There are an extensive array of benefits to starting your new company in the DMCC free zone. Some of these benefits include:
Dubai is home to one of the largest markets in the world. With a booming economy, enticing business incentives, and boundless opportunities, thousands of investors move to the region each year to form new businesses or invest in established industries.
And standing at the forefront of this business boom is the Dubai Multi Commodities Centre, or DMCC. This free zone is one of the fastest-growing trade zones in the Emirates, with over 15,000 licensed businesses. It was even named “Global Free Zone of the year” for three years in a row.
Free zones are sectors of the UAE dedicated to giving foreign investors 100% ownership over their companies. Most also offer incredible incentives that allow these companies to minimize operating costs and streamline their business.
The DMCC was launched in 2002 and has quickly become one of the largest free zones in all the Emirates. It’s host to thousands of different business types from a wide array of industries that range from agriculture to precious stones and metals. Some of the primary objectives of this free zone include:
DMCC company formation is a big decision! For success, it requires thorough research, insight, and planning. And despite the application process being engineered for a streamlined experience, it’s not without its pitfalls. Entrepreneurs unfamiliar with local business practices, laws, and customs often seek consulting firms like MSZ Consultancy to help them navigate the often rocky terrain of company formation.
The first step in new business formation will be to choose a business activity. This decision will affect what type of license you’ll require and the free zone you’ll be entering. There are many available activities throughout the Emirates, each with its own regulations, incentives, and advantages. You will want to carefully research what type of business type works best for you.
Picking your legal structure will determine how your business operates and provides a roadmap on how it will need to handle assets and resources. Some of these legal forms include:
Also known as a Limited Liability Company, this structure is one of the most common legal entities in the UAE. It is often recommended for businesses hoping to make sales directly within the Emirates.
This legal entity is dedicated to businesses that are owned and operated by a single shareholder. Owners that structure their business under this architecture are fully responsible for any profits and losses incurred.
This structure is for engineers, doctors, accountants, scientists, and lawyers. These business entities are 100% owned by the investors, and many are often required to appoint a local service agent.
Branches are businesses with the same legal identity as their parent company and conduct all business under their purview.
Before creating a company, you’ll want to decide what type of license your business will require. Depending on the sector, you’ll have one of three choices:
A trading license allows new businesses in Dubai to conduct all their trading activities under one license.
A commercial trading license allows the import, export, and distribution of products that are specified under the license.
This license allows businesses to carry out a service-based business or provide consultancy activities.
At this point, you’ll need to pick a name for your company. You will need to ensure that another company has not already chosen your name and that it does not violate any of the UAE’s business standards.
Investors hoping to form a company will need to gather all their required documentation and submit the application.
After submitting your application, you’ll receive notice of pre-approval.
After your application has been processed, you’ll need to pay all required fees and collect your documentation. Once this has occurred, you’ll receive your new business license.
As mentioned previously, when applying for a business license in the DMCC free zone, you’ll be required to present several documents to the governing authority. These include, but are not limited to:
The DMCC is a dedicated platform for many different business sectors, with enormous opportunities for growth. Some of these opportunities include:
The gold industry is one of the most influential industries in the UAE and attracts investors worldwide. DMCC branching into the gold sector has provided enormous benefits for the entire industry. For investors hoping to find an opportunity, the DMCC is one of the best locations to start your business!
Agriculture is one of the most important aspects of any economy. And with the population constantly growing, the need for agricultural products will need to follow suit. For those wanting to enter the agriculture sector, the DMCC is the place to be!
The DMCC offers an abundance of opportunities for investors that buy, sell, and trade diamonds in the UAE.
Much like diamonds, the pearl industry is a wise decision for many investors. This free zone provides an enormous selection of opportunities for shareholders hoping to invest in pearls.
Trading activities in the DMCC aren’t limited to precious metals, but they also cover some crucial goods like teas and coffee. The DMCC offers numerous incentives and facilities for these industries like storage, processing, and packaging facilities.
Spices are a universal commodity enjoyed by many different cultures around the globe. Dubai’s spice industry is one of the largest growing sectors for new business opportunities. Understanding this, the DMCC has initiated programs aimed at catering to the needs of spice industries.
Another quickly expanding market in the DMCC can be found in base metals. An ever-growing real estate market has created a need for many different types of construction materials.
You aren’t required to seek out local sponsors or give up a portion of ownership to start a business in the DMCC free zone.
Foreign business owners can return all their profits and starting capital funds back to their home nation.
This includes corporate, personal, and even income taxes.
All businesses are exempt from paying duties on their goods.
Dubai features one of the most relaxed visa processes on Earth.
Whether you require physical office space, shared spaces, or virtual offices, the DMCC offers a wide assortment of options.
Through DMCC events, educational workshops, and more, there are ample opportunities to work with like-minded business owners and investors.
Handle all your critical business renewals or ask important questions with fantastic customer service representatives.
The DMCC provides a secure environment for its sector, including the AU Tower, Almas Tower, and the AG Tower.
Stay up to date with the newest developments in standards and regulations.
The DMCC Free Zone offers many different business opportunities to new investors and entrepreneurs entering the sector. However, navigating the company formation process can be a tricky and time-consuming endeavor. Many business owners will seek the advice of business professionals that are familiar with local business customs and regional laws. Having a thorough understanding of these pitfalls can help business owners focus on the critical things, like handling your business!
That’s where MSZ Consultancy comes in! With over 12 years of experience in navigating the rocky terrain of business formation in the UAE, MSZ’s specialists have the knowledge you need to find success in the DMCC Free Zone. Whether you’re wanting to complete a business setup in Dubai or are applying for a visa, we can help! Give us a call today at +971 52 544 1248 and let our knowledgeable team members assist you!