Dubai Multi Commodities Centre Company (DMCC COMPANY)

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1 Dubai Multi Commodities Centre Company (DMCC COMPANY) Thank you for your interest in our services. DMCC is one of the most popular Free Zones within UAE, giving home to over 10,000 companies ranging from start-ups to large corporates who all benefit from its reputation as a world class business hub. DMCC enables an international investor to set up his own company or branch within the Free Zone entitling him to execute his business within the Free Zone according to its license, granted amongst others with the following benefits: - 0% corporate and personal income tax rate, import or export taxes, guaranteed for 50 years - 5 % customs duty for sales to the local market and GCC countries - 100% business ownership - 100% capital repatriation - Offices for lease at competitive rates - Visa Please find on the next pages some information regarding the mandatory requirements to set up a DMCC company, to open a bank account as well as its process. Please do not hesitate to ask for our price list for our services rendered. 1/6

2 REQUIREMENTS COMPANY NAME Please provide us with three different company names. *The name of the company may end with the word DMCC. SHARE CAPITAL Minimum of AED (USD ). To be deposited in the company s bank account in UAE. Share capital can be withdrawn at any time. MAIN ACTIVITIES Trading Consultancy Industrial 2/6

3 INDIVIDUAL SHAREHOLDER/S Minimum of one shareholder to be appointed. Each shareholder has to provide the following documents: Passport Copy (passport valid for at least 6 months). Original stamped address proof (i.e. electricity bill, telephone bill, bank reference letter) not older than three months (please note: a downloaded and printed out copy is not sufficient). Know Your Client (KYC) Form for each shareholder. In case the shareholder holds already a UAE visa, the following additional documents are required: Copy of the Visa page and Emirates ID Copy. No objection letter from existing sponsor. CORPORATE SHAREHOLDER/S Minimum of one shareholder to be appointed. Each shareholder has to provide the following documents: Certificate of Good Standing, Certificate of Incumbency, Memorandum of Association (MoA), license, share certificate, Board Resolution for the incorporation, etc.. All documents of foreign companies will need to be attested by the notary and super legalized by the UAE Embassy in the country of registration of the shareholder. 3/6

4 DIRECTOR/S and GENERAL MANAGER/S Minimum of one director to be appointed. Each director has to provide the following documents: Passport Copy (passport valid for at least 6 months), together with a copy of the entry stamp page of the arrival in the UAE (not older than three months). Original stamped address proof (i.e. electricity bill, telephone bill, bank reference letter) not older than three months (please note: a downloaded and printed out copy is not sufficient). Know Your Client (KYC) Form for each director. In case the director holds already a UAE visa, the following additional documents are required: Copy of the Visa page and Emirates ID Copy. No objection letter from existing sponsor. *Only persons with a minimum bachelor degree can be appointed as director/s. The educational certificate has to be legalized at the UAE Embassy and MoFA. 4/6

5 BUSINESS PLAN Depending on the activity chosen a business plan and other Third Party approvals have to be submitted to DMCC while setting up the company. In general, the business plan has to contain the following: Information about the product, vendors, strategic alliances and staff. Information about the market segment and marketing. Background of the management team, shareholders, consultants/advisors. Financial Plan. *We are happy to assist you in setting up the business plan. BANK ACCOUNT Passport Copies (passport valid for at least 6 months), of the signatory/ies and shareholder/s. Shareholder s bank statements for the last six months. Business Information o Three suppliers (name, address, website) o Three customers (name, address, website) o Brief description of the business activity/ies (i.e. services or name of products, countries in which the activity/ies will be conducted o Estimated turn over for the first year o Shareholder s CV (sometimes requested). Shareholder Resolution / PoA to open a bank account. 5/6

6 PROCESS / DOCUMENTS TO BE SIGNED BY THE CLIENT/S The incorporation process is divided into the four steps Submit application Pre-approval by DMCC Company Registration Company Licensing. *All documents to be signed by the director/s and/or shareholder/s will be sent to them at the step were required with detailed information where to undersign, initial, etc.. *MoA Shareholder Resolution and the Specimen Signature Form should be undersigned by the shareholder in front of DMCC, or notarized and attested by the UAE embassy of his home country, or he grants a PoA to undersign on behalf of him. TIME FRAME INCORPORATION The time for incorporation takes 3-4 weeks provided that all documents are submitted as requested. BANK ACCOUNT The time for setting up a bank account takes 3 weeks provided that all documents and information are submitted as requested. 6/6