Dubai Multi Commodities Centre (DMCC) is the first UAE free zone created to serve the needs of commodity sector businesses. However, the landscape of business setup in DMCC is not restricted to the commodity sector alone. The free zone offers a wide range of activities, including e-commerce, trading, professional services, retail, education etc. DMCC even issues trade licenses for emerging sectors such as cryptocurrency and blockchain.
Top-notch facilities, a premium address, affordable business setup packages etc., make DMCC a strong magnet of foreign investors. Incorporating a company in DMCC is a straightforward process, even though new entrepreneurs may be fazed by the various rules and laws. However, that can be navigated with the help of business setup consultants in Dubai. Read ahead for a list of important aspects of opening a new business in DMCC.
Business Setup Packages in Dubai Multi Commodities Centre
In a bid to provide foreign investors with a low-cost business setup in Dubai, the DMCC free zone has recently introduced four company formation packages. They are
1. DMCC Jump Start Package
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The ‘Jump Start’ package is crafted specifically for SMEs and startups, which offers up to a 24% discount on the fee for business setup in DMCC. The package comes with a one-year UAE Residency Visa, establishment card, DMCC business license, company setup & commemorative certificate. The DMCC Jump Start Package comes with access to a Standard Flexi-Desk option, eligible for three UAE Residency Visas. Business setup consultants in Dubai can provide further details on the costs and additional benefits associated with this package.
2. DMCC Prime Plus Package
DMCC Prime Plus Package has been created for the benefit of medium and large companies that aim for an affordable company formation in Dubai. The Prime Plus Package includes a three-year DMCC license, establishment card, company stamp & commemorative certificate, operational fitness certificate etc. Additional benefits include discounts on company setup fees, guaranteed price freeze on license renewal, 20% discount on additional business activities, ability to add directors, shareholders, and license activities without any additional charge etc.
3. DMCC Basic Biz Package
Basic Biz Package by DMCC is ideal for individual entrepreneurs who seek a cost-effective process of business setup in Dubai. The package comes with a DMCC business license, establishment card, company stamp & commemorative certificate, tailored package for individual shareholders, special Flexi desk eligible for one UAE Residency Visa etc. Business setup consultants in Dubai can advise the entrepreneurs about the additional benefits associated with the Basic Biz Package.
4. JLT Resident Package
The JLT Resident package is dubbed as the most affordable package for company formation in DMCC. However, the package is available only for JLT Residents who wish to start a business in DMCC free zone. The package comes with a DMCC license, a special Flexi-desk option, access to industry and networking events etc.
Licenses Permitted in Dubai Multi Commodities Centre
DMCC allows a wide range of licenses at affordable price ranges. The following are the major licenses available for company formation in DMCC:
1. Trading License
Investors need a trading license to carry out activities such as import, export, distribute, and consolidate nearly all types of goods.
2. Service License
By obtaining a service license, investors can open a professional service or consultancy service company in DMCC.
3. General Trading License
General Trading License allows entrepreneurs to trade multiple goods. However, the license doesn’t permit the trading of goods related to oil & gas or trading of any goods that require special approvals.
Facilities Provided by Dubai Multi Commodities Centre
DMCC offers the best facilities for all types of businesses at an affordable price range. DMCC’s property portfolio includes fully equipped office spaces to Flexi-desks. DMCC offers flexibility in choosing an office space based on the specific requirements of the investors. DMCC’s facilities are located in JLT, which is one of the most sought after business districts in Dubai. The following will give the investors a glimpse into the DMCC property portfolio:
A) Uptown District
Renting business space in Uptown Dubai offers the investors access to mixed-use towers that rise above the grand plaza. The property is surrounded by a vibrant community, world-class F&B and retail experiences. The Uptown Tower was built by the famous architect AS+GG. Business setup consultants in Dubai can help entrepreneurs decide whether Uptown District is right for them.
