Dubai Multi Commodities Centre (DMCC) has announced a set of new rules and regulations effective from January 2, 2020 to further enhance the ease of setting up and doing business in the free zone.
DMCC said the new regulations update its existing company law framework, providing greater flexibility and ease of operations for businesses registered within DMCC.
The new regulations also make it easier to set up a company in the region’s leading trade hub, reported state news agency WAM.
Key enhancements to the framework include increased flexibility around a company’s Articles of Association; introduction of different share types, allowing businesses to tailor the structure of shareholdings; a new dormant status has been introduced; and an increased ability to transfer company incorporation into DMCC.
“Ease of doing business is at the heart of DMCC’s offering; we enable all businesses to trade efficiently and with confidence. The new rules and regulations are indicative of our commitment to providing companies with a seamless ability to set up and grow their operations. We are confident that these enhancements will attract even more companies to do business in DMCC,” said Ahmad Hamza, executive director free zone, DMCC.
“With robust infrastructure, state-of-the-art facilities and world-class services, DMCC will continue to attract, facilitate and driving trade flows through the emirate, and strengthen Dubai’s position as one of the world’s leading business capitals,” he added.
Three of the world’s top law firms were consulted to develop the updated framework, he said.
Since its establishment in 2002, DMCC has attracted over 16,000 local and global businesses. On average, seven new businesses join the award-winning business district every day.
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