Are you dreaming to start a business in DMCC (Dubai Multi Commodities Centre)? This is the right time to move forward. It was established in the year 2002 by the Dubai government in a view to promoting the financial structure of the country. DMCC allows you to carry out the activities specifies in the license. It also allows you to start a branch of your existing company.
Processes for business set up in DMCC
The processes to start the business set up in DMCC are simple and fast.
Type of business
Before starting the processes it is mandatory to decide your type of license and business activities. This is because every Freezone has its specification in the type of business. While filling the application form the type should be specified.
Submission of online application
After completing the application form it is necessary to pay the application fee to apply. DMCC will reserve your company name, compliance approval, and so on after seven working days.
Submission of documents
The next step is to pay the license and registration fees followed by the signing of legal documents. The authority will then issue a provisional approval and a bank letter. You can use this letter to start a company account in any bank.
Choosing the office solution
As the final step, you have to choose the office space. For that, you should sign and submit documents required for the new office space. DMCC will issue the e-license and you will receive it after five working days.Visit here for more details remote workforce management software.
Basic needs to set up business in DMCC
The basic needs for a business setup in DMCC include the following
- Online application form
- Passport copy
- Proof of address of the country of residence (utility bill)
- Documents of the parent company (if you are starting a subsidiary company)
- Third-party approvals
- Office address (Required after registration of the company)
Things to be noted
Choose the right structure
This is considered as the key to your business because it will decide the future of your business, whether it will be a success or failure. One of the most common structures for business in the UAE is the limited liability structure (LLC). It also allows you to keep 100% ownership in the Freezone. If you are planning a small company, registering as online is ideal.
Local rules and regulations
The United Arab Emirates is considered as the best place to start a new business. This is due to the strong legal structure. The government is promoting foreign investors to improve their financial structure. The rules and regulations for investors are different from that of local peoples. You can find more details by seeking advice from various consultancies which helps you in the process of business set up in Dubai.
Immigration policies
The immigration and labor market policies implemented by the Dubai government plays a vital role in the development of industries today. The law mainly focuses on delivering quality products from highly educated professionals. So as an entrepreneur, it is advisable to do some market research before proceeding to the selection of employees to your company.
Using the guidelines provided by the business consultancies you can start a business regardless of its size. They will ease the procedures and make you understand the rules and regulations of the country to avoid unnecessary delays in the approval of your business. Sometimes the authorities will reject or keep in hold your application if there are no relevant documents. This happens because the rules and regulations of every Freezone or every business activity are different. Searching on the internet or third party inquiry will not help in this regard. To apply to the license does not mean that you should go personally and apply. You can apply it online with the comfort of your own home thereby able to save your time and physical efforts.
For business set up in DMCC getting the license means you are almost halfway to your dream. Dubai called as the land of opportunities will give a successful business career if you clear all your legal formalities and free from any legal allegations. The laws of the United Arab Emirates will also favor you for the nourishment.
