7 Factors to Consider Before Setting Up a Business in DMCC
Dubai is the hub for business and the strategic location backed by government initiatives can easily uplift the business in the best way possible. The availability of free zones like DMCC, JAFZA, and more has created an easier pathway for entrepreneurs to pursue different business ideas with huge benefits.
The investors are showing huge interest in the free zones as these offer a myriad of benefits. There are more than 30 free zones in Dubai with flexible and quick establishment policies. The Entrepreneurs can retain huge benefits from business setup in Dubai free zone with 100% ownership and local sponsorship.
Setting up a Business in DMCC
Dubai Multi Commodities Center is the fastest growing and largest economic free zone in the UAE. DMCC has approximately received registration of 170+ companies every month where the leading industries include golds, diamonds, colored stones and pearls, energy-related sectors, steel, base metals, and other soft agricultural commodities.
The trading and establishment in DMCC is quite an easy process and with the increase in government initiatives, they are highly profitable. DMCC has recently launched the Middle East’s first Google Entrepreneurs Global Tech with the AstroLabs Dubai collaboration.
Dubai Expo 2020 has turned the economy upside down and provided a global platform to exhibit innovation, ideas, and collaboration which tends to attract a huge number of investors to invest in the Dubai Free Zone.
Here is the list of factors that you should consider before setting up a business in DMCC
Choose the Company Type
The first and foremost is to determine the kind of company you want to open up a business in Dubai
- Branch of Local and Foreign Company
- Limited Liability Company.
Type of License
DMCC License is of three types as
General Trading License
Permits the import, export, distribution, consolidation, and storage of products.
Service Trading License
The service license provides authority to engage in different activities and consultancy services specified in the license.
Industrial License
It allows the business to implement light production activities specified in the license.
Business Activity
The type of business activities that involve trading, manufacturing services, and more are fixed and should move according to the specified business plan. The business activity helps in applying for a visa and license to commence the business.
Company Name
The company name shouldn’t be the same as any prior entity in the UAE and also signifies the type of business activity. The name should be unique and according to the rules and guidelines that can be found on the DMCC website.
Bank Account in Local Bank
The local bank account is needed to deposit the company’s share capital within three weeks of the license issue date. The formation of the company in DMCC seems appealing as it comes with 100% ownership and full rights.
FlyingColour Business Setup consultant in Dubai Services helps you in your entrepreneurial journey and makes setting up a business hassle-free. We take care of all the licenses, permits, bank accounts opening, and more in no time.
