Easy Steps To Register A Company in The DMCC Free Zone
What is DMCC Free Zone?
DMCC Free Zone is recognized as the world’s number one free zone for company formation, making it the ideal choice for foreign business owners, freelancers, and entrepreneurs.
The Dubai Multi Commodity Centre (DMCC) Free Zone, created in 2002, is a geographically designated and defined area in the United Arab Emirates (UAE). You can find this attractive location in the Jumeirah Lake Tower district in Dubai.
From precious commodities, and energy, to agricultural commodities, the zone deals with several sectors. The region introduced New Regulation 2020 along with Licensing, Employment, Officer Rules, Safety & Environment Regulations, and more came into effect on 2 January 2020. These rules and regulations have made the Register Company in DMCC Free Zone more easier.
Today, we are going to disclose the easy steps to register a corporation in this zone. After reading this article, you will be able to start your organization easily.
Corporate Tax in the DMCC Free Zone
When you start your company anywhere in the world, you should understand every regulation of that area, especially the tax regulation. The UAE has implemented the Corporate Tax Law (Federal Decree-Law No. 47 of 2022) that mandates paying corporate tax for businesses.
The DMCC free zone is a designated area in the United Arab Emirates recognized as a qualified free zone under the UAE Corporate Tax Law (Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses and its amendments). This designation allows businesses operating in the Free Zone to benefit from a 0% Corporate Tax rate on qualifying income, as specified by relevant Corporate Tax Cabinet and Ministerial decisions. For more information on the benefits of operating in the Free Zone, please click here.
Benefits of registering your business at DMCC Free Zone
The Dubai Multi Commodity Centre (DMCC) offers countless benefits. Hence, incorporating your company in this region can be very beneficial. So, let us take a look at the top benefits of starting your organization in this area:
- Complete the digital process: You can easily register your company through the official DMCC website as the zone allows you to complete the whole process digitally.
- Connect with global companies: You can connect with more than 24000 corporations from over 18000 nations specializing in more than 900 licensed activities.
- Top facilities: You will access top-class facilities, including world-class offices, retail, leisure, and residential facilities serving over 80,000 professionals and 100000 residents or tourists.
- No minimum capital requirements: As we have mentioned above, the free zone has released New Regulation 2020. This regulation has removed the eligibility of minimum capital requirement (a few activities are exempted). It means you don’t need minimum capital to start your business if your company fails under certain eligibility.
- 100% Ownership: You can enjoy complete ownership of your company without the need to involve any local partner. In addition, you can enjoy 100% respiration that allows you to take back all your profits to your home country without any restriction.
Documents needed in order to register your business at DMCC
You must collect a few documents before initiating the main process to Register a Company in the DMCC Free Zone. We have listed some of the common documents below:
- Copy of your passport
- Copy of your Emirates ID (If required)
- Proof of residential address in country of residence (Here, you can submit your utility bill or bank account statement as a residential address)
Apart from these documents, you may need some additional documents based on several factors. Therefore, you should contact Flyingcolour Business Setup because our experts will tell you every necessary details you need to know.
Steps you need to follow to register your company in the DMCC
The following is the list of essential steps that come under this process:
- Initially, you should explore the wizard of setting up a business on the official site to find your ideal package proposal created to your certain licensing requirements. In this wizard, you should explore insight into the relevant requirements, procedures, and costs.
- Once exploring the wizard, you should submit the pre-approval application online. Here, the relevant authority will reserve your company or trade name and provide you with your essential approvals.
- Next, you should proceed to pay the required fees.
- After paying the fees to the relevant authority, you should arrange a video call to verify your identity and sign electronically other legal documents.
- Here, you should select an appropriate office solution that suits best for your business. Next, you should submit the relevant office documents to the relevant free zone authority to get closure to the e-trading license.
- If everything is fine and all your documents are correct, you will definitely receive your E-trading license to empower your company to thrive in the business-friendly environment of this region.
Remember, the complete process will not be completed in one day or a few hours. The entire process will take some time. Therefore, you should patiently follow this procedure. Once getting the E-Trade license, you can legally commence your company in this region.
How can Flyingcolour Business Setup help you?
The DMCC Free Zone is one of the most suitable places to start any organization in the United Arab Emirates (UAE). We have tried to tell you the easiest path to complete this procedure. Setting up your company in the DMCC Free Zone is a time-consuming process. Therefore, you should consult or work with Flyingcolour Business Setup to remove any chances of meeting any problem while beginning your business.
To learn more about Register A Company In The DMCC Free Zone, book a free consultation with one of the Flyingcolour team advisors.
Please note that this article was published on 24/07/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.
