Established in 2002 by Royal Decree, DMCC is a strategic initiative of the Government of Dubai with a mandate to enhance the commodity trade flows through the emirate by providing the appropriate physical and financial infrastructure, regulation, products and services required.
DMCC Free Zone - the largest and fastest growing free zone in the UAE - successfully attracts key participants throughout the entire value chain of a wide range of commodities sectors along with a diversity of businesses from shipping to recruitment, IT, advertising, restaurants, retail outlets, gyms, nurseries, luxury brands, learning centres and more. Member companies include: American Express, Clarkson, Conoco Philips, Debeers Diamdel, Harley Davidson, Louis Dreyfus, LVMH, Nutricia Danone and Rio Tinto Alcan.
The development is a dynamic 200-hectare waterfront community encompassing 66 commercial and residential towers alongside hotels, playgrounds and over 220 retail outlets.
Today, DMCC has registered over 8,000 companies including multinationals, major regional industry heavyweights as well as SMEs, start-ups and entrepreneurs. During 2012, the Free Zone achieved numerous successes including registering 2,033 companies, a 50% increase over the same period in 2011, when it registered 1,362 companies. On average DMCC welcomes over 200 companies per month to its Free Zone, more than six companies a day - over 95% of which are new to Dubai.
One of the most attractive aspects for many foreign nationals looking to establish a business in Dubai is the guarantee of total ownership. Here at the DMCC, we believe that all companies have the right to carefully select the individuals they wish to partnership with, which is why we facilitate 100% foreign business ownership to all DMCC applicants.
100% capital repatriation
Whether you are a start-up or an existing multinational, all our members benefit from 100% capital repatriation with no currency restrictions, meaning you are free to repatriate your funds at your convenience without limit.
Generally considered to be one of the most compelling reasons to set up a business with the DMCC, is our zero personal and corporate tax rate. With no taxation document or forms to complete, there is simply no tax levied, meaning whatever you earn, you keep.
The Department of Economic Development (DED), Government of Dubai, has reiterated that no Free Zone company can conduct business within Dubai unless it has a DED license or chose to open a branch in Dubai in accordance with the conditions stated in Law No. 13 of 2011 on business registration and licensing in the Emirate.Issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the Law No.13 of 2011 is meant to enable Free Zone companies to open branches in Dubai while maintaining their presence in the Free Zone.“Under no circumstances can a Free Zone company in Dubai operate outside its jurisdiction unless it has a branch licensed by DED.
The same applies to companies in any Free Zone in the UAE. Alternatively, such companies may appoint an intermediary to sell their products or services in Dubai but the intermediary should have a DED license,” stated Mohammed Shael Al Saadi, Chief Executive Officer of Business Registration & Licensing (BRL) Sector, DED.Al Saadi issued the clarification after reports in certain online media and subsequent enquiries on a Free Zone company in another emirate claiming to be a “virtual free zone” providing cheaper means of enabling “international entrepreneurs operate their businesses from a home or office anywhere in the UAE.”“Recently, we have been receiving complaints from various Free Zone companies, most of them operating outside Dubai, that their licensors had promised they can do business in Dubai under the Free Zone license.
We have clarified to them that there is an established route to doing business in Dubai,” Al Saadi explained.“Through Law No.13 of 2011, Dubai has acknowledged the role of Free Zone companies in economic activity in the UAE and the leadership wants to allow such companies to contribute further to overall development. DED’s role is to enable businesses that choose Dubai as their base to benefit from a competitive environment and best practices,” Al Saadi added.
A Free Zone company can operate a branch in Dubai as long as it is active within the Free Zone but any termination of the Free Zone activity will reflect in the Dubai license as well.The Law No. 13 also allows Free Zone companies that have no local partners to open branches in Dubai, provided such branch has a Local Service Agent on board.
