The DMCC Free Zone Company Setup (Dubai Multi Commodities Centre) is a strategic initiative of the Government of Dubai which has been created to establish a commodity marketplace in Dubai. Also, it has been rated ‘A’ by Standard & Poor. It provides an industry-specific market infrastructure with various facilities for the gold & precious metals, diamonds, colored stones, energy, and other commodities industries.
It has been home to more than 17,000 multinational companies, Small and Medium Enterprises, and start-ups. The Gold and Precious Metals Industry and the Diamonds and Colored Stones Industry are supported by DMCC.
Benefits of DMCC Free Zone Company Setup
- Firstly, A 100% ownership of the business.
- Secondly, a License for a variety of business activities.
- Thirdly, Well-built infrastructure.
- Fourthly, the Repatriation of capital and profits is 100%.
The Types of Licenses for a DMCC Company Formation
1) Trading License:
Allows importing, exporting, distributing, consolidating, and storing almost all product types.
2) Industrial License:
This allows the implementation of all light production activities that are specified in the license.
3) Service License:
Allows the carrying out of service or consultancy activities specified in the license.
4) Branch Company:
This allows to the opening of a branch of an existing enterprise that is already doing business in the DMCC free zone.
5) Commercial License:
Allows the trading of any permitted goods.
Services Provided by DMCC Free Zone
- Advertising as well as signage
- Land development
- Planning as well as approvals
- Access cards
- Property leasing and purchase
- Serviced offices and Flexi desks
- Office fitting
- Phone lines as well as telecom
- Care hire
- Insurance services
- Advisory services
- Compliance as well as regulation advisory
- Salary certificates
Following are the Documents Required
- Online Pre-approval application form.
- Copy of the passport of company shareholders, managers, directors, secretaries, and legal representatives.
- Know Your Client form for shareholders, directors, managers, secretaries, and legal representatives.
- Letter of No Objection from the sponsor for shareholder, director, manager, secretary, and also legal representative.
- Specimen signature form for shareholder, director, manager, secretary, and also legal representative.
- Shareholder’s resolution.
- Memorandum of Association as well as Articles of Association.
- Undertaking letter for share capital deposit
- Proof of residential address in the country of residence.
- Copies of parent company documents
- Third-party approval for certain regulated business activities.
- Details of an office address in DMCC Free Zone (after company registration).
The Process of Company Setup in DMCC is Quite Simple
- Firstly, submission of the initial request on the official website.
- Secondly, fill in all the registration details and pay the fees.
- Thirdly, Provide all the necessary documents.
- Fourthly, Provide the documents for the license, and after approval, you obtain it.
- Lastly, visas, residency permits, and other such permits can be applied for after obtaining the license.
Following are the Types of Office Facilities Available
1) Flexi Desk
2) Small-Fitted Office
3) Business Centre Office
4) Physical Office for Lease
5) Physical Office for Sale
6) Retail Shop
Business Activities Permitted in Dubai Multi Commodities Centre
Agriculture, Fishing, Mining and quarrying, Manufacturing, Electricity, gas and water, Construction, Trading and repairing, Hotels and Restaurants, Transport, storage, and communications, Financial services, Real estate and business services, Education, Health and social work, Other community, social as well as personal services.
Following are the products of Dubai Multi Commodities Business Centre-
DMCC has a wide range of commercial and residential properties that can be rented or purchased.
2) Silver Business Centre:
It provides a prime business address along with support services. A first-class working environment, highly advanced technology, and modern facilities can be enjoyed.
3) CORE Commercial:
It is DMCC’s partner in real estate brokerage. They help in purchasing or leasing commercial and residential properties.
It is a service provider in the field of Integrated Facilities Management. It provides a variety of Facilities Management services for residential and commercial properties.
Features of DMCC Free Zone-
- Firstly, a variety of office types suiting the size and types of business activities
- Secondly, commercial sales or leasing of property
- Thirdly, very competitive prices
- Fourthly, Prime real estate is centrally located
- Fifthly, Advanced infrastructure
- Lastly, Easy access to sea ports and airports
Almas Tower, Silver Tower, Gold Tower, Jewellery, and Gemplex are some of DMCC’s properties.
Financial Services Offered by DMCC Free Zone Company Setup
DMCC Tradeflow, is a flexible and customized online platform used to register the possession and ownership of the commodities stored in UAE-based facilities.
DMCC Tradeflow, was established in 2004 and since then has evolved from a warehouse receipt system to serve as the regulator of commodity trade in the UAE as part of the Government of Dubai. The unique platform was launched to address a gap in the regional trade finance market and has witnessed an increase in transactions over the years.
It now provides a range of online services that are specifically designed to facilitate collateral financing, jewellery financing, and provide Islamic Finance solutions. Tradeflow’s success is largely due to DMCC’s ability to work alongside the global commodities industry, form various partnerships and work on creating trade enabling eco-systems.
Its consistent high performance is leading to its expansion of it. It has also resulted in the development of various innovative trading platforms that specifically cater to the trade finance demands of emerging markets such as India and China.
Dubai Shariah Asset Management:
Dubai Shariah Asset Management (DSAM) is a joint-venture Islamic finance initiative between the Dubai Commodity Asset Management, a DMCC division, and the Islamic finance provider Shariah Capital.
Therefore, it aims to develop Shariah-compliant commodity-focused investments. The first product is an exclusive series of single strategy, transparent hedge funds registered on the Al Safi Trust platform and marketed under the DSAM Kauthur brand. The Al Safi Trust basically ensures that the investment assets are directed into separately managed accounts at Barclays Capital New York.
Dubai Shariah Asset Management:
The Dubai Gold & Commodities Exchange (DGCX) commenced trading in November 2005 as the region’s first commodity derivatives exchange. DGCX is a subsidiary of Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate market, physical, and financial infrastructure as well as services required.
The Various Clubs at Dubai Multi Commodities Centre
Collaborate with Others to Grow
1) Food Trade Group:
It helps increase your sales by meeting suppliers involved in the food trade and other related industries. Mitigation of risk, gaining market insight, easier access to finance as well as access to all trade data are some other advantages of the club.
2) Energy Club:
The Energy Club holds regular collaborative meetings between energy industry participants irrespective of the location of their activity. Further, the basic purpose of the Energy Club is to share know-how and act as a platform for the members where they can ask questions or share any ideas that may improve the industry. It significantly aims at providing maximum value for the members by listening to their needs and providing the opportunity to raise and discuss hot topics.
Furthermore, with members’ support, it provides news and views throughout the industry, including economic, technical, legal, and all other relevant areas. However, it also ensures the privacy of the members and operates under the Chatham House Rule.
3) Maritime Club:
It gives members access to Dubai Maritime Intelligence and also provides research opportunities. It significantly acts as a platform that has provided excellent networking prospects. And also the opportunity to meet maritime professionals from across the region.
It is a Google Partnered tech centre. It also provides a special license that enables start-ups to work in a collaborative community of like-minded entrepreneurs with zero upfront costs.
Frequently Asked Questions
DMCC Free zone Company Setup
The minimum number of directors is one.
Yes, the import, as well as export of goods, is allowed.
Yes, accommodation facilities are available.
Yes, indeed there is 100% foreign ownership.