B) DMCC One JLT
Entrepreneurs can set their business in One JLT, a premium LEED Gold Standard building. One JLT offers energy-efficient commercial space over 14 floors. Investors can grow their business in no time by leasing the premium spaces in One JLT at the heart of a vibrant business district.
C) Jewellery and Gemplex
Jewellery and Gemplex is a thriving business hub that offers perfect support for business growth. The hub provides ready, fitted, and furnished offices for all kinds of businesses. The spaces are available in a wide range of sizes that come with all types of modern amenities.
D) Gold Tower and Silver Tower
Gold and Silver Tower accommodates the famous jewellery brands in the world. The 37-storey tower overlooks the stunning community views and offers comfort, amenities and connectivity for the businesses.
E) Shared office spaces
DMCC offers a wide range of serviced offices and fully furnished offices that are available in a “ready-to-move-in” condition. The co-working spaces in DMCC is the best way to avoid unnecessary costs as most of the amenities will be shared.
Investors can set up their retail business in Dubai’s busiest districts. It is situated in a prime location in the vicinity of various residential communities. DMCC offers a diverse range of retail spaces that comes in all sizes and shapes. Setting up a retail business in JLT is the best way to get the brand noticed.
G) Land plots
DMCC land plots offer business owners a golden opportunity to own land in Dubai’s prime location. Invest in JLT is a prime real estate community project developed by the DMCC, which allows investors to choose from attractive properties with a premium address.
Unique Licenses in Dubai Multi Commodities Centre
Apart from the regular licenses, the DMCC offers a wide range of unique licenses. Some of them are given below:
1. Crypto Trading License
Foreign investors can apply for a crypto trading license in DMCC to carry out proprietary trading in crypto commodities. The license permits activities such as buying and selling of crypto commodities. However, the license forbids activities like running a crypto exchange, crypto brokerage services, financial services, banking services, payment processing or storage services. The DMCC crypt trading license requires a minimum capital of AED 50,000. Business setup consultants in Dubai can help the investors to obtain the license.
2. The Distributed Ledger Technology Services license
The Distributed Ledger Technology Services License permit activities such as providing database management solutions and ancillary services based on distributed ledger technologies, such as blockchain. However, this license doesn’t permit activities like crypto trading, setting up of crypto exchange, financial activity services, brokerage or payment processing. The license also involves a minimum capital requirement of AED 50,000.
3. DMCC Dual License
As per the rules of business setup in Dubai, a free zone company is not allowed to directly trade in the mainland. However, the DMCC allows companies under its license to operate in the mainland through a Dual License. DMCC companies can obtain a Dual License and carry out mainland operations from their free zone office. The Dual License is the result of an agreement between the DMCC and the Department of Economic Development (DED).
Compliance Requirements in Dubai Multi Commodities Centre
Companies operating in DMCC need to comply with certain reporting requirements such as Ultimate Beneficial Ownership (UBO), Economic Substance Regulation (ESR) and Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT) etc. Failing to comply with these requirements will attract hefty penalties from the regulatory authorities. Business setup consultants in Dubai can help business owners assess and execute their compliance requirements.
Choose the Best Business setup Services in Dubai, UAE
DMCC is one of the largest and best free zones that allows an easy and flexible process of business setup in Dubai. By opting for the process of business setup in DMCC, foreign investors can carry out a wide range of lucrative business activities. Yet, the rules of business incorporation in DMCC may appear a bit complex for new entrepreneurs. However, business setup consultants in Dubai, such as Jitendra Business Consultants (JBC), can help investors navigate the company registration process.
JBC is the leading provider of business setup services in Dubai who can help the investors with requirements like drafting the documents, selecting the proper legal structure, obtaining approvals, applying for visas, opening a corporate bank account etc. JBC helps the entrepreneurs tackle complex requirements such as UBO, AML-CFT, VAT, Audit, accounting and Economic Substance Regulations (ESR). Since JBC provide all business setup services in Dubai under one roof, obtaining a DMCC licence will be easier for foreigners.