About Dubai Multi Commodities Centre (DMCC)
Dubai Multi Commodities Centre (DMCC)—voted Global Free Zone of the Year for four years in a row—is home to 15,000 companies, with a further 170 joining every month.
The free zone is open to almost every legitimate business activity. Its range of flexible office solutions—which include flexi-desk, and serviced, multi-storey office blocks—makes it ideal for businesses of all sizes.
Prices starting from AED 50,000
Average business setup time: 4 weeks
Benefits of setting up a company in: Dubai Multi Commodities Centre Free Zone
100% BUSINESS OWNERSHIP AND CAPITAL REPATRIATION
As an expatriate, you can own 100% of the company and remit all profits to your home country.
BUSINESS CENTRE ACCESS
Network with 15,000 member companies in DMCC’s thriving business centre.
PLENTY OF SCOPE
DMCC offers the benefit of owning a warehouse, which could be located either in JAFZA or Al Quoz.
DMCC is within easy reach of both of the Emirate’s airports, Jebel Ali Port and the site of Expo 2020.
Setup your business and have 6 different activities of the same category under one trade licence.
STRAIGHTFORWARD SETUP PROCESS
Complete your initial application online and receive your licence in only 4 weeks.
Dubai Multi Commodities Centre Free Zone welcomes a range of financial and professional business activities. Here are some of the most popular options:
Oil and Gas Consultancy
All Trading Activities
Accounting and Bookkeeping
Precious Metal and Stones
Education and Training
Physical Presence Requirement
You do not have to be physically present to complete the setup process of your company.
DMCC Company Formation: Everything You Must Know
Do you want to set up a business in Dubai? If so, the Dubai Multi Commodities Centre free zone is the perfect place for you. The DMCC is the largest free zone in the world, and it offers a wide variety of benefits to businesses that choose to set up shop there.
In this blog post, we will discuss everything you need to know about DMCC company formation. We will cover topics such as licensing requirements, what services are available at the DMCC, and how to get started.
So, if you’re interested in doing business in Dubai, be sure to read on!
Understanding DMCC Company Formation
DMCC is a free zone located in the heart of Dubai. It was established in 2002 and has since grown to become the largest free zone in the world.
‘Free zone’ means that businesses located in DMCC are exempt from certain taxes and regulations. This makes it a very attractive option for business owners looking to set up a business in Dubai.
DMCC is home to over 11,000 companies from more than 120 countries. These companies operate in a wide range of industries, including commodities trading, logistics, banking, and insurance.
The DMCC free zone is gaining popularity, as more firms each year choose to operate under free zone liberal business rules. They benefit from complete expat ownership and a tax-free environment in the area’s top commercial sector.
As a result of increased shipping convenience, businesses may now use DMCC as a hub and then reach out to the thriving international markets. DMCC is playing an important role in linking international trade routes.
DMCC offers a wide variety of benefits to businesses that set up shop there, including:
- 100% foreign ownership
- No personal or corporate taxes
- Wide range of business services is available
- Ease of company formation
In order to set up a company in the DMCC free zone, you will need to obtain a licence. The licensing process can be somewhat complex, and there are several different licences that you may be eligible for.
The most common licences are the DMCC Trading Licence and the DMCC Service Licence. The Trading Licence allows you to conduct business in Dubai, while the Service Licence allows you to provide services related to your business.
To obtain a licence, you will need to meet certain eligibility criteria. You must be a registered company and you must have a physical presence in the UAE. You will also need to have a local service agent, and your business activity must be compliant with DMCC regulations.
The DMCC Trading Licence and the DMCC Service Licence cost AED 15,000 and AED 25,000, respectively.
Services Available at DMCC
As we explained earlier, DMCC is home to a wide variety of businesses, including banks, law firms, accounting firms and logistics companies. In addition, DMCC offers many services that businesses can take advantage of.
Some of the most popular services offered by the DMCC include:
- Company setup and registration
- Licensing and regulatory compliance
- Trade support and facilitation
- Business consulting
- Human resources and recruitment
- Marketing and communications
- IT and telecommunications
- Real estate assistance
How to Get Started
If you’re interested in doing business in the DMCC free zone, the first step is to contact a local agent like us. We will help you through the licensing process and provide guidance on setting up your business in Dubai.
Once you have obtained your licence, you will need to set up your company and register with DMCC. This can be done online or in-person at one of DMCC’s offices.
After your company has registered, you will be able to start conducting business in Dubai. DMCC offers a wide variety of resources to help businesses get started, including a business directory, a library and an online portal.
So, if you’re looking for a place to do business in Dubai, DMCC is the perfect option. The largest free zone in the world offers 100% foreign ownership, no taxes, and a wide range of services. Contact us today to get started!
Dubai Business Setup
To set up a business in DMCC, these are the documents that must accompany your application:
- A properly and completely completed application form
- A copy of your passport, Emirate ID and UAE residence visa
- An overview of the company’s plan
- An office address in DMCC
- If you’re applying for a business visa, provide a copy of the parent company’s paperwork (in the case of a branch)
The DMCC Licensing Process
Step One – Eligibility
To be eligible for a DMCC licence, your company must meet certain criteria. The most important criterion is that your business activity must continuously be compliant with regulations. You can find a full list of eligibility criteria on DMCC’s website.
