Dubai Maritime City Free Zone is a kind of global maritime hub located in the UAE. I have visited the place myself to start my business, it is more than just fine. The Dubai Maritime City Authority (DMCS) is the main authority in DMC for your information. It was established in 2007 to promote, develop, and oversee maritime activity. It is one of the most successful and advanced business parks for maritime businesses of all sizes.
If you want to start a new business in the UAE but are confused about where to go. The DMC is one of the best free zones in the UAE. If you have made up your mind to start a business in UAE, then you should know its regions.
In UAE, there are two types of places to start a business mainland and freezones. UAE has many free zones. If your company is established freely, then you can get many leverages in the country. The benefits can be the relaxation from the tax such as corporate tax. It is a great idea to start a business in a free zone.
After you make up your mind whether you are starting your business on the mainland or the free zone. Then the question comes of which free zone is feasible. When I was thinking of starting a business in a free zone, I got confused a lot. There were many freezones that were captivated. However, I started with the DMC, and you can also give it a thought. Keep reading this blog to know if this blog will be beneficial for your business or not.
The free zone offers many advantages to global firms. all those firms that are looking for their company’s establishment in the Middle East. It provides maritime authority, access to major international markets, and strategic location.
When I started my business in the DMC free zone, I found many benefits in this free zone. This free zone provides tax incentives, hassle-free entry procedures, and good-priced land leases.
If you start your business here, you can enjoy the full foreign ownership leverage. Let’s further discuss the advantages of starting a new business in the DMCA-free zone.
The advantages of establishing a business in a DMCA-free zone
These are some of the best benefits of establishing a business in DMCA free zone:
- There are no restrictions on the repatriation of profits or capital.
- Provision for 100 percent foreign ownership.
- Total exemption from corporate and personal income taxes.
- The availability of qualified professionals as well as simple recruitment procedures.
- Export and import duties are waived.
- Plentiful and cost-effective energy.
- Lavish corporate infrastructure.
- Businesses can operate around the clock in this free zone.
- Different financial incentives.
- Excellent logistics matrices and a business-friendly climate.
- On-site customer inspection is possible.
- Process of supportive administration.
Legal entities in the DMCA
DMCA provides these business legal entities:
Establishment of a free zone (FZE)
An FFZ will establish a business with a single shareholder.
Free Zone Corporation (FZC)
A maximum of 5 shareholders are allowed under FZC.
Subsidiary office
Because a branch office is legally dependent on the parent company. It is permissible to establish a branch office in the name of its parent company.
Types of DMCA business license
The Dubai Maritime City Authority offers the following types of business licenses:
Commercial Maritime License
Commercial marine licenses are available to companies engaged in maritime activities and individuals engaged in recreational activities in Dubai waters.
Commercial Permit
To engage in general maritime activities, a company obtains a commercial license from the authority.
Marine Craft Crew Certification
This license helps domestic and foreign companies to build and operate watercraft in accordance with international standards.
License for maritime operation services
The holder of this license is permitted to operate waste management in seawater.
License for Maritime Education and Research
A maritime education and research license is for the business involved in maritime education and research.
How you can establish a business in DMCA free zone?
To do business in Dubai Maritime City, a company have to follow the DMCA’s procedures:
Obtain initial approval
This initial step is very crucial since I have faced this on my own. You have to fill out the business application form to get preliminary approval from the government.
Formalize the company
The following step is to register your company. You have to submit the registration proof to get it registered.
Turn in the documents
Next, submit all of the documents required for your business activity. You have to submit the personal data sheet of the shareholder.
Pay the mandatory fee
You have to pay the mandatory fee after completing your whole paperwork. Now let me tell you the required documents for the Dubai Maritime City Free Zone:
- Copies of shareholders’ passports
- Managers and directors’ contact information
- The Manager’s Curriculum Vitae
- The agreement for the office space lease
- The articles of incorporation of the company
- Legal Authority
You need the best-approved auditors in the DMCA
ebs is an approved auditing firm for the Dubai Maritime City Free Zone. I am currently working in ebs and I can assure you that this firm is the best of many. The firm specializes in providing the best auditing services to international and local companies based in the Free Zone. ebs has a team of professionals who are committed to providing accurate, unbiased, and trustworthy financial advice that caters to your business needs.
ebs is accessible to help you in finding out about bookkeeping in the UAE. ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.