Establishing a company in the DMCC is an important strategic step for companies seeking to benefit from Dubai’s distinguished location as a global commercial and logistics center. In this article, we will take a look at the process of establishing a company in this center in cooperation with Itqan Company.
DMCC is one of the most prominent commercial centers in the region, providing advanced infrastructure and a flexible and conducive business environment for companies. In addition, Dubai enjoys a strategic location that makes it a center for global trade and a preferred destination for international companies seeking to expand their business.
Itqan Company is considered an ideal partner in the process of establishing a company in the Dubai Multi Commodities Center, as it has extensive experience in the field of legal and commercial consulting in the United Arab Emirates. Thanks to its experience and specialization in legal and commercial affairs, Itqan is considered a reliable and qualified partner to help companies establish their businesses in Dubai.
The main aspects that must be taken into consideration during the process of establishing a company in the DMCC are the required legal and administrative procedures, determining the organizational structure of the company, determining its commercial activity, in addition to considering the financial and financing needs of the company.
In the end, establishing a company in the DMCC represents an important investment opportunity that requires good planning and the use of reliable local partners such as Itqan to ensure the success of the process and achieve the desired goals.
Establishing a company in the Dubai Multi Commodities Centre
Establishing a company in the DMCC represents an important strategic step to benefit from the distinguished commercial environment in Dubai and its strategic location as a global trade center. Here are basic steps to follow to establish your company in this center:
- Research and Planning: Study the multi-commodity market in Dubai and its needs, and determine the field in which you would like to work. Then, develop a detailed business plan that includes the goals, strategies, and financial resources required.
- Choosing a legal structure: Choose the appropriate legal structure for your company, whether it is a sole proprietorship, partnership, or joint stock company. You can get local legal advice to help make the right decision.
- Determine and register a company name: Choose an appropriate name for your company and make sure it is available for registration. After that, register the company with the relevant government authorities in Dubai and follow the necessary procedures for licensing.
- Geolocation: Select a suitable location for your company headquarters in the Dubai Multi Commodities Center, taking into account proximity to important markets and logistical facilities.
- Securing financing: Determine your company’s financing requirements and research potential financing sources, whether local banks or private investors.
- Licenses and Permits: Obtain the necessary licenses and permits to conduct business activity in Dubai, such as tax permits and a work permit.
- Recruitment and Team Building Business: Start hiring the employees needed to run the company, such as executives, administrative and technical staff.
- Marketing and Customer Building: Develop an effective marketing strategy to attract customers and market your products or services in the multi-commodity market in Dubai and beyond.
- Follow-up and development: Stay up to date with developments in the multi-commodity market and customer aspirations, and continuously improve and develop your company’s performance.
The main categories of fields that can be licensed in the Dubai Multi Commodities Center:
- Agriculture
- the hunt
- Mining and stone quarrying
- Manufacturing
- Electricity, gas and water supply
- Construction
- Trade and restoration
- Hotels and restaurants
- Transportation, storage and communications
- financial liaison
- Real estate and business services
- education
- Health and social work
- Other personal, community and social services
There are more than 8,500 companies registered with the DMCC. The Center was established in 2002 with the aim of providing the physical, market and financial infrastructure necessary to establish and operate a global commodities market. The main commodities traded in this free zone are: gold, silver, copper, diamonds, tea, pearls, agricultural commodities, basic metals, currencies, energy, and stocks.
This free zone also includes the following exchange destinations:
- Dubai Gold and Commodities Exchange (DGCX);
- Dubai Diamond Exchange (DDE);
- Dubai Pearl Exchange (DPE);
- Dubai Tea Trade Center (DTTC).
Costs of establishing a company in the Dubai Multi Commodities Center
The costs of setting up a company in DMCC may vary depending on several factors, including the type and structure of the company, the scale of planned business activities, local legal and regulatory requirements, and ancillary services that the company may need.
However, there are some basic costs that are usually part of the process of setting up a company in Dubai:
- Licensing and registration fees: These fees include the costs of registering the company and obtaining the necessary licenses from government agencies in Dubai.
- Legal and accounting consulting fees: You may need to engage legal and accounting advisors to assist you in the process of establishing the company and ensuring compliance with local laws and financial regulations.
- Office and infrastructure costs: You must also bear the costs of renting an office for the company’s headquarters in the DMCC, in addition to the costs of securing infrastructure and basic services such as electricity and internet.
- Tax declaration and license fees: These can include tax costs and fees related to tax declarations and tax licenses that may be required to conduct business activities in Dubai.
- Marketing and advertising costs: You may need to invest in marketing and advertising campaigns to promote your company and attract new customers in the multi-commodity market in Dubai.
- Company insurance costs: You may also need insurance costs to protect against potential risks that your company may face in Dubai.
The role of legal consultants in establishing a company in the Dubai Multi Commodities Center
The role of legal consultants in establishing a company in DMCC is of great importance in ensuring that the incorporation process is done correctly in accordance with local laws and regulations. Here are some key aspects of their role:
- Providing legal guidance: The legal consultant provides legal guidance on establishing the company in Dubai, including local legislation related to companies, businesses, taxes and contracts.
- Legal Options Analysis: The legal consultant analyzes the legal options available to your company and directs you towards the legal structure that best suits your business needs in DMCC.
- Facilitating legal procedures: The legal consultant facilitates all legal procedures required to establish the company, including preparing the necessary legal documents and submitting them to the relevant authorities.
- Ensuring compliance with local legislation: The legal consultant ensures that the company is established in accordance with local legislation and regulations in Dubai, and helps in achieving compliance with legal requirements.
- Protecting the company’s legal interests: The legal consultant works to protect the company’s interests legally, and helps clarify the legal rights and obligations of the company and its officials.
- Assistance in resolving legal disputes: In the event of any future legal disputes, the legal consultant provides support and legal advice to the company to resolve these disputes in an effective manner and within the framework of the law.
Licenses necessary to conduct business in the Dubai Multi Commodities Centre
To do business in the Dubai Multi Commodities Center (DMCC), you need to obtain the necessary licenses that match your business. Here are some basic licenses you may need:
- Company License: You must establish a company in DMCC. You can choose between different company types such as limited company, sole proprietorship, or wholly foreign-owned company, depending on your needs and business requirements.
- Business License: You must obtain the appropriate business license for your activity at DMCC. This includes the classification of activity you offer, such as general trade, manufacturing, financial services, international trade, etc.
- Business License: You must obtain a business license that allows you to hire employees and operate business operations at DMCC. This license includes details of the permitted number of employees and the required qualifications.
- Shipping and customs clearance license: If your activity requires importing and exporting goods, you may need a shipping and customs clearance license to manage the logistics and customs operations of the goods.
- Financial Services License: If you provide financial services such as finance or investment, you may need the appropriate licenses from the relevant financial authorities at the DMCC.
Advantages of establishing a company in the DMCC Free Zone
- 100% retransfer of capital and profits abroad
- 100% exemption from import and export duties
- No tax is imposed on corporate gains or personal income in most cases
- No restrictions on the use of currency
- Low cost of operations
- Pre-built offices, factories and warehouses
- Fast establishment and licensing procedures
- Single window for customs clearance; That is, multiple administrative services in one station
- Provides labor recruitment assistance and additional support services, such as sponsorship and on-site housing
- Abundant and inexpensive energy
- Excellent infrastructure, communications, and attractive work environment
