DMCC stands for Dubai Multi Commodities Center. It is by far one of the most well-known and highly reputable Free Zones in the UAE.
It’s the world’s biggest Free Zone, which was 5 times awarded as a “Global Free Zone of The Year”.
DMCC company formation is one of the best ways of registering your business in the Emirate of Dubai.
It hosts 16,000 companies. DMCC is home to many large multinational corporations.
- Facilities and Activities
- Requirement and Procedures
- Resident Visa
- Company Renewals
- Company Amendments
- Company Liquidation
- Setup Cost
DMCC BUSINESS FACILITIES
DMCC is located in the area of Jumeirah Lakes Towers, which has both commercial and residential towers and looks like a city within a city.
It has 2 metro stations and convenient access to the main highways of Dubai. Dubai Marina and The Palm Jumeirah are just across the road and Downtown is 10 minutes drive away.
You can find business centers, offices, clinics, schools, sports clubs within the same area.
DMCC company has 4 options of the facilities to rent when you do company formation DMCC:
- The Flexi-desk facility as the minimum required office space
- serviced desk or office
- executive office in any of the business towers located in JLT
- Warehouse in JAFZA free zone
Business activities range from conventional trading or professional services ending up with crypto commodities trading.
You can also open a shop, a clinic, a restaurant, or another type of retail business within the JLT area. It makes DMCC free zone company setup a great alternative to a Mainland company, which requires a local citizen as a sponsor. In DMCC you will be a 100% owner.
Your license can hold up to 6 business activities from the same group. It is 2 times more than the average across the UAE.
DMCC COMPANY SETUP
DMCC company setup takes from 2 to 4 weeks depending on the business activity. Half of the procedure can be done remotely.
A personal visit of the shareholder will be required to sign company legal documents at the authority’s offices.
Company formation in DMCC entails depositing of the share capital to a corporate bank account. The free zone gives 60 days after the licensing for this procedure. The minimum share capital is 50,000 AED.
Documents for DMCC business setup include:
- Passport copy
- Utility bill
- Business plan for certain activities
There are quite a few post-registration formalities to be done:
- Demonstration of company capital to DMCC authority
- Appointment of auditors
- Stamping shares certificates
- Carrying out office inspection if you have rented one
The free zone holds promotions a few times a year when it gives substantial discounts for DMCC company formation.
DUBAI RESIDENT VISAS
All visas will be valid for 3 years for owners as well as employees. Company owners cannot get a visa designation of Investor like in many other zones. Instead, they can have any top managerial position.
All employees who need to get a managerial position in the visa have to provide an attested educational certificate.
When you apply for resident visas in DMCC, remember that you will need to get health insurance before the visa stamping. Note, that insurance processing might make the visa procedure longer.
Visas and insurance can be taken care of by business setup consultants in Dubai, approved by DMCC.
RENEWAL OF DMCC LICENSE
Company renewal costs less than the incorporation. A one-time registration fee will not be charged. You will pay only license and facility fees.
It makes DMCC companies quite reasonable in terms of maintenance.
Any company in Dubai multi commodities center authority must provide an annual audit report even if no commercial activity happened.
Business setup consultants in DMCC can carry out the renewal procedure without your personal presence.
Almost any minor amendments in DMCC can be done remotely. In case of shares transfer, a personal visit of the owner or a Power of Attorney will be required.
The average cost of any amendment is 4,000 AED.
Some amendments can be done for free during the renewal of the license. For example, business activities you can remove or add when you renew the company.
Other usual amendments can be:
- Company name change
- Change of the location
- Removing or adding the company Manager
DMCC COMPANY LIQUIDATION
Company liquidation in DMCC authority is quite a substantial process. The following steps need to be taken:
- Final audit
- Newspaper advertising of the company closure
- Closure of the bank account
- Termination of lease
- Cancellation of visas
- Cancellation of the license
Time-frame varies from 2 to 5 months sometimes. The government fees would be about 10,000 AED. Business setup consultants in DMCC can normally take care of the liquidation as well.
DMCC LICENSE COSTS
DMCC company set up cost consists of these major fees:
- DMCC license
- One-time registration fees
- Facility rent Flexi-desk, office, or warehouse
DMCC license cost with 6 related activities is standard:
|Type of license||Cost, AED|
|One-time registration fee||9,020|
|Memorandum and Articles||2,020|
In our opinion, DMCC is the best option for those who want to open a real office within Dubai in a developed business community. Even if you start with a Flexi-desk, it’s a good opportunity to expand without changing the place of your company registration.