How To Start DMCC License In Dubai
Dubai, a global business hub known for its remarkable growth and strategic location, attracts entrepreneurs and businesses from all corners of the world. For those looking to establish a presence in this thriving market, a DMCC (Dubai Multi Commodities Centre) license is an excellent choice.
In this guide, we’ll take you through the process of setting up a DMCC license in Dubai, covering DMCC and Concordia approvals, approved business activities, office space options, external approvals, and other essential details.
The DMCC Approval Process
Step 1: Initial Approval from DMCC
Online Application: Start by submitting an online application on the DMCC portal. Provide detailed information about your business activity, shareholders, and legal structure.
Select Legal Structure: Choose the appropriate legal structure for your business. DMCC offers options like Free Zone Limited Liability Company (FZ-LLC) or Branch of a Foreign Company.
Office Space: Secure an office or retail space within a DMCC cluster in JLT (Jumeirah Lake Towers). You can either lease or purchase office space, depending on your requirements.
Documentation: Prepare the necessary documentation, including passport copies, a business plan, and a No Objection Certificate (NOC) for UAE residents.
Initial Approval: Upon application review, DMCC will grant you an Initial Approval Certificate.
Step 2: Concordia Approval (Operational Fitness Certificate)
Concordia ensures businesses in Dubai adhere to ethical and sustainable practices. Here’s how to obtain Concordia approval:
Application Submission: Fill out the Concordia application form and submit it along with the required documents.
Environmental Assessment: Concordia assesses your business’s environmental impact and sustainability.
Approval: If your business aligns with sustainability criteria, you’ll receive Concordia’s Operational Fitness Certificate.
Approved Business Activities in DMCC
DMCC allows a diverse range of business activities, including:
Trading — Import, export, and re-export of goods.
Service — Offering professional services such as legal, consulting, and more.
General Trading — Trading in a wide range of goods.
Coffee Shop, Ayurvedic Centre, Restaurant, Rent a Car, Crypto Currency — Specific businesses are also permitted.
Notably, manufacturing is not available in DMCC.
External Approvals
Depending on your business activities, you may require external approvals from Dubai RTA, Municipality, DHA (Dubai Health Authority), or KHDA (Knowledge and Human Development Authority).
Interior Works and Company Auditing
Interior works within your office or retail space should be carried out by registered DMCC contractors. Additionally, your company will need to undergo auditing every year, with the submission of an audit report.
Insurance and Medical Coverage
For companies opting for office or retail options, third-party liability insurance is mandatory. Moreover, all employees working under DMCC-licensed companies must have medical insurance coverage.
Time Frame
The entire process, from initial application to the issuance of your DMCC license, typically takes between 15 to 20 working days.
Flexi Desk Options
For certain business activities, DMCC offers Flexi Desk options where you don’t need a dedicated office. This choice allows for two to three visa provisions.
Assistance with Neeja Corporate Services
Neeja Corporate Services can guide you through the entire incorporation process from A to Z. They also offer assistance in opening a bank account, ensuring a smooth start to your DMCC venture in Dubai.
In conclusion, starting a DMCC license in Dubai is a promising endeavor with a wealth of opportunities. By following the outlined steps and seeking assistance from experienced service providers like Neeja Corporate Services, you can navigate the process successfully and set the stage for a prosperous business journey in Dubai’s vibrant economy.