5 Things to Consider Before Setting Up a Business in DMCC

• DMCC Digital Signatures

During the COVID-19 outbreak, DMCC took necessary actions to ensure business continuity by integrating digital signatures as part of their process for all new company formation setups. The digital signature process has greatly increased the speed of signing documentation that is required from the client, authorized signatories, and shareholders. As a result, the company formation setup has increased by 50% and the company trade license is issued much more quickly. 

Apart from the increased speed of signing documentation and video conferencing for identity and document verification, simplifying document requirements has been convenient and helped those affected by travel restrictions internationally and to the UAE. 

• Reduced Office Costs

When setting up a company in the UAE, whether it be in the mainland or free zone, the company must have a registered office lease and a business premise. Free Zones in Dubai offer a minimum office facility rental option also known as a smart desk or Flexi desk. The reduced Flexi desk is a major pull factor for the DMCC business setup. DMCC Flexi desk allows 5 hours of usage per month and up to 1 UAE residency visa eligibility. During the months of June and July, DMMC has a Flexi desk promotion. The normal cost for a Flexi desk is around AED 17,456. 

• Employer Protection Insurance Programme

The Dubai Multi Commodities Center or DMCC introduced a new employee protection insurance program in association with Dubai Insurance. The main purpose of this program is to provide cost savings for member companies and to give greater protection to employees if their employers default on their salaries, repatriation costs, or end-of-service benefits. This program is mandatory and has replaced the former bank guarantee security deposit of AED 3,000 per employee. This scheme has helped with the ease of doing business in the United Arab Emirates and has also greatly reduced the costs of employing a new employee. 

• Member and Company Benefits 

One of the greatest benefits of having a DMCC company is the continuous support it gives to businesses. From knowledge series workshops, webinars, networking events, and special interest clubs to exhibitions, DMCC continuously strives towards helping and developing companies and entrepreneurs within its business community. 

Also read about the Benefits of setting up a company in the UAE Free Zone 

• Banking

The most common question asked by new market entrants is if they can get a corporate bank account for their business with the help of a DMCC license. The United Arab Emirates was removed from the European Union 2019 blacklist and as a result banking procedures, policies and Central Banking regulations have been updated to ensure greater Anti-Money Laundering and Know Your Client processes.