The Dubai Multi Commodities Centre (DMCC) is one of the most successful free zones in the UAE and the world. It has been crowned “Global Free Zone of the Year” by the Financial Times fDi magazine for five years. It is the fastest growing free zone in the UAE.
Well known multinationals such as Pepsi, American Express, De Beers, Harley-Davidson, Duracell, Electrolux, and Lukoil are based in the Jumeirah Lakes Tower (JLT) area within the DMCC. As of today, more than 100,000 people live in JLT, 60,000 people work within DMCC companies, 600 food and beverage outlets exist within JLT, and seven new companies start every single day!
DMCC member companies contribute over 10 percent of Dubai’s GDP and play a critical role in attracting international investment in a variety of sectors. With the support of DMCC, Dubai now accounts for around 25 percent of global gold trade. DMCC has played a crucial role in making Dubai into one of the world’s top three diamond trading hubs. DMCC Tea Centre has helped Dubai become a leading global trade hub for tea. Approximately 95 percent of all companies incorporated at DMCC are new to the UAE.
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DMCC has one of the most well-refined incorporation systems in the UAE via their online portal. While they have embraced online technology and reduced the amount of physical documentation that needs to be submitted, there are still some procedures that need to be done in person.
You’ll need to sign and present specific documentation in person; this can pose a challenge to those unfamiliar to the way business is conducted in the UAE. Our PROs regularly interact with the personnel at DMCC, which means we can pre-check your documentation and reduce the amount of time you spend at the DMCC in finalising your incorporation.
In addition to the incorporation process, we can put you in touch with commercial real estate agents who can speed up in getting you the right space in JLT regardless of the nature of your business.
Kindly note that the free zone requires that you submit a bank letter for share capital deposit to the free zone after incorporation. Additionally, you will need to appoint a DMCC approved auditor as well as provide annual reports to the free zone when you renew your license.
A business in DMCC Free Zone can operate under these types of licenses:
Commercial License
Encompassing trading activities;
Professional License
Encompassing professional services;
The documentation can vary based on the nature of your business. Certain types of business activities require additional documentation and approvals.
Here is a current list of standard documents that you will need to either upload on the portal or provide in person:
- Application form;
- Specimen signature of all parties involved in the business;
- Passport copy of all shareholders and company officers;
- Visa copy of all shareholders and company officers (if applicable);
- External approvals (if applicable);
- If an industrial license, technical and environmental assessments might be required;
- If a foreign shareholder has an existing UAE residence visa, a NOC from the sponsor is needed;
- If a company, instead of an individual holds the shares, the company documents need to be notarized and attested.
DMCC companies can take anywhere from 4 to 8 weeks to incorporate. The timescale can depend on several factors such as the type of license, whether you are buying or leasing a property, and the time of the year. The incorporation process can take a bit longer around Ramadan, as business hours at the free zone are shortened. You can monitor the progress of your company formation via the online portal.