DMCC – the free zone and the World Administration of Trade and Commodity Enterprises – and the Department of Economic Development (DED), the authority of the Dubai government, which regulates the economic activity of all land-based companies, have signed a strategic cooperation agreement for the licensing of Dubai companies, which allows them to operate within the free zone and on land. The aim of the partnership is to further facilitate trade and boost economic activity in the Emirate. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: “As DMCC, we are committed to removing all trade barriers and ensuring that our member companies have access to the best infrastructure, services and opportunities necessary for their businesses to prosper. By signing this strategic cooperation agreement with the Department of Economic Development, we are not only promoting and facilitating trade, but also providing businesses with the flexibility they need to operate in a competitive market. We are confident that this will encourage more companies to choose DMCC and Dubai than their home. Some important points are on the duty-free list. These include basic foodstuffs and pharmaceuticals. Gold and diamond traders can benefit from an agreement between Dubai Customs and DMCC. Diamonds can be imported at a special rate of 1% (service fee) and gold at a rate of 0.32% (service fee). This fee must be paid to Dubai Customs. The Dubai Multi Commodities Centre (DMCC) signed on July 19, a strategic agreement with the Department of Economic Development (DED) on business licensing cooperation in Dubai. The partnership aims to further facilitate trade and boost economic activity in the Emirate by enabling companies to operate within the free zone and on land. Click here to receive an offer for the creation of this agreement.
Yes, a local partner is required to create a business license. The counterparty must be a national of the United Arab Emirates and hold 51% of the shares in the company. With the change of time and mutual understanding, today there are many agreements of respect and guaranteed agreements between partners. For this reason, the foreign owner has the same control over the business, while the local sponsor receives an annual sponsorship fee for their services. The diamond industry was the focus of much of the early discussions that followed the signing of the treaty between the UAE and Israel. Then, in September, DMCC`s Dubai Diamond Exchange signed an agreement with the Israeli equivalent. The MoU establishes a dual licensing system for DMCC member companies, which allows them to establish a presence and operation on the Dubai mainland under a DED license. The agreement will also allow companies in the free trade area to carry out certain shore-on-shore service activities, provided that they first receive a No Objection Certificate (NOC) from DMCC. . . .