There are a number of free zones in the United Arab Emirates. These free zone not only provide particular locations for the establishment and working of various industries but also assist them in their growth and development so that they can reach their maximum potential. One of the most significant free zones is the Dubai Multi Commodities Centre (also known as DMCC).
The DMCC comprises of organizations such as the Dubai Diamond Exchange (DDE), The Dubai Pearl Exchange (DPE), DMCC Trade Flow, the Dubai Good Delivery Standard (DGD) for Gold, DMCC Tea Centre and Dubai Coffee Centre which makes this free zone one of the hubs for the trading of commodities.
The Dubai Multi Commodities Centre was established with the help of the government of Dubai. The establishment of the free zone was done with the aim of making the zone a global market for commodities trading. The zone comprises of the latest infrastructure, state of the art technologies, excellent communication process, and easy transportation system which will assist a company in reaching the top in its respective industry.
The DMCC provides a number of advantages and beneficial services to its members, and now recently, the DMCC has announced two more services which it will provide to its member companies, which will help them achieve their maximum potential. The latest announcement, which was very much awaited, was that the Dubai Multi Commodities Centre (DMCC) has now partnered with the Department of Economic Development (DED) to provide new benefits for the Mainland companies. The two announcements are as Follows.
No Objection Certificate (NOC) to Operate Onshore
All the free zone companies usually were permitted to trade and conduct business activates only inside the designated free zone, and these companies could not take part in any of the mainland business activities.
With effect from 14 April, the member companies with specific license activities are now allowed to provide their services outside the designated free zone without obtaining a trade license from the Department of Economic Development.
In order to operate onshore, the company will be required to approach the DED and provide a no-objection certificate that has been provided by the DMCC. After showing the NOC, the company needs to fulfil the requirements of operating onshore. The procured NOC will be valid for a period of 90 days from the date it is issued.
Dual license Office Permit
An MoU has been signed between the DMCC and the DED, which will allow the member companies with a DED branch or a DED subsidiary or any DED Company which has a common shareholder to operate from the Jumeirah Lake Towers (JLT).
This license will be valid for a period of one year, and this step will help the business save a lot of costs. Earlier, any business in the free zone had to keep two offices in case it wanted a presence both in the free zone as well as in the mainland. Still, now the business can obtain the dual License Office Permit and can operate the business from the Jumeirah Lake Towers in the DMCC free zone. This will help the business to save a lot of funds which can be used in other important business proceedings.
Companies may need professional advice whether they need to take additional permits or not. Also in the United Arab Emirates, each business should maintain proper accounting and bookkeeping records. JAXA Chartered Accountants can help you in this matter. JAXA is a reputed accounting firm and DMCC approved auditors which has received the ISO 9001:2015 certification an is in the field of financial consulting for business since the year 2007. It has served entities in various industries and has teams of dedicated accountants and auditors.
JAXA Chartered Accountants will not only provide you with the correct and accurate auditing and accounting documents. Still, they will also provide precise and well-timed financial advice, which will help the management set course for a better future of the business. JAXA aims to provide better quality consultancy services at competent costs. For detail about the services offered by JAXA Chartered Accountants, Contact Us. We will see to it that all your queries are answered.