02 Jul Establishing a company in the Dubai Multi Commodities Centre
Establishing a company in the Dubai Multi Commodities Center (DMCC) is a strategic step for anyone who wants to enter the world of business in Dubai, one of the fastest growing cities in the world. The DMCC is considered one of the most prominent free zones in the United Arab Emirates, and is famous for providing an integrated work environment for companies of all sizes and activities. The DMCC was established with the aim of promoting trade and facilitating trade in a variety of commodities, ranging from precious metals to energy and agriculture. The center provides modern infrastructure and advanced facilities, in addition to laws and legislation designed to support companies and stimulate economic growth. Flexibility in procedures and advanced infrastructure are the most prominent advantages of establishing a company in DMCC, making it the ideal choice for entrepreneurs and investors looking to succeed and expand in the thriving Dubai market.
Establishing a company in the Dubai Multi Commodities Centre
Establishing a company in the center of Dubai
Establishing a company in the Dubai Multi Commodities Center (DMCC) in cooperation with Itqan Company is considered an important and fruitful step for investors and entrepreneurs seeking to achieve sustainable success in Dubai. DMCC provides an ideal environment for business thanks to its advanced infrastructure and comprehensive services that facilitate the process of establishing and managing companies.
By cooperating with Itqan Company, investors can benefit from specialized expertise and consultations that contribute to simplifying administrative and legal procedures, ensuring that the company is established quickly and efficiently. Itqan Company provides integrated support that includes preparing documents, providing legal advice, and providing innovative solutions that contribute to enhancing the opportunities for success and growth in the growing Dubai market. This cooperation allows entrepreneurs to focus on developing their businesses and commercial strategies, with confidence that all administrative and operational aspects are managed with the highest level of professionalism and efficiency.
Steps to establish a company in the Dubai Multi Commodities Center
Establishing a company in the DMCC requires following a set of specific steps to ensure the process is completed efficiently and smoothly. Below are the steps to establish a company in DMCC:
1. Choosing the type of company: The incorporation process begins by choosing the type of company you want to create, whether it is a limited liability company (LLC), a branch of a foreign company, or a subsidiary.
2. Reserving the trade name: The next step is to choose a suitable name for the company and ensure that it is reserved with the competent authorities at DMCC. The trade name must comply with local laws and regulations.
3. Submitting the required documents: A set of documents necessary to establish the company must be submitted. These documents include a copy of the passport of the company’s founders and shareholders, along with proof of address for the shareholders, along with the company’s articles of incorporation and articles of association.
4. Payment of fees: After submitting the documents, the fees required to establish the company and obtain the license are paid. Fees include registration fees, rent, and business license fees.
5. Signing legal contracts: This step includes signing the necessary legal contracts, such as the lease contract, and documenting partnership contracts if there are multiple partners.
6. Obtaining approvals: After submitting documents and paying fees, the application is reviewed by the relevant authorities at DMCC. The necessary approvals are issued and final procedures are initiated.
7. Issuance of a license: Once approvals are obtained, a commercial license is issued to the company, allowing it to begin conducting commercial activities.
8. Opening a bank account: A bank account must be opened for the company to manage financial and commercial operations. This requires submitting documents for the company and the bank concerned.
9. Commencement of Operations: After completing all the previous steps, the company can officially start conducting its business activities at DMCC.
By following these steps, establishing a company in the DMCC can be done efficiently and easily, allowing entrepreneurs to benefit from the thriving economic environment and advanced infrastructure that the center provides.
Advantages of establishing a company in Dubai
Establishing a company in the DMCC provides many advantages that make it an attractive option for entrepreneurs and investors. Here are some of these advantages:
1. Tax exemption: Companies in DMCC enjoy complete exemption from corporate and personal income tax for 50 years, which helps enhance profits and stimulate growth.
2. 100% Foreign Ownership: DMCC allows foreign investors 100% ownership of companies, without the need for a local partner, providing complete control and effective management of the company.
3. Full transfer of profits and capital: DMCC’s financial policies allow full transfer of profits and capital outside the UAE without any restrictions, which facilitates international financial operations.
4. Integrated business environment: DMCC provides an integrated business environment with modern infrastructure and advanced services, including commercial facilities, offices and warehouses, facilitating the daily operations of companies.
5. Ease of procedures: The process of establishing a company in DMCC is characterized by speed and ease, as administrative procedures can be completed and the necessary licenses obtained efficiently and quickly.
6. Multi-sectoral support: DMCC provides support to companies in various sectors such as precious metals, energy, agriculture, and trade, enabling a wide variety of business opportunities.
7. Access to International Markets: DMCC is strategically located that allows easy access to global markets, with a developed logistics infrastructure that supports international business operations.
8. Integrated legal and advisory services: DMCC provides a wide range of legal and advisory services to help companies comply with local and international regulations, and provide the necessary support for business growth.
9. A wide network of companies: DMCC includes a diverse community of companies and businesses from around the world, providing great opportunities for cooperation, communication and building business relationships.
10. Technology and Innovation: DMCC invests in technology and innovation to provide the best services and infrastructure to businesses, facilitating operations and enhancing productivity.
Establishing a company in DMCC provides an ideal environment for business growth and expansion, with a wide range of advantages that contribute to achieving success and prosperity in the dynamic Dubai market.
Conditions for establishing a company in Dubai
Establishing a company in Dubai requires compliance with a set of conditions and procedures that ensure compliance with local laws and regulations. The following are the most important conditions for establishing a company in one of the free zones in Dubai:
Investors must choose the type of company they want to establish, whether it is a limited liability company (LLC), a branch of a foreign company, or a representative office.
Some free zones impose minimum registered capital requirements, which vary depending on the type of business and company.
