DMCC Free Zone – Dubai Multi Commodities Centre Free Zone

DMCC is one of the fastest growing Free Zone’s in the world. It was established in the year 2002 with headquarters in Dubai to facilitate DMCC Free Zone as a global market place for trading in international commodities through Dubai. Today, DMCC Free Zone houses more than 17,000 businesses from 170 countries including major multinationals and startupsproviding world class services with cutting edge infrastructure housing a vibrant community,leading their way to success.

With reduction in paperwork and adoption of technology, DMCC Free Zone boasts paperless work to access any of the DMCC services online anytime from anywhere which enables members to setup a new company or a branch with less manual intervention.

How to start a company in DMCC?

It’s a simple and fast process to start your business in DMCC Free Zone. Following are the steps involved in the setup process in DMCC Free Zone:

  1. Decide your license type and business activity
  2. Check the required documents and costs involved
  3. An online link is shared based on above to start application process
  4. Option to apply for multiple licenses apart from choosing a general trading license
  5. Licenses fall under: Trading, Service and Industrial
  6. Flexible license validity ranging from 1 to 3 years and a transparent license fee structure with minimum share capital
  7. Submission of application form along with fee.
  8. After seven working days, wait for the approval and start your journey.
  9. Next pay registration and license fee and sign legal documents.
  10. In five days time a provisional approval with bank letter for account opening is provided.
  11. Choose your suitable office among the various options.
  12. In five working days, you will receive a E-license to start your business.

How to close or liquidate a company in DMCC?
(also known as company closure or termination process)

Liquidation process is online. Following are the steps involved in the process:

  1. Complete the required fields and upload the first set of requirements for company termination on DMCC Portal. Click Submit
  2. Cancel all active visas, PIC and TAC through DMCC Portal (Skip if all are cancelled)
  3. Upload 2nd set of requirements for company termination on DMCC Portal
  4. Submit all original requirements to DMCC
  5. License Termination will be published by DMCC for 14 days
  6. Upload a copy of the liquidator report on the SR and submit the original to DMCC
  7. De-registration will be published by DMCC for 14 days
  8. De-registration and License Termination Letters will be issued to clients. Original to be collected from DMCC

TIME FRAME for completion:

45 to 60 days upon completion of requirements inclusive of 14-day publication twice.

Audit of DMCC Companies:

Generally all the companies in DMCC are supposed to get their books of accounts audited at the time of renewal of the license annually. Otherwise also it is a good practice to maintain proper books of accounts of all the transactions of the company and get those books of accounts audited each year to provide better understanding of the business and that helps you in taking decisions at the right time to conduct the business in an appropriate way. Spectrum Auditing is a DMCC approved auditor to conduct audit of all DMCC based companies and the audit report issued by Spectrum Auditing is accepted by DMCC authorities.

Spectrum Auditing is an expert in the Company Formation and Company Liquidation process. Reach us to have a frills free life in your journey in Dubai, UAE. We at Spectrum will assist you in taking care of all the legal procedures involved in the registration and de-registration of your company in DMCC. Reach us today for any kind of assistance, call us at +971 4 2699329 or +971 50 9866466 or email us at info@spectrumaccounts.com to get all your queries addressed. Spectrum, your partner in your success.

Leave a Reply

Your email address will not be published.

*

FTA Approved TAX Agency