Overview of United Arab Emirates
- Worlds number #1 Free Zone as stated on its official authority website as on June 2020. It has been awarded by Financial Times fDi magazine.
- Dubai Multi Commodity Center (DMCC) is located in a buzzing freehold location Jumeirah Lake Towers (JLT). JLT community has approximately 65 towers and 600 retail outlets. The location is well connected by metro services. It is on Sheikh Zayed road. It is very close from Dubai marina, Emirates hills, Springs and meadows community, Jumeirah park, Greens, Emirates golf club, Tcom, Palm Jumeirah and Al Barsha.
- JLT is a mix used ultra modern community offering residential apartments, retails shops and offices. Retail shops are located on a beautiful walk around the lake. This combination of real estate makes it easier for an investor to live and do business in the same location thus avoiding any travelling to and from home to office. This has made company formation in DMCC more attractive
- Now companies registered in DMCC can also rent warehouse in Jebel Ali Free Zone up to 700 sq.mt. with some specific activities.
- It was established in 2002 to fulfil strategic Government initiative to support the specific trading needs of commodities like gold and precious metal, diamonds and coloured stones. Energy and other commodities thus making Dubai as an international hub for commodities.
- DMCC offers 100% ownership to expat investors and guaranteed 50 years tax holiday.
- Real estate options available in JLT are freehold properties so expat investors can own the shops and offices. Rental options are also available.
- In 2020, DMCC and DED (Department of Economic Development Dubai) entered in to an agreement for dual licensing facility. Under this agreement DMCC companies can operate on mainland subject to an approval by DED. And DED companies can function from offices located in JLT subject to NOC from DED and approval by DMCC. This is subject to same ownership of companies.
- In its Jewellery and Gemplex, it offers fully fitted and furnished offices in three different sizes.
- It also offers flexi desk, serviced desks and co working facilities as well for startups for certain activities in business centers. tHIS HAS MADE BUSINESS SETUP IN dmcc affordable.
- As on 2020, 17000 businesses and 100,000 residents are located in DMCC – JLT.
- There are lot of banks, restaurants, gyms, SPAs, saloons, pharmacies, clinics, super markets, children nurseries and five star hotels situated in JLT making it a thriving lifestyle destination in Dubai to live and to do business on same location.
- In commodity business activities largely it covers gold, diamond, tea, spices, coffee, agro and base metal.
- DGCX (Dubai Gold and commodities Exchange) is a financial services subsidiary established in 2005. It is now the largest and most diversified commodity derivatives exchange in Middle East. It is regulated by securities and commodities authority (SCA).
- DSAM (Dubai Shariah Asset management) is a joint venture Islamic finance initiative. Its aim is to develop Shariah compliant commodity focused investments.
- DMCC also has few networking clubs like Food trade group, energy club, maritime club and Astro labs.
- Companies registered in DMCC have one stop portal for company registration, immigration and visa facilities.
- DMCC has been instrumental in implementing the Kinberley process Certification Scheme (KPCS) in The United Arab Emirates streamlining the trade with global standards and protecting legitimate diamond industry.
- DMCC – Dubai has come up with leading international diamond centers in line with Antwerp, New York and Mumbai. Purpose built Landmark Al Mas tower is housing almost all world famous diamond companies.
- DMCC offers trading, services and industrial licenses.