Dubai is the capital city of the Emirate of Dubai which is the most populated of the seven United Arab Emirates. Starting out as a fishing village in the eighteenth century, following the discovery of oil, Dubai has emerged as one of the world’s fastest growing economies with thriving tourist and financial services industries. The world’s fastest growing free zone, known as the Dubai Multi Commodities Centre, was established in Dubai in 2002.
Country: United Arab Emirates
Currency: UAE Dirham (AED)
Language: Arabic (Official) although English is commonly spoken
|Services Included||Year 1||Year 2 onwards|
|Government Fee||20,285.00 AED|
|Corporate Domicile||16,000.00 AED|
|Accounting Data Address||Optional Extra|
|Director and Nominee Service||Optional Extra||Optional Extra|
|Estimated renewal costs in year two: £8,000.00|
Benefits of Forming a Dubai Company (DMCC) in the Dubai Multi Commodities Centre freezone
There are a number of reasons why Dubai is such a popular place for people all over the world to form their Offshore Companies, including;
- Directors and Shareholders may reside anywhere in the world. The use of Nominee Directors and Shareholders is also permitted, both local and globally.
- Tax Exemption Facilities Available.
- Eligible for 100% Capital Repatriation.
- Limited Currency Restrictions.
- Large categories of permitted business and professional activities available.
- Well-built infrastructure for Office and Residence flexi desk, serviced office,
and shared offices.
- Available Facilities for residency, Visa and work permits for employees and shareholders.
Requirements to Form a Company (DMCC) in Dubai
In order to incorporate your Dubai DMCC Company, these are the steps that must be followed;
- Choose Your Package –
- The Standard Package includes the use of a ‘Flexi Desk’ which is the minimum form of Office Service. Please note that additional Office Facilities are available upon request, or as required by virtue of your chosen business activity. Following review of your activity, we will advise whether additional forms of Office Service are required.
- The Standard Package permits use of three Business Activities from a Business Activity group. If your Company intends to provide multiple activities, additional government authorisations may need to be sought.
- The Standard Package permits the use of individual Shareholders. Should you intend to appoint a Corporate Entity Shareholder, we will contact you to advise on the additional requirements.
- Should you desire Banking within UAE, ordinarily a physical visit is required, along with the procurement of a Residency Visa, Emirates ID Card and Medical Fitness Certificate. The fee, per individual, is £3,000.00. Please further note that Local Medical Insurance is required, together with Employee Protection Insurance, to be taken out directly with a local insurer.
- Place your order – You need to use a Company Formation Agent to submit the necessary documentation to the Registry on your behalf. Payment needs to be made to the Registry on submission of the registration documents so our fee must be paid when the order is placed.
- Meet the Anti Money Laundering Requirements – In order to meet Anti Money Laundering Requirements we need to obtain a certified copy of the passport and current utility bill of each of the owners and shareholders. This is required even if you are using our Nominee Service.
- Documents are issued to you – Once the Registry has incorporated the company, we will issue you with the Certificate of Incorporation, Articles of Incorporation, Licence, Share Certificates and all other company documents as required by Law. These documents can then be used to open a bank account for the company.
Post-Licencing Requirements for a DMCC Company
- The Standard Minimum Share Capital is AED50,000.00 (though increased for certain activities). The share capital needs to be deposited in the company’s bank account in the UAE within 6 months from the issue date of the company’s Licence. It can be withdrawn anytime thereafter.
- Financial Year and Audited Financial Statements – The first financial year of a Company starts on the day on which it is registered and lasts for a period determined by the Directors, which period must be at least six months and not longer than eighteen months. Annual submission of Audited Financial Report is mandatory even if the Company did not commence operation.
Please note that information given on this page is subject to change at any time without notice as a consequence of changes made in local legislation.
Banking can be arranged in Dubai or in other overseas locations. With the exception of Dubai banking, no personal visit to the bank is required. Your banking consultant will be able to advise on the best choices for banking.
Dubai Companies have to be renewed on the anniversary of incorporation every year. All jurisdictions have different requirements for renewing the incorporation. We will automatically send you an invoice when your renewal is due.