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DMCC is one of the quickest and largest developing free zone in Jumeirah Lake Towers (JLT) in Dubai and is the prime location for modern trade establishments. DMCC has created a viable compliance system to guarantee that DMCC operations are in line with all laws, controls and best practices. Dubai Multi Commodity Centre (DMCC) was founded in 2002 by the Government of Dubai which was directed to offer physical, market and financial set up to trade establishments. It offers trading of precious products like gold, diamonds, precious stones, pearls and various other products. It is also referred as a gateway to trade as it paves the way for global trade. The approved auditor list rules that all companies part of DMCC must get their financial statements audited through a DMCC approved auditors in Dubai.
Documents required for starting a business at DMCC
The following are the documents needed before setting up a new business in DMCC:
- Online pre-approval application form.
- Proof of residential address in country.
- Summary of business plan.
- Third-party approvals.
- Copy of passport.
- No objection certificate from investors.
- Copies of parent company documents
- Details of an office address in DMCC free zone.
Procedure for opening a business in DMCC
The following are four simple steps for starting a business in DMCC:
- Decide on your license type and business activities.
- Prepare and submit the online application form. (Initial application fee is AED 1,015)
- Pay, Sign and submit the required documents.
- Sign and submit the relevant documents for your new office space.
Benefits of having a business in DMCC
- Multiple Office packages. (Flexi, virtual, permanent and communal)
- Easy set-up and registration.
- Auditing and Bookkeeping requirements.
- Easy corporate and bank account set-up.
- Multiple shareholders.
- Good Location.
- Wide variety of business types is welcomed.
There are many steps in forming a business at DMCC, but first thing is you need to decide your business activity. After that, decide your company name, open a bank account, and complete and file your registration paperwork to the relevant authorities. The approval and time duration will depend upon the type of business activity you opted for. That’s why before starting any of these steps, the first step should be to call a company setup expert in Dubai who will guide you through every part of the process, and will ensure the entire application is done in shortest time span.