Benefits of Setting up a Company in DMCC
NOC to Operate on Dubai Mainland
The free zone companies in the UAE are not allowed to do business on the Dubai mainland since a license issued by the DED is mandatory for mainland business activities. However, the companies with a DMCC license for specific business activities can operate onshore as well. This applies to the DMCC-licensed companies with one or more eligible service activities. Most importantly, such eligible companies need not obtain a trade license from DED but they need to obtain a no-objection-certificate (NOC) from DMCC for onshore permit. The NOC is of 90 days validity from the date of issuance and the companies are not required to submit documents for the NOC.
Multiple Office Structures
DMCC offers multiple office solutions like Flexi, virtual, communal and permanent offices
Easy Setup And Registration
The easiness of setting up and registering businesses are some of the most attractive reasons why business people should choose DMCC to form a company. Working with a company formation expert at this stage would ensure that all the paperwork is done properly
Easy Bank Account Opening
Business people find it easy to set up their business bank account easier at the DMCC. All major banks and financial institutions honour the compliance practices of DMCC, which makes business bank account opening faster at DMCC
Multiple Licence Structures
DMCC issues a variety of licenses like General Trading License, Commercial/Trading License, Service License and also special license structures like single-family office option
Sponsoring of Dependents
Business people get the option to apply for visas for dependants if they open their company in the DMCC Free Zone. Through a straightforward process, the company owners can apply for visas for a spouse, child, maid or driver
Discounts for JLT Residents
The DMCC Free Zone offers a 40% discount for the Jumeirah Lakes Towers (JLT) residents when they set up a business in the free zone. The offer is aimed at enhancing the SME community in Dubai and also to support aspiring entrepreneurs and freelancers who are planning to start a business
Key Business Activities & Top Companies in DMCC Free Zone
Apart from the special focus on the commodities sector TO form companies in DMCC, the DMCC is also home to a wide range of industries from shipping, trade, recruitment, IT, advertising, restaurants, retail stores, fitness centres, luxury brands, and universities.
Some of the top companies that set up their businesses in the DMCC include Sinopec Group, Glencore, Total, American Express, ENI, Honeywell, TATA, Whirlpool, Harley Davidson, Viacom and many more. It is important to note that these are Global and Fortune 500 Companies.
Steps to be Followed to Setup a Company in DMCC
Expression of Interest
Expressing interest in DMCCcompany formation is the first step in starting a business in this Freezone in Dubai. In this stage, entrepreneurs are required to add shareholders and officers to be followed by choosing company name, bank & Financial Year. After providing the required documents, DMCC authorities will grant the pre-approval for the business in 5-10 working days. The DMCC then will issue Company Name Reservation, Management and Compliance approval, and Third-Party Introductory Letter.
Registration
In this stage, entrepreneurs are required to select their preferred property type, furnish details about their Value Added Services and submit third party NOC if it is required. The applicant needs to submit Registration Fees, License Fees, Memorandum & Articles of Association (MOA) fees, and Establishment Card Fees. Flexi desk and VAS fees are to be paid if applicable.
After the company registration process at the DMCC is completed, the Freezone authorities will issue Provisional Approval Letter, Introduction Bank Letter, Memorandum and Articles of Association (AFS Declaration), Flexi Desk service agreement, certificate of incorporation, share certificate & trade license.
Licensing
If the business property is a Flexi desk then no third party approval is required. However, in cases where a third-party approval is required business owners should submit NOC from relevant authorities. If the share capital exceeds AED 500,000, then the entrepreneur needs to approach the bank with the introduction letter issued by the DMCC to receive a bank deposit letter.
The process of licensing can take from 2 to 3 working days. The DMCC Freezone authorities will then issue a Company License, attested DMCC Memorandum & Articles of Association (MOA), Share Certificate, Certificate of Registration, and Flexi Desk Tenancy Contract. Application of employment visa is required to be submitted at this stage in case of a Flexi desk or serviced office.The process of licensing can take from 2 to 3 working days. The DMCC Freezone authorities will then issue a Company License, attested DMCC Memorandum & Articles of Association (MOA), Share Certificate, Certificate of Registration, and Flexi Desk Tenancy Contract. Application of employment visa is required to be submitted at this stage in case of a Flexi desk or serviced office.
Post Licensing
Within one month of DMCC issuing license to the company, certain documents are required to be provided. They are
Bank Share Capital Deposit Letter
Sample Company Letterhead with stamp
Third-Party Liability Insurance
Documents Required To Start a Company in DMCC Free Zone
- The following documents are required to be submitted to the DMCC while opening a company in the Free Zone in Dubai
- HR Signatory Appointment Letter
- Passport copy. Emirates ID -front and back (in case of UAE residents)
- Proof of residential address in the country of residence
- Power of Attorney
- Memorandum & Articles of Association
- Parent Company Documents
- Board Resolution
- A valid property lease agreement
- Title Deed or DMCC Serviced Office Contract
