The Dubai Multi Commodities Centre (DMCC), the world-leading free zone for commodities trading and enterprise, has launched an exclusive 40% discount on business set-up for residents of Jumeirah Lakes Towers (JLT).
As of June 2019, new and existing JLT residents can establish a business in DMCC for just AED 30,000 (approx. USD 8,200) subject to terms and conditions. The initiative is designed to boost Dubai’s SME (Small and Medium-sized Enterprises) community and support aspiring entrepreneurs and freelancers to start a business.
“Flexibility is key when starting a business and by launching this exclusive offer, we hope to help those with entrepreneurial or freelance ambitions transform their ideas into successful business ventures. Jumeirah Lakes Towers is home to over 100,000 people and I have no doubt that there are thousands within this community with great business ideas,” said DMCC Chief Operating Officer Feryal Ahmadi.
“By making business set up simple and providing bespoke advice and support, DMCC takes away the headache for those in the early stages of forming a new company. Dubai is a business capital and the SME community is the backbone of Dubai’s burgeoning economy. We are confident that through our new offering, JLT will continue to be cradle of entrepreneurship and innovation and in turn, support the nation’s wider economic diversification strategy,” she added.
DMCC is home to over 15,000 member companies and registers an average of seven new companies a day. It offers full foreign ownership of companies, no personal or corporate income tax, no restriction on capital repatriation and no duty levied for import or export. Centrally located in Dubai, the DMCC offers flexible office solutions and world-class infrastructure.
The offer is open to applicants who are the owner and current occupier of a residential unit located in DMCC or a tenant with a valid Ejari lease agreement for a residential unit located in DMCC. They must take up a ‘Flexi-Desk’ package for business accommodation, which can only be used on a part-time basis while providing a full-time physical address. Certain activities in DMCC demand a real, physical office to be leased, therefore we suggest you to check the updated activity list here.
Only one, individual shareholder is allowed. It is not permitted for another company to hold shares in the new entity or to have more than one shareholder. Only one visa will be issued per company. Enterprises that are planning to hire employees are therefore not eligible.
Existing DMCC Companies with shareholder residing in one of the JLT residential units will have an option to change their company’s current address and move to the special business address if they meet the criteria.
The DMCC free zone is in the exclusive business core of Dubai. If you are looking to become a DMCC member, Sovereign will be delighted to assist with all procedures required for successful registration.
For further information, please contact Zijad Hanic.
