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Why start a business in the Dubai Multi Commodities Centre

Europe Emirates
24 September, 2018

Dubai Multi Commodities Centre (DMCC) was established in 2002, with a government backed mandate to provide the physical, market and financial infrastructure required to establish Dubai as a hub for global commodities trade. 

DMCC is strategically located in the heart of Dubai with easy access to the famous Sheikh Zayed road, the Expo2020 site, Jebel Ali Seaport and the city's two airports – The Dubai International Airport and The Al Maktoum International Airport, as well as boasting a 60-minute drive to Abu Dhabi, the nation's Capital.

The prestigious Jumeriah Lake Towers(JLT) which consists of 66 distinctively designed towers is the community where the DMCC is located. Due to the rapid growth of this business community, the DMCC authorities, recently announced plans to build the Burj 2020 business district, including plans to construct the world's tallest commercial tower.

The 15,000 members of DMCC enjoy access to market infrastructure and physical facilities such as gold and diamond vaults, trading platforms like the Dubai Diamond Exchange, Dubai Gold & Commodities Exchange, DMCC Trade flow, the Dubai Pearl Exchange, Real Estate, The Dubai Shariah Asset Management (DSAM), the DMCC Tea Centre and a range of commodities backed by financial investment options.

There are different commodity groups in the DMCC namely; Gold, Diamonds, Pearls, Tea, Coffee, Spices, Base Metals, etc.

The UAE in 2003, implemented the Kimberley Process Certification Scheme(KPCS), to control the flow of ‘blood' diamonds into the market, to reassure customers of the source of diamonds they are purchasing.DMCC serves as the only entry and exit point for rough diamonds in the country. Also, the Dubai Good Delivery (DGD) is an international benchmark developed by the DMCC for quality in the production of Gold and Silver.

DMCC also offers training sessions to its members in compliance with the OECD - Organisation for Economic Co-operation and Development - guidelines.

Setting up a company in this Free Zone is very easy and straight forward, as all the processes in the Authority are fully automated to avoid the usual bureaucracies associated with many governmental agencies.

Business license types in DMCC include; Trade License, Service License, e-Commerce License and General Trading License.

Europe Emirates Group (EEG) is an endorsed agent of the DMCC and a proud member of this prestigious Free Zone Authority. Our head office is located in the Platinum Tower, which is one of the beautifully designed Towers in the JLT.

EEG, will assist in your (DMCC) enquiry, straight from the incorporation process, through to determining your business formation type, legal consultation and regulations on compliance through to ultimately acquiring the trade or service license you require.

If you are interested in setting up a DMCC business today, please call now so we can discuss your requirements in more detail.

Below is a table showing the documents needed for the process of Company formation in the DMCC;

Free Zone company (Natural Shareholder)

Free Zone company (Legal Shareholder)

Branch Office

Application Form

Yes

Yes

Yes

Business Plan

Yes

 

 

Letter of Intent

Yes

Yes

Yes

Financial Report (audited)

Yes

Yes

Company Profile

 

Yes

Yes

Bank Statement (dating to six months)

Yes

 

 

Letter of Reference from Bank

Yes

 

 

Passport Copy and Resume (Shareholder(s))

Yes

 

 

Power of Attorney, specimen signature, passport copy & resume (Manager)

Yes

Yes

Yes



About the Author


Europe Emirates

Europe Emirates Group, is an International Firm offering a full range of legal and financial services at local and international levels. www.uae-eu.com

 

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