Business Setup in Dubai Multi Commodities Centre (DMCC)

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The Dubai Multi Commodities Centre (DMCC) is a free zone created in 2003. The purpose was to become a major component in the world commodities market. To achieve this goal the centre was equipped with a modern infrastructure designed around the requirements of commodity-based businesses and the service providers supporting the commodities markets. The centre supports trading in diamonds, colored stones, energy, gold, precious metals, tea and even cotton. Support industries include finance, logistics, and insurance. With a Standard & Poor’s rating of “A”, the zone has attracted businesses ranging from global giants and key internationals to medium sized enterprises and start ups. Some attractive features for businesses include:
• vault facilities with high tech security
• Nearby Assaying facilities
• Package delivery services
• Proximity to shipment facilities
• Preferential rates for bullion freight
• A purpose-built Jewelry and Gemplex to facilitate the manufacture of precious metal jewelry
• A commercial tower to house wholesale, trading and banking operations

One often overlooked feature of the Center is the virtual crime-free environment. The UAE is a stable political and social geographical region in a world of increasing social insecurity.

Businesses enjoy increased profitability thanks to the location close to shipping facilities and air cargo as well as a central placement with easy access to world markets. DMCC is located only 80 minutes from Abu Dhabi, 15 minutes from Al Maktoum International Airport and only 40 minutes from Dubai International Airport. In the gold and precious metals industry, Dubai is known as the “City of Gold” thanks to a significant role in the global gold market as a transshipment point in gold and precious trading. Businesses in Dubai Multi Commodities Centre are involved with refining and manufacturing of gold as well as trading. There is a growing market segment for other precious metals such as silver, palladium and platinum and DMCC is proactive in these markets by establishing proper facilities. DMCC is constantly working to assure the highest level of global standards in both product and service to the gold and precious metal industry.

In the diamond and colored stones segment DMCC is recognized as a world leader in rough and polished diamond trading. As part of this segment, the Dubai Diamond Exchange has implemented the Kimberley Process Certification Scheme (KPCS) to prevent trading in so-called “conflict diamonds” – used to finance rebellion in diamond producing countries. UAE is the first Arab country to implement KPCS.

Support infrastructure for the gold and diamond industries includes high-tech secure vault facilities and purpose-built storage spaces. Finance, logistics and insurance business are located within the free zone to support the commodities businesses. Gold and precious metals, diamonds and colored stones are not the only commodities traded through the Dubai Multi Commodities Centre. There are businesses involved with tea, pearl and agro-products trading as well.

In 2013 DMCC launched a sharia-compliant commodity trading structure. This platform provides Islamic banks with a tool to manage fund flows. The Trade flow system trades in warehouse receipts which represent actual commodities stored in warehouses. There are plans to target plastics and carbon trading and to explore pulse trading.

For more information about Dubai Multi Commodities Centre see the website at http://www.dmcc.ae/home

Benefits of Establishing a Business in Dubai Multi Commodities Centre (DMCC):
• No personal and corporate tax
• Complete capital repatriation
• 100% business ownership – no local sponsor requirement
• No currency restrictions – easy international money transfers
• The fastest growing free zone in the United Arab Emirates
• DMCC has global recognition in the commodities industry and an “A” rating by Standard & Poor’s Rating Services
• Prime strategic business location central to world markets
• Complete range of facilities to support refining, manufacturing and trading of commodities
• Continuous innovation of products and services
• Regulated and secure business environment and recognition of global “best practice” procedures
• 8,700 companies already established. Adding more every month
• Freehold property available
• State-of-the-art properties for lease or purchase
• Alliances with industry players enabling unlimited business opportunities
• Business networking events and online networking tools
• Range of investment tools, e.g. Shariah compliant hedge funds
• Immediate access to trading platforms, e.g. Dubai Gold & Commodities Exchange


CLIENTS

Our expertise and experience in professional accounting and consultancy equips us to provide our services to a wide range of clients ranging from service providers, traders to manufacturers. Our clients have every reason to say that we are the best professionals in the town in terms of our quality work and competitive prices.

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TESTIMONIALS

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There are two main options for Business Setup in the Dubai Multi Commodities Centre (DMCC).
i) A new company
ii) or a branch office.

Within each of these options, there are different requirements for individual applicants or corporate applicants.