A Local Service Agent is a UAE national or UAE company who will sponsor employees for the Dubai branch of a Free Zone company at the Ministry of Labour. The Local Service agent will have no rights of voting or decision-making in the company. Vithul MuraliAdam Consulting +971 505573538
DMCC launches new responsible sourcing certification programme for gold
Vithul Murali's insight:
Fujairah Gold Refinery first to join new DMCC’s Market Deliverable Brand (MDB) initiative Dubai, UAE; 3 February 2014: DMCC, Dubai’s and the region’s global gateway for commodity trade and enterprise, has confirmed the launch of its new responsible sourcing Market Deliverable Brand (MDB) accreditation initiative designed to certify gold and silver refineries (in operation for over one year) for their quality and technical production of gold and silver. For gold refineries specifically, the certification also includes responsible sourcing of gold bars in accordance with the ‘DMCC Guidance’ and ‘Review Protocol’.
“It is important for Dubai, as one of the largest physical gold trading hubs in the world, to give industry participants the assurance that they can trade with confidence knowing that upcoming refineries in the UAE and globally comply with international trade and responsible sourcing best practices. DMCC’s Market Deliverable Brand (MDB) accreditation initiative marks an important milestone as it enables refineries in operation for over one year to ensure their gold is sourced responsibly and that their gold and/or silver production processes are in line with globally accepted best practices to assure quality of their gold and/or silver products.
DMCC would like to congratulate Fujairah Gold Refinery for their efforts in becoming the first member of the Market Deliverable Brand initiative for Gold and Silver.” Being the first gold refinery in the UAE to successfully complete the MDB accreditation process, Tarundeep Arora, Head of Operations, Fujairah Gold Refinery, said: “It is the duty of each and every market participant throughout the entire supply chain to ensure gold is sourced responsibly - DMCC’s Market Deliverable Brand (MDB) initiative has enabled Fujairah Gold Refinery to implement these guidelines successfully and they will stand us in good stead as we continue to grow and access new markets in compliance with international benchmarks.
” DMCC has been at the forefront of issuing and implementing guidelines in conjunction with the OECD and other international bodies to promote responsible supply chain management for gold and other precious metals.
Adherence to the DMCC Guidance and Review Protocol is certified by an independent panel of DMCC-approved international audit firms. In 2013, DMCC appointed SGS to conduct an expert report comparing DMCC’s Practical Guidance for market participants in the Gold and Precious Metals’ industry with other international practical guidelines and industry standards. The report, published in August 2013, concludes that the DMCC’s Responsible Sourcing Guidance is fully in line with the OECD standards and other international benchmarks.
Most offshore companies pay no local taxes on the income derived from offshore operations. Ie From activities outside of the jurisdiction of company formation. These offshore companies include Dubai Offshore, Belize IBC, BVI, Etc.
Companies in some on-shore jurisdictions, where we provide incorporation services as well, also have comparatively low taxation. For instance, a Dubai offshore pays no taxes on profits from operations generated outside of UAE. At the same time, onshore companies must comply with all relevant filing requirements, which are often costly.
Registrars in most offshore jurisdictions do not disclose information about directors, shareholders and beneficiaries of offshore IBC companies. Thus, the underlying principal may carry out all relevant transactions in the name of an offshore company while remaining anonymous. It is important to note that this applies to legitimate operations only.
3. Asset protection:
In the international business context, it is usually the laws of the jurisdiction of incorporation that are applied, rather than those, where the company is being sued. Many offshore jurisdictions are renown for their favourable asset protection laws. Complementing an offshore company with an offshore banking facilities, protects company’s assets even further.
4. Ease of Reporting:
The compliance reporting requirements for offshore companies are limited, especially in comparison to companies, registered in onshore jurisdictions. Most offshore IBC companies are not required to file annual reports and accounts in the jurisdiction of the company formation. Instead, local authorities charge a flat annual licence fee, which is insignificant in comparison to reporting expenses and taxes in onshore jurisdictions.
5. Operating Costs and Fees:
With limited reporting requirements, offshore companies generally have lower maintenance and operating fees. The cost of compliance, preparation of accounts and auditing in on-shore countries is often considerable while offshore companies save on these particular expenses.
Registered office fees are also significantly lower than buying or renting premises in onshore jurisdictions. A virtual office could be also set up at the registered address of the company to further lower the effective fees of running one's business.
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