How to Start A Company In Dubai Multi Commodities Centre (DMCC)?

January 6, 2021by admin0

Dubai Multi Commodities Centre (DMCC) is the leading free zone in trade and enterprise hub for commodities. Located at Western Asia’s business hub, DMCC was established by the local government of Dubai to introduce and impact local and international trading of a variety of goods such as gold, diamonds, tea, clothing, etc.

Currently, DMCC houses over 18,000 companies. It was awarded the Global Free Zone of the Year 2020 by the Financial Times’ fDi Magazine, bagging the award for six consecutive years, a proof of its attained local and global success in nurturing and assisting companies in Dubai.

As a highly reputed Free Zone not just within the Emirate but to the whole of UAE, company formation in DMCC has multiple benefits, such as:

● Zero corporate and personal income tax for all.
● Flexible office solutions and cost-effective license packages
● Strategically-located, with thousands of business networks available
● Allows 100% foreign business ownership
● Eligible to apply for residence visa
● No foreign currency limitations and/or restrictions
● Guaranteed full repatriation of profits
● World class infrastructure and facilities available

Applying for a license in DMCC runs for at least 32 days. To start a company in the free zone, follow the steps below:

 

1. Choose your license and activities.

Currently, DMCC offers the following types:

● A Trading License is given to businesses carrying out trading activities on specific types of goods.
● A General Trading License is given to businesses who wish to trade different kinds of goods.
● A Service License allows business activities for different service-oriented companies.
● An Industrial License permits manufacturing activities to companies.

 

2. Prepare the documents needed.

For a faster and more efficient movement of your application, make sure to prepare as early as possible the following documents:

System-generated appointment letter to be filled in and signed by the shareholders (you may ask for the assistance of your local agent in getting and signing of this requirement)
Copies of passports and Emirates ID of shareholder, director, manager, and/or secretary
Proof of residence of each shareholder, director, manager, and/or secretary. Can be through a valid tenancy contract, utility bill, bank confirmation letter, or any official document issued by the country of residence not older than six months
● Optional: Consultant’s Appointment Letter and Power of Attorney

 

3. Undergo the pre-approval stage.

During this phase, you will be submitting the necessary documents to DMCC and the authority will review it to ensure that the company has met the guidelines in starting a company in Dubai.

 

4. Complete the registration process.

The investor will receive an email from DMCC requiring him/her to submit additional documents and pay the necessary fees. Once this has been submitted, the investor must wait for the authority to finish the registration.

 

5. Receive your license.

Upon getting the notification for the collection of trade license, the investor shall visit DMCC and will receive the following documents:

● Trade License
● Attested DMCC Articles of Association
● Share Certificate(s)
● Certificate of Registration
● Tenancy Contract (if any)

The investor/s may now proceed to applying for a Residence Visa and/or Corporate Bank Account Application.

For a more efficient and detailed application for your trade license, it is vital that you acquire the services of a local agent to assist you with the preparation and submission of documents. In Dubai, local agents are investor’s one-stop-shops for everything that they need to keep their business up and running.

 

IBG Consulting is an all-in-one solution for you. We offer corporate services such as license application, renewal, and cancellation, visa processing services, accounting and bookkeeping, as well as digital marketing, website development, and PRO services to assist investors just like you, dreaming for a UAE-certified success.

Consult with us today!

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