1. New Company Setup (FZ-LLC) with an individual applicant (real person)
The documents required for setting up this type of business are:
• C.V. (resume) and passport copy for the Manager
• Proof of trade name registration. We* can provide this.
• Proof of initial approval for business formation activities. We* can provide this.
• Completed personal information sheet for each manager and shareholder. We* can provide a template.
• Lease agreement specifying a physical address that meets minimum requirements. We* can locate appropriate office space and provide proper documentation.
• Proof of deposit of the minimum required capital AED50,000 (US$13,698)
• If a local agent* is used (highly recommended) the designated agent must have Power Of Attorney documents.

The local authority may request or require additional documents.

2. A New Company setup (FZ-LLC) with Corporate (shareholder-based) applicant requires these documents:
• Proof of trade name registration – Provided by us*.
• Proof of initial approval for business formation activities. – Provided by us*.
• Copies of shareholder passports
• Passport copy and C.V. (resume) for the designated manager
• Lease agreement specifying a physical address that meets minimum requirements. We* can locate proper office space and obtain lease documents on your behalf.
• Notarized and attested (by the UAE Embassy in the origin country) Memorandum of Association and/or Articles of Association
• A resolution from the board of directors of the parent company expressing the intent to establish a new business abroad. This must be notarized by the UAE Embassy in the origin country.
• A certificate of registration for the parent company from the registrar of businesses in the origin country. This may be a Certificate of Incorporation, a business license or other applicable documents notarized by the UAE Embassy
• Proof of deposit of the minimum required capital AED50,000 (US$13,698)
• If a local agent* is used (highly recommended) the designated agent must have Power Of Attorney documents.

The local authority may request or require additional documents.

3. Setting up a Branch of a foreign company with an individual shareholder/applicant requires these documents:
• Copy of Shareholder’s passport
• A Basic business plan. We* can assist you with this.
• A company profile and physical address of the business
• Passport copy and C.V. (resume) for the Manager of the new branch
• Personal information sheet for each shareholder and manager
• Proof of trade name registration – Provided by us*.
• Proof of initial approval for business activities. – Provided by us*.
• Notarized and attested (by the UAE Embassy in the origin country) Memorandum of Association and/or Articles of Association
• Lease agreement for the branch office specifying a physical address that meets minimum requirements. We* can locate proper office space and obtain lease documents on your behalf.
• A certificate of registration for the parent company from the registrar of businesses in the origin country. This may be a Certificate of Incorporation, a business license or other applicable documents notarized by the UAE Embassy
• If a local agent* is used (highly recommended) the designated agent must have Power Of Attorney documents.

The local authority may request additional documents.

4. Setting up a Branch of a foreign company with corporate shareholders requires these documents:
• Copies of Shareholders’ passports
• A company profile and physical address of the parent company
• Passport copy and C.V. (resume) for the Manager of the new branch. The manager must have a university degree.
• Personal information sheet for each shareholder and manager
• Proof of trade name registration – Provided by us*.
• Proof of initial approval for business activities. – Provided by us*.
• Notarized and attested (by the UAE Embassy in the origin country) Memorandum of Association and/or Articles of Association
• Lease agreement for the new branch specifying a physical address that meets minimum requirements. We* can locate proper office space and obtain lease documents on your behalf.
• A certificate of registration for the parent company from the registrar of businesses in the origin country. This may be a Certificate of Incorporation, a business license or other applicable documents notarized by the UAE Embassy
• A Board of Directors resolution from the parent company indicating the intent to establish a branch in another country. This must notarized by the UAE Embassy in the origin country.
• If a local agent* is used (highly recommended) the designated agent must have Power Of Attorney documents.

The local authority may request additional documents.

* Push Digits is an independent partnership formed in UAE. Push Digits’ core business is providing industry leading accounting, book keeping and company formation services. Feel free to contact us for a first class consultation.

How Push Digits Will Help You
One of the many valuable services Push Digits offers is assistance with business formation in Dubai Free Zones including Dubai Multi Commodities Centre (DMCC). We can help you connect with the business authorities in the region to get required applications and approvals. We will make sure you have all required documents when and when they’re needed and that the documents are properly completed.

We are familiar with the local culture and with the authorities and agencies involved so we can make the process as quick and painless as possible. After your New Company or Branch Office is up and running we offer additional support to make your business life easier. Our services include accounting and financial services; financial projections; internal audits; preparation for external audits and a host of other valuable services.


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