Dubai Multi Commodity Center (DMCC) is a dynamic waterfront community one of the designated Areas within the Dubai Multi Commodities Centre (“DMCC”). The DMCC Authority (DMCCA) is the licensing authority for businesses operating in the Jumeirah Lakes Towers. Businesses in DMCC therefore, benefit from a free zone status, making DMCC the first mixed-use Free Zone Freehold development in Dubai. DMCC have attractive residential and office towers alongside hotels, leisure and retail outlets. Out of these 79 towers, 3 towers are developed by the DMCC. These are the Almas, AU and AG Towers. The landmark Almas Tower is the natural focal point of the development, situated on an island surrounded by water in the centre of the community. The tower houses the Dubai Diamond Exchange and DMCC member businesses in the gold, diamond, energy and commodities industries. DMCC is situated adjacent to Sheikh Zayed Road, between Interchanges 5 and 6. A total of 79 towers stand tall in this prestigious project that will become one of Dubai’s most recognized addresses, where property investors have been given the opportunity to own and develop towers on a freehold basis.
The DMCCA offers its investors 100% foreign ownership of businesses established in DMCC. A separate set of DMCCA operating regulations governs Core and non-Core Companies in DMCC.
A licensee must hold either a valid DMCC office lease or be the registered owner of freehold office space within the DMCC and must also hold a valid license issued by the DMCCA in order to operate in the DMCC. And licensees are required to renew their licenses (and leases, if applicable) within the time frame set by the concerned DMCCA department.
To qualify for and retain any of the above licenses from the DMCCA, the applicant must:-
- Either hold a valid lease for office space within the DMCC or be the registered owner of freehold office space within the DMCC and have its operational premises within the DMCC;
- Conform to any applicable federal and/or municipal legislation
- Conform to the Operating Regulations as well as all other applicable DMCCA directives.
- DMCC licenses shall be valid for one full calendar year from the date of issuance and may be renewed annually provided that the Licensee either holds a valid lease for office space within the DMCC from which it operates or is the registered owner of freehold office space within the DMCC from which it operates;
Forms of Registration
- As a branch of foreign company or a UAE company
- DMCC Limited Liability Company
Basic Features of DMCC Company
- A DMCC Company is a limited liability company wherein the shares can be held either by a single or multiple shareholders. The shareholder/s can be either individual/s or corporate entities.
- The minimum share capital required for forming a DMCC company would be AED 50,000/- (AED 10,000 per shareholder) for Specific Trading or Service License and AED 1,000,000 for General Trading License. The value of each share is AED 1,000 or multiples thereof. The capital contributed for the DMCC Company can be utilized in the operations of the company. In case of branch of a local or foreign company, no initial share capital is required. Special rules and regulations are applicable for DMCC companies.
- The DMCC Company needs to appoint minimum one Director, a Manager, a Secretary and a Negotiator. The Director, Manager, Secretary and Negotiator can be the same the person.
- The manager will be required to be on the residence visa of the company under the sponsorship of the Free Zone Authority. To validate the visa, the Manager, would be required to enter the country at least once in six months. In case the Manager is already having a UAE visa, an NOC from the present sponsor has to be submitted.
- 100% foreign ownership
- 100% tax exemption
- 50 years tax holiday
- Full repatriation of capital & profits
- Extended leases and option to either lease the premises or to have it as Freehold ownership
Basic Features of Branch Office
- Branch is an extension of Parent company
- There is no requirement of minimum capital
- A foreign company should be at least two years old to be registered as a branch office at DMCC
- Audited financial are not required to be submitted to FZ Authority.
- Profits of the branch would be taxed as per the laws prevalent in the country of residence of the parent company.