DMCC Gets 2,025 New Companies During 2020 Thanks to its Incentives
DMCC’s incentives and offers were adopted by eight thousand companies already part of the DMCC.
Dubai’s DMCC free zone has confirmed that the new company formations in DMCC were around 2,025 during 2020. This was a record breaking high for the free zone in the past 5 years.
This inflow of businesses was mostly due to the Business Support Package and Representative Office facility that was introduced in 2020. The package was the largest commercial offer made by the business hub. The Business Support Package offers a number of benefits and value-added services that are useful for new and old companies.
Number of Take ups
Throughout 2020, around 8,000 existing companies adopted more than 13,000 incentives and offers. While 2020 was a bad year for business, officials are confident that they will be able to attract more foreign investment in 2021.
During 2020, there was an offer for obtaining virtual licenses as well. This allowed people to obtain licenses without any upfront fees for a limited period of time. There was also a huge boost in digital marketing as online sales went up during the pandemic. The COO of DMCC stated that it ensured that existing and new businesses in the DMCC make it through all the challenges of 2020.
95% of the companies that joined the free zone did so as digital entities. The DMCC’s fully digitized process for setting up a company made this possible. It also attracted entities of all shapes and sizes.
Keeping Tabs on China
The DMCC also saw a jump of 20% in the number of Chinese companies joining the free zone. Due to this, the DMCC opened a representative office in Shenzhen.
New Job Creations and More Business for the Existing Businesses
The increase in new company registrations in DMCC will support all the related businesses as well, such as DMCC approved auditors, lawyers, consultants, etc. The increase in companies will also contribute to the creation of new jobs in the UAE which will effectively attract more skilled labour in the country.