Register a Company
Are you looking for a reliable jurisdiction to set up a company? The UAE is one of the most pro-business destinations you can find. Take advantage of the country’s excellent corporate laws, top-notch infrastructure, and benign taxation. There are a lot of free zones here established for non-resident entrepreneurs, and they flock from different countries to benefit from really attractive conditions, straightforward company incorporation procedure, and helpful administration. In this post, we will focus on one of the free zones called Dubai Multi Commodities Centre (DMCC).
If you want to find out more, we will be glad to see you on our portal where you can read a detailed article on how to register an off shore company in the UAE. Do not hesitate to explore our sections devoted to tax optimization, asset protection, international business and banking, investment (including citizenship by investment), and much more. Take an opportunity to book an initial free session with our expert to discuss the prospects of your business in the UAE and make sure this is the country you need (or discover other destinations). We will help you set up a company (and open a corporate bank account if you need to) at a reasonable fee. Simply click on the above link to talk to us!
Why Opt for DMCC
First of all, the list of activities allowed here is really impressive. All trading and service companies will be welcome! What is more, the local administration may give you permission to engage in an activity that was not allowed here before on the condition that it is allowed in the local market. This is usually done if such an action increases the prestige of the free zone.
Second, the office issues are solved here in a flexible way that you are sure to appreciate: you can set up a company with a virtual office here that gives you the right to obtain 3 visas. However, if you want to have a physical office, there are a lot of premises you can rent. According to the registrar’s requirements, the minimum office area is about 50 sq.m.
DMCC companies have no trouble opening a corporate account in the future: the banks know very well that the shareholders and management of these companies are subject to stringent checks, which adds to the entity’s reputation.
DMCC officials are interested in the active engagement of foreign investors, so they provide extensive support during registration and hold a lot of free events (meetings and seminars) for the existing companies.
Key Features of DMCC
Here are some quick facts about this remarkable free zone:
- No currency control
- This is the fastest-growing FEZ in the UAE
- Each company will have the right to obtain at least three residence visas
- Beneficial location on Sheikh Zayed Road
- Zero taxation
- There are various offices for rent
- The privacy level is high: the list of directors and shareholders is not accessible to the public, and it may only be disclosed upon a court decision
- The range of permitted activities is really wide
Company type: the liability of shareholders is limited by the amount set out in the Articles of Association.
Licenses issued: you can obtain a General Trading, a Service, a Trade, or an Industrial license.
Visas: if your company has a physical office in DMCC, you can get five and more visas, and this number is limited to three for virtual office holders.
Share capital: the lower threshold is set at AED 10,000 per shareholder, and you need to pay it up to three weeks from the date of registration. This amount reaches AED 50,000, however, if the shareholder applies for a visa. A General Trading License holder will be liable for an even larger amount (AED 1,000,000, or USD 274,000).
Office requirements: you can rent a physical office or a virtual office (a flexi desk). However, the second opportunity is unavailable for companies that obtain a General Trading License or several licenses.
Ownership/management structure: The company shareholders can be individuals or legal entities, and their number cannot exceed 50. You can have from 1 to 6 directors (individuals only). You will also need at least 1 manager, and it can be a director or a shareholder. All of these officials can reside in any country.
Reporting and auditing: Companies are not required to submit any records, though they still need to keep them. The company will also need to file an auditor’s report after the license renewal (on an annual basis).
Company Establishment: Procedure
- First of all, select the activity your company will engage in and appoint the directors, managers, and shareholders. Next, come up with three options for the company name.
- Pay 50% of the fee for our services and AED 1,000 (USD 274) for the application fee.
- Our consultant will complete the forms and then request passport copies and utility bills for all individuals and company documents if the shareholder is a legal entity.
- Filled-out forms will be sent to you to be signed, and you will need to send back the scans.
- As soon as this is done, our expert can apply for company registration.
- The security service of the free zone will then check the submitted documents, and the proposed company names will be sent for approval. The application is usually processed within 5 to 10 working days. Be prepared to submit additional documents upon request.
- If everything is alright, the DMCC administration issues an initial approval for 90 days.
- Next, the shareholders (their representatives), directors, and managers will have to pay a personal visit to the UAE to sign the documents in the registrar’s presence. The remaining state fees are also payable at this stage.
- As soon as the provisional approval has been granted, you will need to rent an office. If you opt for a flexi desk, you will need to pay an annual rent at once. As for the physical office, you can pay the annual rent in one to four installments.
- You will need to wait for 3-5 working days after the rental agreement approval for the registrar to issue a license, and then you will receive the original Articles of Association. And that’s the point at which your company is ready to start!
Interested in more details? Please click on the above link to visit our portal or get in touch with our expert to discuss the prospects!
