Dubai Multi Commodities Centre (DMCC)
If you’re a company based in the Dubai Multi Commodities Centre, you will need to appoint a Company Coordinator. A registered Company Coordinator in the DMCC represents your company when interacting with the DMCC, and will act as a point of contact between your company and the Freezone Authority. The Coordinator may be an existing employee, or an external consultant. Companies can appoint more than one person to be the Company Coordinator.
Companies can register in over 600 business activities under DMCC. They can engage in trade and commerce in over 20 sectors, including FMCG, healthcare, education, media, and more. They can also provide professional services and have a legal presence. Other types of businesses are not financial, and can include anything from retail stores to five-star hotels, or academic institutions. The minimum share capital for a DMCC company is AED 50 000. Some types of licences require a higher share capital.
To transfer to a different jurisdiction, a DMCC company must be approved by the Registrar. Transfers of companies within the DMCC must comply with the requirements and submit annual audited accounts to the Registrar. Companies must have audited accounts prepared annually in accordance with IFRS in order to register with DMCC. If you’re not registered with DMCC, your company will be removed from the DMCCA’s company register.
How to Register a Company in the Dubai Multi Commodities Centre (DMCC)
A DMCC company can issue different classes of shares, but its agreement must expressly provide for this. Ordinary shares must constitute 80% of the total shares, while 20% may be issued under a different arrangement. If the DMCC Company ceases to be viable, you must request a suspension at the DMCCA. The suspension is for a period of 12 months and cannot exceed 36 months.
After you register your company, you can take advantage of DMCC’s many advantages. Besides being the perfect location to establish a company, you can also enjoy the benefits of a tax-free environment and top-class business infrastructure. In addition to free zone benefits, DMCC registration is the most affordable way to expand an existing business or increase its turnover. In addition to free zones, DMCC has several free economic zones that cater to different types of industries.
Companies can be owned by individuals or legal entities and must have a minimum capital of AED 50 000. Certain licenses may require higher capital. Once you’re registered as a Company Coordinator with the DMCC, you will receive an E-Licence that allows you to conduct business in the Dubai free zone. After the licensing process, you can deposit your share capital in a corporate bank account.
If you’re a DMCC Company, you must complete the DMCC’s Company Regulations 2020. This document details the rights and responsibilities of the company’s officers, including the powers and authority of company registers. In order to be registered as a Company Coordinator with the DMCC, you must amend your existing MoA and AoA documents to conform to the regulations.
