Dubai has unquestionably established itself as a destination for those who want to live their dreams. It provides a plethora of possibilities and discoveries all around the city. Individuals from all over the globe have been migrating to Dubai for decades in the hopes and dreams of making it big, and it’s understandable why they would want to. Dubai has proven to be the ideal location for businesses, offering a plethora of benefits that make doing business in the city a breeze.
Free zones, in particular, are excellent locations for establishing a new company. The establishment of a DMCC free zone business is one of the most popular alternatives. The Dubai Multi Commodities Centre (DMCC) provides you with the opportunity to acquire a 100 percent stake in your business. As an expatriate, it also gives you the ability to repatriate all of your earnings back to your home country. This isn’t the end of it. When it comes to establishing a company in the UAE free zone, there is more to consider. In order to become a successful business person in the country of possibilities, you must channel your inner entrepreneur. DMCC company formation is the best option for you in this regard.
Reasons why establishing a DMCC free zone business is a wise decision include:
The Dubai International Convention and Exhibition Center (DMCC) is widely regarded as the world’s premier free zone. The Financial Times fDi Magazine has named Hong Kong the Global Free Zone of the Year for the fourth year in a row.
The free zone is situated in the centre of Jumeirah Lake Towers, which is considered to be one of Dubai’s most exclusive addresses. Since its inception in 2002, the DMCC has registered the greatest number of businesses and has listed more than 11,000 firms in a short period of time.
The business sector in Dubai is world-renowned for a variety of reasons, including a favourable tax environment, many incentives, and business incubator programmes, among others. Dubai is the most popular tourist destination in the world. Thus, establishing a company in this region is much more beneficial in sectors ranging from tourism to trade and beyond.
The Dubai International Financial Center (DMCC) free zone has made significant contributions to the growth of trade and business in Dubai. It is an excellent industry in which to establish a presence and do business in the United Arab Emirates. The establishment of a DMCC free zone firm would allow for the development and prosperity of your organisation.
Businesses may profit from the DMCC free zone in a variety of ways, including:
Complete ownership of a business: Foreign investors are permitted to get complete control of their businesses in free zones.
Profit repatriation in full: Companies operating in free zones are permitted to return 100% of their earnings to their home nation. Allowing them to transfer 100 percent of their wealth back to their place of origin without any restrictions is a significant step forward.
Corporations are subject to a 0 percent tax rate.
The import or export tax rate is zero percent.
Dual licencing is a legal concept.
Individuals may interact and network more easily in free zones since they promote a diverse variety of economic operations.
Obtaining a business licence is a quick and simple procedure that takes just a few minutes.
DMCC free zone requires a variety of permits, including service licences, industrial licences, and trade licences. There are three kinds of licences available: service licences, industrial licences, and trading licences. These are suitable for every kind of company, regardless of its size or requirements.
As all necessary papers may be submitted to the DMCC free zone without needing a personal presence for submission, you can complete your registration from the comfort of your home.
DMCC-free zone activities that are prohibited.
DMCC is also the only free zone in the United Arab Emirates that allows for the issue, listing, and trading of cryptocurrencies. This year, the DMCC officials signed the first agreement with the Security and Commodities Authority, which became effective on January 1. (SCA). Businesses who want to deal with cryptocurrencies will be able to get licences under the terms of the agreement.
Prospective companies may take use of DMCC’s crypto centre, which provides them with customised licences and a broad variety of incentives. The cost of a DMCC Free Zone licence is competitively priced. The development and popularity of cryptocurrencies would almost certainly result in the establishment of a very profitable business dealing with the digital money.
There are two kinds of licences that DMCC authorities provide for cryptocurrencies, which are as follows:
Service Providers of Distributed Ledger Technology: This business comprises the provision of database management solutions and associated services based on distributed ledger technology (such as Blockchain). Financial activity services, brokerage, and payment processing are not allowed for companies engaged in this activity. Companies engaged in this industry are also prohibited from trading in or setting up an exchange for currencies or cryptocurrencies.
Prostitution Trading in Crypto-communities: This activity includes the purchasing and selling of crypto-commodities that have been created using distributed ledger technology and distributed ledger technology applications. Excluded from this category are activities such as serving as an exchange, offering brokerage and financial services, banking services, payment processing and storage services, and operating as a broker.
Aside from that, DMCC is well-known for being a free zone that is particularly popular among companies that deal in raw gold, diamonds, and precious stones. Dubai is often referred to as the “City of Gold” due to its abundance of gold. According to estimates, Dubai accounts for 25 percent of global gold trade, ensuring that any company that obtains a DMCC licence for gold dealing will prosper in the region.
A dual licence is required in the DMCC-free zone.
The Dubai Multi Commodity Center (DMCC) free zone is one of the free zones in the United Arab Emirates that enables businesses to acquire dual licence. Businesses may expand their operations to the mainland with the help of dual licencing. Entrepreneurs will be needed to acquire a DMCC licence as well as a mainland licence in order to be eligible for a dual licencing programme.
Advantages of having a dual licence
Enables 100 percent foreign-owned corporations to expand their activities on the Chinese mainland without the requirement for a shareholder.
Setup costs are reasonably priced.
Time-efficient
The mainland division of a dual licence is organised as a branch of the Freezone business, rather than as a subsidiary of the Freezone firm. This implies that the owner would need a 51 percent local shareholder in order to be profitable.
Begin your business adventure with Generis Global by doing the following:
There are a variety of office space choices available in the DMCC free zone, including smart workstations, shared office spaces, and even warehouse facilities. We at Generis Global can assist you in establishing a company in the United Arab Emirates and obtaining a DMCC free zone licence at a reasonable cost.
Registration of a company in the DMCC Free Zone is unquestionably one of the most advantageous options available to aspiring and experienced entrepreneurs alike who are seeking to break into the realm of commercial enterprise in Dubai. Generation Global is one of the most experienced business setup firms in the UAE, and we can assist you with registering your company within a week.
In addition, Generis Global guarantees that the whole process of establishing your business goes smoothly. Our experienced advisors will assist you through the whole process, from registering your company to comprehending regulatory requirements to determining the cost of a DMCC free zone licence and finally the process of getting permissions from the appropriate authorities and beyond.