DMCC – New Rules & Regulations to Enhance Ease of Doing Business
by Ahsan Tariq | JAN 07, 2020
Dubai Multi Commodities Centre (DMCC) – the region’s leading trade hub– has announced a set of new rules and regulations effective from 2nd January, 2020 which aims to further increase the ease of doing business for new and existing DMCC member companies.
The new regulations were developed following extensive data gathering and stakeholder engagement along with the consultation of three of the world’s top law firms. The new regulations will update the DMCC’s existing company law framework in line with international best practices to ensure DMCC retains its competitive edge in the region.
The new regulations will enhance ease of operations and provide greater flexibility for the businesses registered within DMCC and increasing the remit of their activities. The new regulations also make it easier to set up a company in the region’s leading trade hub. Key enhancements to the existing framework include:
- Increased flexibility around a company’s Articles of Association;
- Introduction of different share types
- Allowing businesses to tailor the structure of shareholdings
- Introduction of new dormant status
- 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.
DMCC, being a leader in Free Zones around the world, since its inception in 2002, has attracted over 16,000 local and global businesses of all sizes, from start-ups and SMEs to Fortune 500 companies. On average, seven new businesses join the award-winning business district every day.
In recognition of its continuous innovation, DMCC has been awarded Global Free Zone of the Year by the Financial Times’ FDI magazine for five consecutive years.