DMCC Business Setup: Requirements For Obtaining A License
Dubai Multi Commodities Centre (DMCC) is a free zone in Dubai, United Arab Emirates (UAE), that provides a tax-free and business-friendly environment for companies operating in the commodities sector. DMCC is a popular choice for businesses looking to establish a presence in the UAE. It offers a range of benefits, including 100% foreign ownership, no personal income tax, and a straightforward business setup process.
Company incorporation:
The first step in the DMCC business setup is to incorporate the company. This involves submitting the appropriate application and required documentation to the DMCC Authority. The required documents include the following:
- The company’s Memorandum of Association.
- Passport copies of the directors and shareholders.
- Proof of the registered address.
Trade license:
Once the company has been incorporated, the next step is to obtain a trade license. A trade license allows a company to conduct business activities in the UAE. To obtain a trade license, the company must submit an application to the DMCC Authority along with the following documents:
- Passport copies of the directors and shareholders
- A copy of the company’s Memorandum of Association
- Proof of the company’s registered address
- A business plan
- Payment of the applicable fees
Office space:
After obtaining a trade license, the next step is to secure office space at DMCC. The company must have a physical office space in the free zone to operate legally. The office space must be leased for a minimum of one year, and the lease agreement must be registered with the DMCC Authority.
Visa processing:
The final step in setting up a business in DMCC is to obtain visas for the company’s employees. Companies must apply for visas for all employees working in the UAE, including directors, shareholders, and employees. The company must also register each employee with the Dubai Health Authority to ensure they are covered by health insurance.
Setting up a business in DMCC is a straightforward process that involves incorporating the company, obtaining a trade license, securing office space, and obtaining visas for employees. The DMCC Authority provides support and guidance throughout the process. The benefits of operating in the free zone make it an attractive option for businesses looking to establish a presence in the UAE. To ensure a smooth and successful business setup, it is important to understand and comply with all the requirements and regulations set by the DMCC Authority.