The company’s commercial activity must be determined and ensured that it is in line with the activities permitted in the selected Dubai, in addition to that investors must provide a set of necessary documents, such as:
- A copy of the passport of all shareholders and directors.
- Proof of address.
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- The company’s articles of incorporation and articles of association.
5. Obtaining approvals: The necessary approvals must be obtained from the Dubai authorities. These approvals may include background checks and business approval.
6. Lease Contract: The company must sign a lease contract for the office or operational space in Dubai. Some free zones offer shared office space or virtual offices.
7. Obtaining a commercial license: After submitting documents and paying fees, you must obtain a commercial license that allows practicing commercial activity in Dubai.
8. Opening a bank account: The company must open a commercial bank account in one of the recognized banks in Dubai to manage financial affairs.
9. Registration with government bodies: The company must be registered with the relevant government bodies, such as the Department of Economic Development (DED) and the selected Dubai Authority.
10. Insurance: It may be necessary to obtain company insurance, which can include employee health insurance, property insurance, and liability insurance.
11. Appointment of a local service agent: In some cases, the company may have to appoint a local service agent to facilitate dealings with government agencies.
Establishing a company in Dubai requires strictly following these terms and procedures to ensure compliance with local laws and provide a sustainable business environment. Free zones provide many advantages and facilities that make them an ideal environment for business growth and expansion.
Steps to establish a company in the Dubai Multi Commodities Center
How can you establish a company in the free zone?
Establishing companies in the free zones in Dubai is much easier than establishing a company inside Dubai, as it can be 100% owned by any nationality, and the presence of a partner or sponsor who is a citizen of the UAE is not required, as the company is registered as a free zone establishment or it is a company belonging to The free zone or a branch or representative office in the free zone in Dubai. In this case, it is possible for the main company to be outside the Emirates, and it is not required to be inside the Emirates. The companies located within the free zone are regulated through the authority responsible for the free zone, which is the one that issues any licenses to the company. This depends on the location of the free zone and the activity it carries out. The type of license issued by the responsible authority varies according to the commercial activity. A company can be established in the free zone by following some steps, including:
- Choose the company’s location
- Agreeing on the trade name, as it is the name that distinguishes one company from another.
- Obtaining the company’s business license.
- Obtaining initial approval to start work.
- Commercial license registration.
- Complete the requirements for a commercial license and obtain it.
Itqan Company services in establishing a company in Dubai
Itqan Company is considered one of the leading companies in providing advisory and foundation services for establishing companies in Dubai. Thanks to its long experience and deep knowledge of local laws and procedures, Itqan helps entrepreneurs and investors achieve their business goals smoothly and efficiently. Here are some of the services that Itqan provides in this field:
1. Legal and commercial consulting: Itqan provides comprehensive legal and commercial consulting that helps clients understand the legal and regulatory environment in Dubai, enabling them to make informed decisions about establishing their companies.
2. Choosing the company type and legal structure: Itqan helps clients choose the appropriate company type and the best legal structure that is in line with the nature of their business activity and their future goals.
3. Preparing and submitting documents: Itqan undertakes all procedures related to preparing and submitting the documents required to establish the company, including the articles of incorporation, articles of association, and other legal documents.
4. Reserving the trade name: Itqan reserves the trade name of the new company and ensures its compliance with local regulations, ensuring that there is no conflict with other trade names.
5. Licenses and permits: Itqan helps clients obtain the necessary licenses and permits to practice commercial activities, including commercial, industrial, and service licenses.
6. Providing office space: Itqan provides multiple options for office space, whether physical or virtual, to suit the needs and requirements of clients.
7. Opening bank accounts: Itqan helps open bank accounts for new companies in Dubai, which facilitates the effective management of financial and commercial affairs.
8. Translation and notarization services: Itqan provides translation and notarization services for legal documents, ensuring the accuracy and legitimacy of documents submitted to local authorities.
9. Registration in government bodies: Itqan registers new companies with relevant government bodies, such as the Department of Economic Development and free zone authorities, ensuring full compliance with laws and regulations.
10. Ongoing support and post-incorporation services: Itqan provides ongoing support and post-incorporation services, such as renewing licenses, providing tax consultations, and preparing financial reports, which helps companies continue to grow and prosper.
11. Facilitating obtaining residence visas: Itqan helps facilitate the procedures for obtaining residence visas for investors and employees, ensuring a smooth transition to living and working in Dubai.
Establishing a company in the DMCC is an important strategic step to achieve success and prosperity in a flexible and supportive business environment. Thanks to its advanced infrastructure and government facilities, DMCC provides an ideal environment for startups and ambitious investors. Cooperation with Itqan Company in this context enhances the chances of success by providing comprehensive support and extensive experience in legal and commercial procedures. Through its integrated services, Itqan ensures that your company is established efficiently and smoothly, allowing you to focus on growing your business and achieving your business goals with confidence and stability. So, if you are seeking to establish your company in the Dubai Multi Commodities Center, Itqan Company is your ideal partner to provide the necessary support in every step of establishing the company.
Frequently asked questions about establishing a company in Dubai
What documents are required to establish a company in the DMCC?
- Required documents include: A copy of the passport of all shareholders and directors.
- Proof of address and business plan.
- The company’s articles of incorporation and articles of association.
- No objection certificate from the current sponsor (if required).
Can foreigners establish a company in the DMCC?
Yes, foreigners can establish a company in the DMCC and own it outright without the need for a local partner.
What is the cost of setting up a company in DMCC?
- The cost varies based on the type of company, business activity and office space required.
- It is recommended to contact a specialized consulting company such as Itqan Company to obtain an accurate estimate of the cost.
Does establishing a company in DMCC require a physical office?
Yes, establishing a company in the DMCC requires a physical office, and the office space can be physical or virtual depending on the type of company and business activity.