DMCC is established as solo commodities market place set to develop significant physical market and financial infrastructure to enhance commodities business in the region. It is recognized as a Leading free zone in UAE with over 12,000 registered companies in the region.
Business setup in DMCC
Following are the steps to incorporate a business in DMCC
Prior to application process the client should decide on the following
• Choose name of the company
• Type of the company (LLC/Subsidiary of local or foreign company/ Branch of a local or foreign company)
• Decide on the desired activities of the proposed company (Industrial / trading / service)
• Decide on customized license structure such as Single family office or e-commerce license structure(to act as an intermediate to promote and facilitate commercial transactions of a third party in return for a fixed remuneration or commission)
Once the client has decided on the above the following steps should be followed
1) Online submission of the application form with all the details as mentioned above
2) The application should contain a business plan
3) Following is the list of documents required at this stage
a) Passport copies and CV’s of the partner(s) / Shareholder(s)
b) Passport copy and CV of Manager
c) Proof of residential address
d) NOC for Manager if he is a resident or under employment in UAE
e) NOC from relevant government authorities if required for the applied activity.
f) Any additional documents as required by the authorities
After reviewing the above documents the authorities will issue Initial approval, on receipt of which the client should proceed for selection of office space, pay the fees and obtain lease agreement.
After this step, registration process will take place for which following legal documents have to be submitted:
1) Registration Form
2) Letter of Understanding(LOU)
3) Resolution for Natural / Corporate person as Shareholder(s)
4) Resolution for Natural and Corporate as Shareholder(s)
5) Resolution for subsidiary
6) Resolution for branch
7) Resolution for Joint venture
8) MOA as template of DMCC
9) Declaration form of Ultimate Beneficial Owner
10) KYC of Shareholder(s), Manager and legal representative
11) POA for legal representative if appointed
12) Specimen signature form
13) SFO letter of undertaking applicable only for SFO license
14) Questionnaire for SFO activity
15) Lease agreement copy
16) Proof of share capital remittance in local bank
17) Any other documents as required for license purpose
Note: • The legal documents should be submitted either in original or copies should be notarized / attested by authorized government authorities wherever required.
• All applications in DMCC are done online through their portal so client need to check the portal for status updates
The document are assessed by the authorities and license is issued online through their portal