Company registration with Dubai Multi Commodities Centre (UAE)

The Dubai Multi Commondities Center (DMCC) Free Economic Zone was established in 2002 and is located in the Jumeirah Like Towers area, on Sheikh Zayed Road. Any kind of activity is allowed in the FEZ, the most popular are jewelry trade, financial transactions, the energy industry, metallurgy, and the production of agricultural raw materials (cotton, tea, etc.) are quite developed. There is a large diamond exchange on the territory of the DMCC.

Jurisdiction 5 times in a row (2015–2019) is recognized as the best free-zone according to fDi Magazine (The Financial Times) and today it belongs to the most prestigious and rapidly developing Emirati FEZ.

Organizational and legal forms of companies

• LLC – limited liability company;
• representative office, branch of a local or foreign company.

What is included in the price

1. Consultation from a Crystal Tax specialist.
2. Due Diligence – checking the reliability of the beneficiary.
3. Preparation of documents, their notarization, apostille.
4. Checking and reserving the name.
5. Drafting and certification of statutory documents.
6. Registration of a legal entity.
7. Office rent for a year.
8. Obtaining a license.
9. Pay the registration fee.

Documents required to open a company

For individuals:

• a brief resume about education, work experience in the relevant field;
• photo 3x4 cm on a white background (6 pcs.);
• a copy of the completed pages of the international passport with a stamp on entry into the UAE (if the applicant has previously visited the country);
• copy of the utility bill paid in the country of residence (certified by a notary public);
• letter from the bank about the existence of a personal account.

For legal entities (translation, certification by a notary and the Embassy of the Emirates are required):

• certificate of registration;
• memorandum, articles of association;
• copies of passports of the head and founders;
• decision to establish a commercial organization in the UAE;
• document on the legal status and financial condition.

Additional documents may be required when applying for a license.

Documents provided after registration

1. Certificate of registration.
2. Memorandum, charter.
3. Office lease.
4. License.

Working algorithm

1. Consulting, determining the types of activities, the legal form of the legal entity.
2. Due Diligence.
3. Payment for registration of a commercial organization.
4. Preparation of documents, their translation, notarization, office selection.
5. Payment of fees, duties.
6. Registration of a company, obtaining a license.
7. Transfer of documents to the registered enterprise to the owner.

Principles of jurisdiction

1. 100% foreign ownership of the company.
2. Prestigious status.
3. No corporate or personal taxes.
4. No restrictions on repatriation of income and profits.
5. Perfectly located in the business district, on Sheikh Zayed Road – road connecting Dubai to Abu Dhabi.
6. Large range of activities.
7. The possibility of renting both an actual and a virtual office.
8. High level of confidentiality, information about directors, shareholders is disclosed only if there is a court decision.
9. No currency control.

Disadvantages of jurisdiction

1. One of the most expensive SEZs in the Emirates. The amount of the minimum authorized capital is quite high – over $13 thousand
2. Annual audit required. Reporting is mandatory, its submission depends on the turnover of the business.

List of banks in jurisdiction

• Emirates Islamic Bank;
• Mashreque Bank.

Company Requirements

1. Only an individual can be a director.
2. The authorized capital must be paid within 3 weeks from the date of receipt of the license.
3. Virtual office is not allowed for general trade license firms.

Licenses

1. Commercial (trade in certain groups of goods).
2. General trade (sale of any goods, except for prohibited ones).
3. Service (services).

Action strings – 1 year. Each license gives the right to issue 3 (with a virtual office) or 5 (with a real office) resident visas.