The Middle East is slowly becoming the hub for business activities, and due to this reason, Dubai is turning out to be an important location for setting up a company for every upcoming businessman and entrepreneur. In line with the development in the Middle East, the Dubai Government has made a very strategic initiative to provide the people with a free zone which will provide an opportunity for all the upcoming and present businesses in the world.
Established in the year 2002, Dubai multi Commodities Centre or DMCC provides a designated space, a physical infrastructure to businesses all over the world. This helps the DMCC to establish itself as a very important centre for global commodities trade. DMCC is considered the largest free zone in the United Arab Emirates and is home to more than 12,000 companies from all over the world.
The 200 hectares of the all-purpose free zone has been divided into different zones. Each of the zones comprises three large towers, a central park, and two to three large lakes. The Free zone comprises 68 towers and a mixture of commercial, residential, and retail space spanning an area of 180,000-meter sq. DMCC acts as a hub for a wide range of diverse industries such as energy, agro, precious metals, diamonds, and various other key commodities markets in the United Arab Emirates. With the presence of so many business opportunities, there are chances of fraudulent activities and this is why it is necessary to utilize Approved Auditors in DMCC.
The DMCC free zone is especially famous for housing diamond companies. Almas Tower, which is the headquarters of the DMCC, is the 31st tallest building in the world and houses more than a thousand diamond companies. The 68 floors in the Almas tower house separate diamond vaults, a diamond trading centre, and the Almas Conference Centre (ACC).
As the Dubai Multi Commodities Centre is the biggest free zone, it provides a range of services that will be helpful for a business to expand its reach and its profitability. These essential business services provided in the free zone include the following:
- Essential Services
These include the services which are necessary for all the businesses irrespective of the nature or size of the business. These are:
- Registering and licensing Services
The free zone is dedicated to providing licensing and registering services to all the upcoming businesses in the area. This service is provided to upcoming businesses with the aim of simplifying the process of business establishment.
- Emirate Post
The businesses can apply for a dedicated Corporate P.O. Box from Emirate Post which will be in the famous Almas Towers. All the correspondence for the business will be done with this address.
- Internship Services
The partnership between OLIV and DMCC helps businesses connect with worthy and qualified students who are in search of better career opportunities. This helps both the students to find worthy jobs as well as helps the businesses to find new blood.
- Legal Services
These services deal with the legal side of doing business. These include:
- VAT Clinic
The VAT Clinic is an initiative taken up by the DMCC to help the businesses receive reliable and relatable information about Value Added Tax without any charge.
- Business Owner Will
These services will help the shareholders to protect up to five shareholdings of any business which will help safeguard the interests of the business.
- DMCC Dispute Centre
In case of any disputes, DMCC will provide a number of mediation services when required by the member companies and employees.
- Property Services
These are services that help in the working of the business in the Free Zone. These include:
- Recruitment Services
The partnership of DMCC with the leading job sites of the Middle East will allow the companies which are set up in the region to hire fresh blood with ease and speed.
- Insurance Services
The partnership of the DMCC with Insure Direct (Brokers) LLC helps the DMCC member companies with the various insurance-related issues in the free zone.
- DUNS Accreditation
DMCC also has a partnership with DUNS, which will help a business to gain the international recognition and the global presence a company requires.
- Admin Services
The DMCC Free Zone provides fully responsive administrative services that business will require to increase the productivity and the profitability of a company.
- DMCC Commercial Card
This is the first-ever commercial NBD DMCC card program for the members of the free zone.
- Dynamic Business Services
These are services that help increase the profitability of the business. These include:
- Property Services
There is a wide range of properties that are available in the free zone. These include office spaces, warehouses, conference rooms and others.
- Leasing of Warehouses
Now it is very easy to avail of a lease on a warehouse in DMCC which will be used to store inventory and other raw materials of the business.
Type of Businesses Available
- DMCC World Central Limited Liability Company
- Subsidiary or Branch of Limited Liability Company
Dubai Multi Commodities Centre Approved Auditor
The importance of an audit is known to every businessman, and even the government of the United Arab Emirates has recognized the benefits of auditing to both a company as well as the economy of a country. With this thought in mind, conducting a financial Audit of a company has been made mandatory in the DMCC.
According to clause 62 of the DMCC Company Regulations, an auditor must be appointed by each and every company that is conducting business in the free zone or has been registered under DMCC. According to clause 64, the auditor should conduct annual audits of a company registered in the DMCC and share the audited financial data with the shareholders and company investors.
The auditor chosen by a business in the DMCC must be an approved auditor in DMCC who has been agreed upon by the management of the free zone. No other regular auditor can conduct an audit of a company in the free zone. If the business appoints an auditor who is not a DMCC approved auditor, then in such a case, the audit will be considered null and void, and the company will have to face fines and other consequences.
If you are looking for assistance for your business in the Dubai Multi Commodity Centre (DMCC) then you can take the assistance of the experts at JAXA Chartered Accountants.