tailored to meet the needs of international companies, SMEs and investors, including the setting up of general trading activities and joint ventures, developing virtual offices and consulting services, providing access to the Dubai Financial Market, and providing a range of corporate services, including licensing and registration, document submission, and legal and tax advice.
In addition, DMCC is home to a number of world-class financial institutions and financial service providers, including some of the leading global banks, accounting firms and investment companies, providing a range of services, from corporate finance and banking to asset management, trust services and wealth management. All of these companies adhere to international standards and regulations to ensure a safe and secure environment for those wishing to do business in the UAE.
At DMCC, the commitment to excellence and the dedication to creating a successful business environment makes it a great option for those companies looking to establish a presence in Dubai. With its preferential access to the UAE market, streamlined processes and superior infrastructure, DMCC offers businesses a unique opportunity for success.
Process for Registering DMCC Company
1. Determine the type of company you would like to register.
DMCC provides options for registering a variety of businesses, such as Free Trade Zones (FTZs), branches of foreign companies, joint ventures, representative offices, and companies in the Dubai Multi Commodities Centre (DMCC).
2. Choose a name for your company.
Your company must have an original and unique name, and it must also be approved by the Dubai Department of Economic Development.
3. Gather the necessary documents.
You will need to provide various documents, such as copies of your passport, UAE residence visa and other relevant paperwork.
4. Contact a lawyer or corporate service provider.
It is highly recommended that you work with a lawyer or corporate service provider to guide and help you with the registration process.
5. Submit the registration documents.
Submit all the necessary registration documents to the DMCC authority, and make sure all requirements are met, such as the payment of fees and company registration fees.
6. Receive your company’s license.
Once DMCC has reviewed and approved your application, you will receive your company’s license. From there, you can begin trading and operating in the DMCC Free Zone.
Benifits Of Opening DMCC Company Dubai
1. Strategic Location: Strategically located in the Dubai Multi-Commodities Centre (DMCC) Freezone and in the heart of Jumeirah Lakes Towers, the city’s most dynamic and vibrant freezone, a DMCC company provides its clients with an advantageous position to capture the bountiful opportunities provided by the city’s booming business sector.
2. Direct Access to Regional Markets: Dubai has become the gateway to some of the world’s largest markets, allowing business owners to reach a wider customer base and gain a competitive edge. A DMCC company is an ideal choice for those looking to access and benefit from the city’s open economy.
3. Tax Exemptions and Incentives: Doing business in the UAE offers a number of tax exemptions and incentives to its business owners, including value added tax and income taxes. Starting a DMCC company in Dubai allows business owners to take advantage of such tax benefits and offers.
4. 100% Ownership: DMCC companies provide their business owners with complete ownership of their venture, allowing them to have total control over the company’s management and operations.
5. Immigration Benefits: Processing and issuing business visas to company employees and business partners is another benefit DMCC companies can enjoy.
6. Streamlined Licensing and Setup Processes: DMCC companies typically enjoy faster and easier procedures when it comes to setting up a business, including streamlined application and licensing processes. This makes it an ideal choice for those looking to establish their business quickly, cost-effectively and efficiently.
Bank Account Opening for DMCC Company
DMCC companies can open a corporate bank account at any of the various banks based in Dubai which include Emirates NBD, Mashreq Bank , Emirates Islamic Bank and others. To open a corporate bank account, companies need to submit a corporate bank application with the required documentation.
Documents Required for DMCC Company Bank Account in Dubai , UAE
Documents required for bank account opening for a DMCC company will vary depending on the activity and the bank but may include:
* Certificate of Incorporation of the DMCC company.
* Memorandum and Articles of Association.
* Dubai Chamber of Commerce registration and commercial licence.
* Passport copies and visas of all the Directors, shareholders and Authorised Signatories.
* Proof of Residential address.
* Evidence of shareholder’s and director’s source of funds.
* Bank reference letter.
* Bank statement of the shareholders
Bank account opening typically takes around 10 – 20 working days depending on the bank compliance approval.
NEX Approach in DMCC Company Formation
Our business setup consultants can help you to form DMCC companies by providing guidance and support in the entire business setup process. They can assist you in obtaining the necessary licenses, registering the company with the DMCC, opening a corporate bank account, and more. Furthermore, business setup consultants can help to complete all the applicable paperwork necessary to form your company in Dubai, as well as provide assistance in finding the best jurisdiction for your business.
