About 25,000 registered companies are established in a jurisdiction that is recognized as a global hub for commodities trade, particularly in precious metals, diamonds, and agricultural products. That is the highest number of businesses formed in a single jurisdiction.
Making 15% of Dubai’s yearly DFI, The Financial Times fDi named it the global freezone of the year for 9 consecutive years.
Dubai Multi Commodities Centre (DMCC) is booming with opportunities for companies to take their business in Dubai.
Why Is It a Good Idea to Form a Company in DMCC?
ESG News said in a report that:
“2021 saw DMCC achieve its best performance since its inception, attracting 2,485 new businesses from markets including China, India, the UK, and the US. This momentum was carried into 2022 with DMCC seeing the best H1 on record, attracting 1,469 companies to bring the district’s total to 21,000.”
These numbers don’t appear by accident. Read about the benefits for yourself to see it is a spectacular move to take your business to DMCC.
| Benefit | Description |
| Strategic Location | DMCC is situated in the heart of Dubai, providing easy access to international markets and major transport hubs, including Dubai International Airport and Jebel Ali Port. |
| Tax Benefits | Companies in DMCC enjoy 0% corporate and personal income taxes for 50 years, allowing businesses to maximize profits and reinvest in growth. |
| 100% Foreign Ownership | DMCC permits full foreign ownership of companies without the need for a local partner, providing greater control for investors. |
| Capital Repatriation | Business owners can repatriate 100% of their profits and capital without restrictions, enhancing financial flexibility. |
| Business Flexibility | Companies can engage in a wide range of business activities across various sectors, allowing for diversification and exploration of new opportunities. |
| Networking Opportunities | DMCC hosts a vibrant business community, creating opportunities for networking, collaboration, and partnerships with industry peers. |
| Access to Global Markets | DMCC facilitates access to global markets through its extensive network of trade agreements and partnerships. |
| Reputation and Credibility | Operating within DMCC enhances a business’s credibility among clients, partners, and investors due to its prestigious status as a leading free zone. |
| Mixed-Use Community | DMCC is the only free zone with a mixed community where businesses can operate alongside residential areas, enhancing work-life balance for employees. |
Process of Establishing a Company in DMCC+Required Documents
- Determine Business Activity: Identify the type of business activity you wish to undertake, as this will influence the licensing requirements. Also, define the structure of your company. Is it a Free Zone Limited Liability Company (FZ-LLC), a branch of a foreign company, or something else?
- Name Reservation: Have your proposed trade name reservation ready before the following step.
- Initial Application Submission: Complete the DMCC application form and submit it along with the required documents for initial approval.
- Provisional Approval: Upon review, DMCC will issue a provisional approval letter, allowing you to proceed with further steps.
- Lease Agreement: Prepare a valid tenancy agreement covering the license validity period to secure a physical office space. Then, sign the agreement to finalize your registration.
- Final Application Submission: With your tenancy agreement in hand (together with other required documents), submit the final application.
- License Issuance: Once approved, DMCC will issue your trade license and other corporate documents.
- Visa Processing: You’re not done yet! You must apply for investor visas and any necessary employee visas through the DMCC portal. Don’t forget that you’ll need a Certificate of Conformity from Concordia for specific activities.
The DMCC and AI
The Dubai Multi Commodities Centre (DMCC) is actively engaged in the field of artificial intelligence (AI) through several initiatives centered around its newly launched DMCC AI Centre. Here are the key activities and features associated with this center:
From healthcare and finance to transportation and entertainment, AI is driving innovation and efficiency, making it an integral part of modern business and daily life.
With advanced co-working spaces, high-tech meeting rooms, and an exclusive AI solution showroom, it provides seamless access to stakeholders, resources, and leading innovators in the industry, cultivating an environment ideal for groundbreaking AI advancements.
The DMCC AI Centre also emphasizes sustainability by hosting competitions like the Global AI Challenge, which encourages startups to develop practical AI solutions focused on sustainability in the GCC region. Arab Gulf Cooperation Council,
The challenge is part of the Expand North Star event, which is a major platform for startups and investors.
How Is DMCC Transforming AI?
1. Innovation Platform
The DMCC AI Centre serves as an innovation platform designed to advance the adoption of artificial intelligence (AI) and develop practical, scalable applications throughout the MENA region. This initiative aligns with Dubai’s ambition to become a global leader in AI by 2031.
2. Facilities and Resources
The center is located on two floors within DMCC’s Uptown Tower and features state-of-the-art facilities, including high-tech meeting rooms, co-working spaces, and an exclusive AI solutions showroom. These resources are intended to foster collaboration and innovation among businesses.
3. Support for AI Companies
DMCC is already home to over 50 AI and robotics companies, including major players like AMD and HIKVISION. The center aims to attract even more AI companies and investors, creating a vibrant ecosystem for AI development.
4. Partnerships with Industry Leaders
DMCC has partnered with companies such as Builder.ai to help members develop AI-powered applications. Additionally, UAE-based AGCC will run accelerator programs to assist in scaling the best AI technologies globally.
5. Investment Opportunities
The DMCC AI Centre will host events like the Global AI Challenge, which offers a prize pool of $100,000 for startups focusing on sustainability-driven AI solutions. This initiative encourages innovation and investment in practical AI applications.
6. Knowledge Sharing and Networking
The center provides access to capital, accelerator programs, education, and training opportunities for its members. It aims to create a knowledge-sharing platform that connects businesses with the resources they need to effectively integrate AI into their operations.
7. Focus on Real-World Applications
A key goal of the DMCC AI Centre is to develop and commercialize real-world AI applications that can enhance various industries, thereby creating a “multiplier effect” throughout the DMCC business district.
Conclusion
DMCC offers a strategic location and a business-friendly environment that connects you to many named entrepreneurs in the region. It has backed Dubai Diamond Exchange which has specified Dubai as the third-largest trader in the diamond industry. This signals the jurisdiction’s security and influence.
Plus, through the initiatives we mentioned earlier, the DMCC AI Centre positions itself as a crucial player in fostering AI innovation in Dubai and the broader MENA region, supporting both local startups and established companies in harnessing the transformative potential of artificial intelligence.
The company setup should be easy in some stages, but get consultations from a team who know Dubai and its laws like the back of their hands.
