12 Dec Steps to establish a company in Dubai Dubai Multi Commodities Center
Steps to establish a company in Dubai Dubai Multi Commodities Center
Steps to establish a company in Dubai in the Dubai Multi Commodities Center free zone that investors and businessmen are looking for, Therefore, if you are someone who wants to establish a company in the Dubai Multi Commodities Center, it is one of the most important free zones in Dubai for establishing projects. The region has many advantages that make it the perfect choice. In this article, we discuss the steps to establish a company in Dubai (Dubai Multi Commodities Centre).
Steps to establish a company in Dubai
DMCC, one of the most important free zones in Dubai, is located in the heart of Dubai, specifically in the Jumeirah Lakes Towers area. Dubai Multi Commodities Center is an ideal work environment for businesses with advanced infrastructure.
The Dubai Commodities Center Free Zone is characterized by being connected to a modern transportation network, which helps in ease of movement for employees and workers. The government also provides facilities in the ways of establishing businesses, provides tax and customs exemptions, and full foreign ownership, which makes the region suitable for investors.
In the following points, we discuss the steps to establish a company in Dubai in the free zone (Dubai Multi Commodities Center)
- nature of economic activity
The first step in establishing a company in Dubai at the Dubai Multi Commodities Center is to determine the nature of the economic activity in which the company will operate in the Dubai Commodities Center. Based on the nature of the economic activity, the legal form of the company and the trade license are determined on the basis of it.
Here are the types of economic activities in Dubai: (commercial, industrial, service, tourism, agricultural, literal).
- Legal form
To establish a company in the Dubai Commodities Center, the legal form of the company must be determined, which is one of the most important steps in the steps of establishing a company in Dubai, and its importance is due to the fact that it determines the laws that will govern the company later. The legal forms of companies vary as follows:
- Solidarity Company.
- Simple Recommendation Company.
- A limited liability company.
- Public contribution.
- private contribution.
- Commercial representative office.
- Civil works company.
- A branch of a local company.
- A branch of a Gulf company.
- A branch of a foreign company.
- Free Zone Company Branch.
- Individual Foundation.
- holding company.
- Trade Name
According to the regulations of the Department of Economic Development, a trade name must be chosen that is suitable for the nature of the company’s activity and expresses it. This trade name will distinguish the trade license that the company will obtain. Therefore, it is an important procedure in the steps of establishing a company in Dubai, and it is carried out according to several conditions as follows:
- The company’s trade name must express the nature of the company’s activity.
- The trade name should not include inappropriate phrases and not violate public taste.
- The trade name must not be previously registered or similar to another company.
- The company’s trade name must abbreviate the legal form of the company.
- It does not contain the word majesty or the beautiful names of God.
- It does not include the name of a government agency or political slogan.
After selecting a suitable trade name, it must be registered with the competent authority “Department of Economic Development in Dubai” in order for the owner of the company to receive the payment authorization and the transaction number, as a document to be used as a reference when paying.
- Initial approval
All the previous three steps require initial approval from the concerned authorities, and upon approval, the steps to establish a company in Dubai at the Dubai Multi Commodities Center will be completed.
- Memorandum of Association and local service agent agreement
According to the legal form of the company, the Memorandum of Association is signed and a local service agent agreement is concluded, which is a necessary step in the steps of establishing a company in Dubai. This is for all company owners of non-UAE or GCC nationalities
- work location
One of the most important steps for establishing a company in Dubai is the work location whose address will be registered in the company’s documents. The location must be actual and exist on the ground, and a lease contract for the company’s headquarters certified by the relevant authorities must be available.
- additional approvals
Some economic activities require obtaining additional approvals from the authorities regulating them. Examples of authorities concerned with additional approvals in Dubai:
- Ministry of Interior Affairs.
- Ministry of Justice.
- Municipality Department in Dubai.
- The Telecommunications Regulatory Authority.
- executive board.
- The Ministry of Economy.
- Dubai Health Authority.
- Supreme Petroleum Council.
- Commercial license
After completing all the previous steps of establishing a company in Dubai, the step of obtaining a trade license comes according to the nature of the company’s activity, after paying the license fees, then registering with the UAE Chamber of Commerce as a member thereof.
Requirements for establishing a company in the Dubai Multi Commodities Center
- Electronic form for requesting initial approval.
- A copy of the passport, residence visa, and a copy of the identity card.
- Residence address in Dubai and an electricity or water utility bill.
- Submit a certificate of objection from the sponsor in case of holding a valid residence visa.
- Submission of the business plan for establishing a company in Dubai.
The costs of establishing a company in the Dubai Multi Commodities Center
Here are the costs of establishing a company in the Dubai Commodities Center Free Zone, knowing that the following costs are not exact costs and vary according to several factors:
- AED 1035, a one-time payment for the application fee.
- 9020 AED, a one-time payment for registration fees.
- AED 20,285 annual license fee, according to the nature of the economic activity.
- 1825 AED for the annual facility card fee.
- 2020 AED is a one-time fee for the Memorandum of Association.
- 3335 UAE Dirhams residence visa fees paid every 3 years.
- AED 3,000 insurance fee, to be refunded again.
Advantages of the free zone Dubai Multi Commodities Center
Many advantages are enjoyed by the owners of projects in the Dubai Multi Commodities Center Free Zone, and those advantages that the investor must view as they are in the case of the steps to establish a company in Dubai in order to know what is ahead of him in terms of advantages that benefit his project and the huge future profits.
- The government does not impose corporate taxes in the DMCC Free Zone for a period of 50 years from the date of establishment of the company.
- Companies in the DMCC free zone enjoy full ownership of the company and its assets and the freedom to return the capital to the investor’s country.
- The Dubai Multi Commodities Center free zone includes thousands of successful companies of different nationalities and various economic activities, which greatly enhances the investment process.
- The Dubai Multi Commodities Center Free Zone is located in the heart of Dubai, which makes it an excellent strategic location for investors and the establishment of various businesses.
- In the Dubai Commodities Center free zone, there are housing units for employees, which helps in working and living in places close to each other.
- The government provides integrated services and flexible solutions to investors to enhance the investment process.
Want to set up a company in Dubai Multi Commodities Center? We are here to help and provide everything you need, starting from the first steps of establishing a company in Dubai, ending with obtaining commercial licenses.
We have a team of experts to guide you in completing all the steps of establishing a company in Dubai in the fastest time and at the lowest costs.
This article dealt with the steps of establishing a company in Dubai at the Dubai Multi Commodities Center. The steps included 8 necessary procedures for establishing a company or project. We also learned about the requirements for establishing a company in the Dubai Multi Commodities Center, in addition to the advantages of the Dubai Multi Commodities Center free zone.