Introduction – Free Zone Focus
The Dubai Multi Commodities Centre (DMCC) was founded by the government of Dubai in 2002 to provide the infrastructure needed to enhance the trade flows of commodities such as diamonds and stones, energy, gold and precious metals, tea, and energy through Dubai.
The mission of DMCC is to establish Dubai as the global leader in the trade of commodities. Today, Dubai is one of the world’s top three commodities trading centres and the largest free zone in the UAE, housing over 8,700 companies. DMCC’s registered companies range from global giants and well-known regional industry players to small–medium sized enterprises and start-ups. It is the largest and fastest growing free economic zone in the UAE. An average of 200 new companies joins DMCC every month.
DMCC is rated ‘A’ by Standard and Poor’s, making it the first Dubai free zone and the second in the UAE to receive a full rating from the world’s number one provider of credit ratings.
Gold and Precious Metals Industry
DMCC supports the gold and precious metals industry by bringing together key international and local industry players. The result is the achieving, not only of high profitability but also the highest worldwide standards for gold and precious metals products. Dubai’s strategic location, shipping facilities, air cargo services, and access to a huge consumer demand appeal to the main players of the gold and precious metals industry.
Diamonds and Coloured Stones Industry
DMCC is establishing Dubai as one of the world’s leaders in rough and polished diamond trading. It operates the diamond section, the Dubai Diamond Exchange, based in the Almas Tower, within global industry standards. An example of this is the implementation of the Kimberley Process Certification Scheme (KPCS).
DMCC facilitates and supports all activities in the diamond industry’s supply chain, including refining, manufacturing, certification, promotion, selling and shipping. There are strong alliances with other players in the industry such as government departments, shipping companies, recruitment companies, advertising companies, and technological experts, all providing valuable business connections as well as enabling unlimited business opportunities.
Where is it located?
Almas Tower, Floor 1,
Jumeirah Lakes Tower,
PO Box 48800
Tel: +971 4 424 9600
Local: 800 3622
Fax: +971 4 390 3897
Email: firstname.lastname@example.org, email@example.com
Describe the kind of businesses here?
- Silver Business Centre (SBC)
- CORE Commercial
Who are the prominent clients?
- American Express
- Conoco Philips
- Harley Davidson
- Louis Dreyfus
- Debeers Diamdel
- Rio Tinto Alcan
- Nutricia Danone
What are the advantages of setting up business here?
- 0% personal and corporate tax
- 0% capital repatriation
- 100% business ownership
- Zero currency restrictions
- The biggest and fastest growing free zone in the United Arab Emirates
- Global recognition in the commodities industry – “A” rating by Standard & Poor’s
- Prime strategic business location of global significance
- Complete range of facilities to support refining, manufacturing, and trading of commodities
- Continuous innovation of products and services
- Regulated and secure business environment – global ‘best practice’ procedures
- Around 8,700 companies
- Freehold property
- State-of-the-art properties for lease of purchase
- Alliances with industry players enabling unlimited business opportunities
- Business networking events and online networking tools
- Provision of investment tools, g., Shariah compliant hedge funds
- Access to trading platforms, e.g., Dubai Gold & Commodities Exchange
What are the procedures for establishing a business here?
To set up a new company fast and efficiently in DMCC Free Zone, clients need to carry out the necessary procedures via the DMCC portal and follow the four simple steps below:
|Client Actions||DMCC Free Zone Actions||Time needed|
|Step 1: Submit initial request via www.dmcc.ae or call +9714 424 9600 / email firstname.lastname@example.org||Contact the client and send a login||1 working day|
|Step 2: Fill in company registration details on DMCC portal and pay application fee of AED 1000||Send confirmation of pre-approval to client||Up to 10 working days|
|Step 3: Complete the payment and go to DMCC with original documents or attested documents||Send provisional registration and bank letter to client||3-5 working days|
|Step 4: Upload requirements for license||Issue Certificate of Registration and License||2-4 working days|
Once the client has received the license, he/she can apply for visas, residence permits and much more.
Documents required for each stage of the registration process
|Documents required||Original / Copy||Comments|
|Pre-approval and Reservation of Company Name|
|Passports of company shareholders, directors, manager, secretary, legal representatives with UAE visa page||Copy||Visa page only for UAE residents|
|Company Registration Process|
|Know Your Client (KYC) form for each shareholder, director, manager, secretary, legal representative||Original||Complete forms and sign|
|Business Plan||Copy||Required for certain activities only. See guidelines.|
|Passport of each shareholder, director, manager, secretary, legal representative with UAE visa page||Original||A copy of visa page required for UAE residents.|
|Letter of No Objection from sponsor for each shareholder, director, manager, secretary, legal representative||Copy||Applies only if holding UAE visa from another sponsor. Copy accepted if presented on company letterhead, signed and stamped|
|Specimen signature form for each shareholder, director, manager, secretary, legal representative||Original||Signed in the presence of a DMCC Member Service Executive or notarized|
|Proof of permanent home address of each shareholder, director, manager, secretary, legal representative||Copy||Recent utility bill (or similar) not older than six months showing the home address. For tenants confirmation letter signed by the landlord is required and the passport copy|
|Shareholders’ Resolution||Original||To be signed in the presence of a DMCC Member Services Executive or Notarised and Attested by the UAE Embassy or by Apostille. See templates.|
|Memorandum & Articles of Association||Original||To be prepared by DMCC then signed in the presence of a DMCC Member Service Executive or notarized|
|Undertaking letter for share capital deposit||Copy||See templates|
|3rd party approvals from relevant authorities||Original||For certain activities. See list of authorities (3rd Party NOCs) on DMCC website|
|A. Leased property-Valid property lease agreement covering the license period and evidence of property ownership – either a title deed or current dated certificate of ownership OR DMCC flexi desk office contract (subject to approval)B. Owned property under the same DMCC company name Evidence of property ownership – either a title deed or current dated certificate of ownership||Original||Original documents needed for verification by a DMCC Member Services ExecutiveTenancy agreement to be in the reserved company name, be valid for at least one year from the date of submission, and mentioning the size/ area and location of the office. If more than one purchaser, both owners must sign a lease agreement. If owned property, the title deed or the current dated certificate of ownership must be under the same DMCC company name|
|Certificate of Conformity (COC) & Stamped unit fit-out drawings issued by Concordia DMCC||Original||Applies for retail and industrial activities only|
|Bank Share capital deposit confirmation letter||Original||For share capital AED 500,000 and above|
|Following Receipt of License|
|Certificate of Conformity from Concordia||Original||For offices|
|Bank share capital deposit letter or bank statement reflecting the deposited amount||Original||Up to 3 weeks from licensing|
|Sample company letterhead with stamp||Original||With new DMCC company name|
|Share certificate/s with company stamp||Copy||All copies|
|Letter appointing external auditor||Original||On auditor company letterhead|
What is the cost of setting up business here?
- Application fee: AED 1,000
- New company registration fee: AED 9,010
- Standard – Trading and Service – License fee: AED 20,010
- Preparation of Articles and Memorandum of Association fee: AED 2,010
What is the distance from various landmarks to this location?
DMCC to Airport – 33.3 km
DMCC to Downtown – 24.2 km