BUSINESS SETUP IN DUBAI MARITIME CITY
The Dubai Maritime City (DMC) transitioned the city into a leading global maritime hubBUSINESS SETUP IN DUBAI MARITIME CITY FREE ZONE
The Dubai Maritime City (DMCA) transitioned the city into a leading global maritime hub.
The Dubai Maritime City free zone is Dubai’s pioneering experience in transitioning the city into a leading global maritime hub. It is also known as DMCA free zone. Moreover, the jurisdiction is the member of Dubai World Group of Companies. Moreover, it is the only specialised maritime hub in the UAE.
It is strategically located between Port Rashid and Dubai’s Dry Docks World. In addition, the free zone is at the centre of crossroads between Europe, Asia, and Africa. Dubai Maritime City was established to increase the efforts made by the local maritime competitiveness.
In addition, DMCA free zone is the driving force behind Dubai’s approaches to promote the maritime sector and the government of Dubai intends to make the emirate one of the world’s best maritime capitals.
Dubai’s world-class maritime cluster has ranked as the fourth largest port operators; the sixth-leading centre for port and logistics services and tenth among the prime ports with regards to the size of ship owners’ fleets and the size of fleets – in the world.
The jurisdiction consists of six districts. These districts include the industrial precinct, marina district, the academic quarter, harbor offices, harbor residence, and maritime centre.
Types of legal entities in DMCA Dubai
- Free Zone Establishment (FZE)
- Free Zone Company (FZC)
- Branch office of UAE company
- Branch office of foreign company
Advantages of business setup in Dubai Maritime City
- 100% foreign ownership
- No personal, income, or corporate taxes
- Dynamic international community
- Cost-effective and abundant energy
- Full repatriation of capital and profits
- Strategic location boosting opportunities
- Simple and quick set up process
- Flexibility to operate 24 hours a day
- Exemption from all import and export duties; however, you can’t import into mainland
Licenses offered by Dubai Maritime City free zone
The various licenses issued by Dubai DMCA free zone includes the following:
- Commercial license
- Maritime commercial license
- Marine craft crew license
- Maritime operation services license
- Maritime education & research license
DMCA Dubai license renewal
The renewal process of businesses in DMCA is a highly cost-effective and simple process. However, you will be required to submit an audit report starting from the second renewal of your company on an annual basis.
In order to complete the process of renewal for your company, you will need to pay the renewal fee and submit the signed lease agreement for your facility. Additionally, an advantage is that your physical presence in the UAE isn’t required for renewal and can be completed through an agent.
Business liquidation in DMCA
Similar to renewal, company liquidation also does not need the physical presence of the owner and can be accomplished through an agent. You will be also be required to pay the government fee to complete the process of liquidation.
Company liquidation takes about 1 month to be completed and involves the following steps:
- Cancellation of visas
- Termination of the lease agreement
- Closure of bank account
To find out more about various options for business setup in Dubai Maritime City free zone, contact Shuraa – one of the best business setup companies in Dubai. Shuraa helps solve your business-related queries and offers you solutions best suited to your company formation in the UAE.
Frequently asked questions about Dubai Maritime City free zone:
What is the difference between mainland and free zone companies?
The difference between free zone and mainland is that companies incorporated on mainland are licensed by the Department of Economic Development (DED) in the emirate where it has been formed. In addition, mainland companies can also conduct their business locally and internationally without any restrictions.
On the other hand, free zone companies are incorporated and licensed by the jurisdictions where the company is formed. They have their own set of rules and regulations. They can conduct business anywhere in the UAE free zones and/or internationally. However, Business to business activities can be conducted anywhere within the UAE.
Can I renew my license without being in Dubai?
Yes, you can renew your license remotely using a registered agent with just an authorization letter and renewal fees.
How many days would it take to get my license for business in DMCA?
It takes less than a week to get your license to start your business in DMCA.
Do I need to have a local partner to start my company?
No, you have 100 % ownership and do not require to have a local partner to start your company.
Can I transfer my company from one free zone to another in the UAE?
It is not possible to transfer your company from one free zone to another. You can, however, set up a branch of your existing company in a different free zone.
However, if you want to have your company in a different free zone, you will be required to liquidate your company in the current free zone and then open your company in a different free zone.
Can free zone companies form a branch company on mainland?
Free zone companies are permitted to open their branch companies on mainland. In order to accomplish this, the investor needs to register his branch using the same trade name with the Department of Economic Development (DED) and Ministry of Economy. Moreover, the branch company can be solely owned by the free zone entity.