The Dubai Multi Commodities Centre (DMCC) is a strategic initiative of the Government of Dubai. It was given its full legal personality by Decision No. 4 of 1st May 2002, on Establishing Dubai Metals and Commodities Centre., with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai.
DMCC was the first UAE free zone authority to offer freehold business premises, in addition to all other standard free zone services.
Companies or individuals interested in setting up and licensing a new or existing company in DMCC can choose a trade or services license from a wide range of business activities. The DMCC Authority issues its partners a DMCC License once the incorporations procedures are complete.
A DMCC Company can have a minimum of one shareholder and a maximum of fifty shareholders. Further, a manager and a secretary have to be nominated (shareholder can be a manager and secretary of the company) who should be a resident of UAE. There should be a minimum of one director and maximum of six directors, corporate directors are not permissible.
The minimum share capital for a DMCC Free Zone company is Aed 50,000/- (50 shares of Aed 1,000/- each) per company for trading or service license and Aed 1million for general trading. The share capital needs to be deposited in the company’s local bank account within 3 weeks from the date of the trade license being issued. It may be withdrawn immediately thereafter for company use.
Within the DMCC free zone, companies can set up as:
A DMCC company is required to appoint an auditor and also submit its audited financial statements within 90 days after financial year end.
DMCCA provide option of leasing either a flexi desk or full-fledged office in the area of Jumeirah Lake Towers.
Beta Consultants provides professional assistance to clients for assessing their business plans and incorporate entities in the DMCC.
For more information, please email us at info@betaconsultants.ae