The Dubai Multi Commodities Centre (DMCC) is considered as the leading free zone of the United Arab Emirates and has played a crucial role in attracting global and local businesses. With the presence of a stable political environment and an understanding, the Government has made this free zone the poster boy for setting up a business in Dubai.
Dubai Multi Commodities Centre (DMCC)
The Government felt the need to attract more and more businesses from all over the world to the United Arab Emirates. In line with this decision, the Dubai Government came up with the idea of the formation of the Dubai Multi Commodities Centre (DMCC). This free zone is situated in the Jumeirah Lake Towers in Dubai and serves more than 16,000 clients.
The DMCC is considered as a huge destination for the businesses and provides state of the art infrastructure and high-class business services to them so that they can flourish and reach their maximum potential. There are many industries in which the businesses can be set up in the Free Zone, such as:
- Precious Metal Business
- Coffee Business
- Tea Business
- Pearls
- Agriculture Business
- Metals Business
- Financial Intermediation
- Spice Business
- Import and Export Business
- Real Estate Business
- Communication Business
- Transportation and Communication Business
DMCCA Company Regulations 2020
Recently the DMCCA announced a new and updated set of rules and regulations for the Free Zone. These new regulations will allow greater ease in setting up the business in the Free Zone and will also enable flexible operations of the company. The increased flexibility will also help in the expansion of the company when required.
The significant amendments in the updated DMCCA Company Regulations 2020 include
- Malleable and simple Mission, Vision and Objectives of the company so that the rules and laws of the company are more flexible and can be shaped as and when required.
- An increased ability to transfer the incorporation of the company into the Free Zone.
- The introduction of a new Dormant Status for the company.
- The introduction of various share types which help the administration of a company to decide the structure of the business.
The assistance from the world’s top three law firms led to a new and updated framework for the Free Zone. The updated regulations of the Free Zone will allow the companies to operate using the internationally considered best practices. They will ensure that DMCC does not lose any of its competitive edges.
