Dubai Multi Commodities Center (DMCC)
DMCC is one of the fastest and largest growing free zone in Jumeirah Lake Towers (JLT) in UAE and is the prime selection for new business establishment.
Compliance and Rules and Regulation:
DMCC has developed an effective compliance framework to ensure that DMCC operations are in line with local and international laws, regulations and best practice.
The Approved Auditors List Rules also mandate that all DMCC member companies must submit their Audited Financial Statements through a DMCC Approved Auditor, which will be implemented over a transitional period.
DMCC, with Rated A by Standard & Poor’s Ratings Services, is the first entity in Dubai and the second in the UAE to receive a full interactive rating from the world’s leading provider of independent credit ratings.
The following are four simple steps in starting a business in DMCC:
- Decide on your license type and business activities
- Prepare and submit the online application form. (Initial application fee is AED 1,015)
- Pay, Sign and Submit the required documents
- Sign and submit the relevant documents for your new office space.
The following are the documents needed before setting up a new business in DMCC:
- ONLINE PRE-APPROVAL APPLICATION FORM
- PROOF OF RESIDENTIAL ADDRESS IN COUNTRY OF RESIDENCE
- SUMMARY OF BUSINESS PLAN FOR CERTAIN ACTIVITIES
- THIRD-PARTY APPROVALS FOR CERTAIN REGULATED BUSINESS ACTIVITIES
- COPY OF YOUR PASSPORT
- NO OBJECTION CERTIFICATE FROM SPONSOR (Required if holding a valid UAE residence visa.)
- COPIES OF PARENT COMPANY DOCUMENTS (Required if setting up a subsidiary.)
- DETAILS OF AN OFFICE ADDRESS IN DMCC FREE ZONE (JLT) (Required after your company has been registered.)
Closing a business: DMCC free zone
According to the website of DMCC, there are three types of closures. They are:
- Summary winding up – this can be done in cases where a company has either no liabilities or is able to discharge its liabilities within 6 months and commences with a statement of solvency
- Creditors winding up – this can be done when the company passes a resolution for winding up and is followed by a meeting with the company’s creditors
- Bankruptcy – this can be done by the court under UAE Commercial Transactions Law No. 18 of 1993.
In DMCC, you need to apply for closing the business through the member portal. The authorities, duties, and responsibilities of the Directors of the company will be terminated as an effect of the submission of the company termination application. The application will be reviewed and processed. This will be followed by an announcement in a local Arabic newspaper. DMCC authorities will then file the final termination of the company and issue termination letters.
Why need Approved Auditors in JLT/DMCC ?
ALYA is a reputed Chartered Accountant Firm in Dubai with its head office at Business Bay and a branch office at SAIF zone with expert professionals who can help you with the registration and formation as well as liquidation and de-registration of your business in any of the UAE Free Zones.
We are approved auditors in Dubai and are listed auditors in almost all major freezones in Dubai including DMCC,DWC,JAFZA,SAIF,Maydan etc.Our market experience and the solid personal relationships which we constantly maintain with the major finance providers and business communities, we behold specialist advisory skills to support you both in the local and global market place.
With ALYA, we can help you identify the needs of your business by:
- Providing Guidance & Support in strategizing your business plan and providing business advisory.
- Assisting you in making the best decision in favor of the business by assessing the risk along with the management techniques of the same.
- Assisting you in preparing the application form to be submitted to the regulatory department
- Providing proper guidance while selecting the strategic locations of warehouse/s and/or offices.
- Providing VAT Compliance and Advisory support for VAT Registration, VAT Implementation, VAT Return Filing
- Tax restructuring
- Provisions for Accounting & Book Keeping services
- Provisions for Accounting & Financial Reporting
- Provisions for Audit & Assurance Services
With the continuous support from our Chartered Accountants, you will get core business advice, qualitative solutions and unique experience that are specifically catered with your business needs. Alya Auditors in one of the top among the approved auditors in DMCC. Approved Auditors List 2020.