Step Two – Company Registration
Once your company is registered, you will need to provide several documents to DMCC. We’ve already listed them above!
Step Three – Licence Application
After your company is registered and you have provided all the required documents, you can apply for your licence. This can be done online or in-person at one of DMCC’s offices.
Step Four – Approval
Once your application is submitted, it will take a few weeks for DMCC to process it. Once it is approved, you will be able to start doing business in the free zone.
DMCC offers a wide range of resources to help businesses get started, including a business directory, a library and an online portal. So, if you’re looking for a place to do business in Dubai, DMCC is the perfect option.
DMCC Business Auditing and Bookkeeping Requirements
DMCC requires that all businesses registered in the free zone submit an annual business audit. This is to ensure that your company is compliant with all of DMCC’s regulations.
In addition, DMCC also requires that businesses maintain accurate books and records. This includes invoices, receipts, and other financial documents.
Do you need help finding a good bookkeeper? Get in touch.
If you’re not sure how to fulfil these requirements, don’t worry! We can help you get started.
Easy Corporate Bank Account Setup
One of the biggest challenges for new businesses is setting up a corporate bank account. This process can be difficult and time-consuming, but it’s important to have a corporate bank account to conduct business.
At Virtuzone, we can help you get started quickly and easily. We have relationships with some of the best banks in the region and can help you get set up with a corporate bank account in no time.
The best business banks for foreign-owned companies in Dubai are:
- Emirates NBD
- Standard Chartered
Living In The DMCC Free Zone
Dubai Multi Commodities Centre is located in Jumeirah Lakes Towers, Dubai.
One of the best things about doing business at the DMCC is that you can live and work in the same place!
The free zone offers many residential options, including apartments, villas, and townhouses.
You can also find a range of services and amenities in the free zone, including schools, hospitals, supermarkets, and more.
Here are just a few examples of attractions, amenities and residences around DMCC.
Jumeirah Lakes Towers
Jumeirah Lakes Towers offers a diverse range of restaurants, shops and leisure amenities. It is also home to the JLT Community Park, which offers locals and visitors a variety of sports facilities, including an outdoor gym, tennis courts and a running track.
Dubai Marina Mall
One of the biggest shopping malls in Dubai, the Dubai Marina Mall showcases around 140 stores and 21 restaurants, including a children’s play area. It also proudly offers a luxurious cinema experience.
Jumeirah Lakes Towers is also a very family friendly area, with several great international schools. It also has several hospitals, clinics and medical centres that offer state-of-the-art facilities and excellent healthcare quality.
There are lots of safe parks and playgrounds for kids to enjoy and get active.
So, if you’re looking for a place to do business in Dubai that offers all the amenities and attractions you need, look no further than the DMCC free zone!
DMCC Free Zone is Award-Winning
Did you know that the DMCC Free Zone was voted ‘Global Free Zone of the Year‘ by the Financial Times?
This and other accolades are a testament to the world-class facilities and services offered by the DMCC Free Zone.
Compared with other free zones in Dubai, DMCC offers a more business-friendly environment with lower costs and fewer restrictions.
Other free zones around the world cannot compare to DMCC’s world-class infrastructure, which includes a media city, commodities hub, and a rumoured AED 500 million ($136 million) worth of gold and diamond vaults.
Work Beside World-leading Businesses
A lot of world-leading businesses have offices at the Dubai Multi Commodities Centre Free Zone, including HSBC, Deutsche Bank, Standard Chartered, Emirates NBD, Thomson Reuters and Dell.
This makes the DMCC free zone a great place to network with like-minded businesses and get advice from industry experts.
Businesses that base their operations at Dubai Multi Commodities Centre can choose from low-rise and high-rise offices, warehouses, and retail spaces.
Co-working services are also available for businesses who want to take advantage of DMCC’s infrastructure and business-friendly environment but don’t want the commitment of a full office lease.
For example, WeWork and Regus both have locations in JLT which are perfect for businesses who want to be close to the action.
Business Visitors Are Well Hosted
If you need to host overseas business guests in DMCC, no problem! The DMCC has several luxurious hotels which offer room rates starting at AED 500 ($136) per night.
Some of the best-rated hotels in the area include the Jumeirah Lakes Towers Hotel and Spa, The Address Dubai Marina, and Le Royal Meridien Beach Resort and Spa.
However, if you’re on a tighter budget, there are also serviced apartments in the area which offer great value for money. The nearest airport is Dubai International Airport, which is only a 15-minute drive away.
Languages spoken in the area include English, Arabic, Urdu and Hindi. Businesses can host events, exhibitions, and meetings in one of the many conference rooms available in DMCC.
Catering and translation services are also available upon request. All this helps ensure that you will make the best possible impression on your clients and business partners.
Next Steps For DMCC Company Formation
Are you excited to learn more about DMCC Company Formation and your new international business opportunities in Dubai?
The Dubai Multi Commodities Centre is a great location to conduct business in Dubai. It offers 100 per cent foreign ownership, no taxes, and a wide range of services, making it an excellent choice for enterprises of all sizes.
For more information on company formation at the DMCC Free Zone please contact Virtuzone today!
Start your business today
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