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Get Free ConsultationDubai is undoubtedly the epicentre of global trade and commerce in the world, constantly attracting entrepreneurs and international investors to be part of it. The Dubai Multi Commodities Centre (DMCC), which is one of the most recognized free zones in the city, is a perfect place for the company formation now. Taking advantage of DMCC’s various facilities, whether you are a small business that has just entered the Middle East and is considering a location in the DMCC to do business or an already ongoing project that wishes to expand the company, will not bring any disadvantage. The DMCC’s contribution to the overall Dubai’s economy is significant, as it has led to any increase in 15% of FDI in the near years, along with the increase in approx. 1023 new companies making a total of 25000 companies in DMCC. This blog post will describe in detail the process of company formation in Dubai Multi Commodities Centre, and the advantages it can bring to businesses will be looked into.
Let us point out that the starting point of company formation in DMCC is to give you an insight into what the Dubai Multi Commodities Centre (DMCC) is and how it became so crucial to businesses.
Aiming at commodities trading and business-related fields, DMCC was established in 2002 and has the distinction of being one of the excellent free zones in Dubai. DMCC is home to around many firms, but, conversely, it is the most populous and the fastest-growing free zone in the whole of the Emirates. DMCC facilities are usually characterized by a vibrant community of entrepreneurs, modern infrastructure, and a wide range of services that cater to the needs of different businesses.
It is necessary for people who are interested in starting a business in Dubai to visualize the function and significance of DMCC in company formation in order to succeed in the job market. To go further, we are going to take a look at the way of establishing a company in DMCC and what demands and steps would be required.
Running a company in DMCC carries a variety of benefits for individuals and families, and it is not only limited to entrepreneurs and investors. These benefits are so attractive and nearly irresistible to the entrepreneurs and investment community, where they make such firms the most highly rated and the most successful ones.
One of the most frequently cited benefits associated with establishing a company in DMCC is that you will get the golden chance of having 100% foreign ownership, which is something unique to the DMCC-free zone along with the tax benefits, infrastructural benefits, the diverse target market and many more.
You may be considering the formation of a company in DMCC, but understanding the detailed, step-by-step process will be crucial to your success in this place.
Step 1: Choose business activity: The first thing you need to do is to be sure that your business activity is accepted within the DMCC free zone. DMCC offers activities like trading to manufacturing as well as consultation services to be chosen by companies starting in this area.
Step 2: Choose the suitable legal form: The next step involves selecting the legal structure that best fits your company’s needs like establishing as a free zone company (FZCO), establishing as a LLP, or establishing as a sole proprietorship. Your decision should be based on your business objectives, ownership requirements, and your liability concerns.
Step 3: Pick a suitable name for your company: Your desired name for a company should, of course, be in line with the rules guiding the company’s naming with DMCC. The name should be unique, clearly defined, and should not violate any trademark rights.
Step 4: Drafting of documents: Create the legal papers, not excluding the Memorandum of Association (MOA) and the Articles of Association (AOA). These papers offer insights into the structure, the main objectives, and the daily activities of the company along with any other documents as per the demand of the authority.
Step 5: Choose your office space: One can find different office spaces that fit the needs of the business in the DMCC. Choose the space you want that matches your needs and requirements.
Step 6: Submit your application: The next thing to do is to prepare all the necessary documents and then post them to DMCC. The letter must contain all the necessary forms, legal documents, a business plan, and the necessary supporting data.
Step 7: Obtain necessary approvals and licenses: Once you submit your application, DMCC reviews it and conducts due diligence. Following the quality check, you should pay and collect all the fees and licenses.
Step 8: Secure employee visas, bank accounts, and insurance: The last thing you need to do is get an employee visa for your company that will allow you to hire employees, get a bank account for your business, and get the insurance you require.
Therefore, choosing DMCC to form your company offers a multitude of advantages and opportunities. The DMCC’s current hi-tech framework and facilities offer you an alternative work environment where you can work in a state-of-the-art environment. To achieve this, the DMCC provides both high-quality office spaces and the technology the next generation requires, which in turn will give you the competitive advantages you seek.
Moreover, DMCC’s support extends beyond the provision of physical infrastructure. Furthermore, DMCC’s visa service expedites the process of obtaining residency for individuals.
Our team of experienced professionals has been engaged in providing the business set up and related services for more than a decade, hence it makes us one of the best firms in UAE which can serve all your business set up needs. You can avail the professional services from the reliable team of CDA and stay complied with all the regulations of the land. We assure you a smooth business set up procedures in UAE and providing all the required assistance with a personalized approach.
Contact CDA today to know more about Company Formation in Dubai Multi Commodities Centre.