DMCC INTRODUCES DUAL LICENSING SCHEME BY PARTNERING WITH DED

As part of a continuous effort to transform Dubai into an investment friendly ecosystem, Dubai Multi Commodities Centre (DMCC), the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprises, and the Department of Economic Development (DED), the Government of Dubai entity that regulates the economic activities of all onshore companies, have signed a strategic agreement to collaborate on the licensing of companies in Dubai- allowing them to operate within the Free Zone and onshore. The Memorandum of Understanding (MoU) introduces a dual licensing scheme to DMCC member companies, enabling them to establish a presence and operation in mainland Dubai under a DED license. It will also enable Free Zone businesses to carry out some service activities onshore, provided that DMCC member companies will obtain a no objection certificate (NOC) from the DMCC Authority. The partnership aims to further facilitate trade and boost economic activity with the potential change to the entrepreneurship and business outlook in the Emirate and to further improve transparency, governance and compliance in the business sector. This will also welcome new business opportunity and flexibility to conduct businesses across Dubai. We will keep you posted on any update regarding the above matter and its implementation.