The Jumeirah Lakes Tower (JLT) is one of the fastest growing free zone centers for company formations in the UAE, it has becoming one of the most preferred destination to setup offices within Dubai. Company formation is relatively more cost effective and less complex compared to other free zone centers in Dubai and with the strategic location offers more value to its clients
The Dubai Multi Commodities Centre (DMCC) a government entity established in 2002 is a strategic initiative of the Dubai Government created to establish a commodity market place in Dubai. It provides industry-specific market infrastructure and a full range of facilities for the gold & precious metals, diamonds & coloured stones, tea, cotton, energy and other commodities industries.
Throughout history Dubai has played a significant role in the global gold market and is now a diamond and bullion centre of international significance.
Dubai has become the first dedicated commodities centre in the time zone between Europe and the Far East. Located at the crossroads of trade flows between the Arabian Peninsula, Iran, India and Africa, Dubai has been a regional commodity-trading centre throughout its history. This tradition is today reinforced by Dubai’s outstanding port facilities and its emerging status as a modern financial centre
From multinational organisations and major regional industry participants, to small and medium sized businesses and start-up companies, today, the JLT free zone has over 3,000 companies enjoying its facilities and services
Situated in Jumeirah Lakes Towers (JLT), a 200-hectare, mixed-use waterfront master development facilitating both business and community living by offering commercial, residential and retail property for sale and lease.
JLT is serviced by two metro stations within the community; the JLT free zone is located on Sheikh Zayed Road, the main arterial connecting Dubai and Abu Dubai, and in close proximity to Jebel Ali Free Zone and ports, Al Maktoum International Airport, and Dubai Logistics Corridor
By offering a fit-for-purpose regulatory framework, modern infrastructure, freehold property, innovative products and cost efficient, value-added services, DMCC successfully attracts key participants throughout the entire value chain of a wide range of commodities sectors along with a range of businesses from shipping to recruitment, IT to advertising, real estate, financial services and more
The free zone offers two types of licenses to companies:
- DMCC licenses – Metal trading and commodities based activities
- JLT licenses – All other business activity licenses
Key benefits of being located in JLT/DMCC
- 100% foreign business ownership
- Zero personal and corporate tax rate 100% capital repatriation and no currency restrictions
- One or more shareholders
- Unique industry clustering and purpose-built infrastructure
- Secure, regulated environment, licensing a full range of business activities
- Mixed use development strategically located on Sheikh Zayed Road, connecting Abu Dhabi and Dubai, and in close proximity to Dubai Logistics Corridor
- Home to over 25,000 residents, offering quality freehold, commercial and residential property for sale or lease at very competitive rates
- Unlike any other free zone in the UAE, JLT has a wide choice of both commercial and residential freehold property that is available to lease or buy. Choice of shell and core also exist for companies that want to design their own offices
- Wide variety of quality commercial, retail, residential and industrial space offered
Comprehend the setup procedures and Benefits in DMCC Company Formation
DMCC Company Formationis referred to as the Dubai Metals and Commodities Centre. There are more than 15000 companies and it is found to be an ideal base for business in the UAE and Dubai. Company formation in DMCC is found to be convenient as it is located in the new Dubai center that is a fast-growing and largest free zone area in the UAE.
Benefits in DMCC
The free zone facilitates various groups of trade and it includes tea, diamond, gold, agro, pearls, and base metals. The DMCC Company formation has abundant benefits such as:
- Complete business ownership
- Simple procedures of licensing
- Direct tax-free 100%
- Strategic location
- Repatriation of capital in full
- Flexible office solutions
- Office installations ‘Plug and Play’
- International commodity center
DMCC Business Setup
DMCC- Dubai Multi Commodities Centre, connects over 14,100 businesses and houses key start-ups and multinationals. It provides world-class wide-ranging financial services, investment platforms, and trading resources thereby offers easy access to the key commodities markets.
- General Trading License – Permits the export, import, product consolidation and storage, distribution, excluding a few.
- Service License – Gives the right to engage in consultancy activities or servicesspecified in the license.
The license activities of DMCCinclude:
- Water supply, gas, and electricity
- Restaurants and Hotels
- Social and Health work
- Transport, communications, and storage
- Other community, personal and social service
- Quarrying and mining
- Repairing and trading
Company formation in DMCC Benefits
- No corporate and personal income tax
- Sole shareholders permitted
- Foreign business ownership
- Easy bank account setup for corporates
- No restrictions on currency
- One-stop shop
- Complete ownership of a business
- Online portal services
The license types include trading and service, besides:
- Single-family license: This is about the family wealth centralization, succession planning, personal affairs, and holding shares of family foundations, businesses, assets, etc.
- E-commerce license: Businesses wanting to use an online or digital platform for goods sale,it means you need an e-commerce license.
Regardless of the size of an organization, it is best to look for organizations having wealth of experience so that they can help you in company formation. They can assure a smooth process and give you a piece of detailed information on going about with the DMCC business setup. Such expert organizations also help clients in securing trade license, finding a location suitable to business and sort out the legal procedures. These advisors will be at your side from the starting till the company formation is complete in DMCC, UAE and ensure it is operational.