DMCC Propels Crypto Center to Boost Blockchain Sectors

Dubai puts a huge leap forward in advocating the cryptocurrency and blockchain technology. Dubai’s flagship free zone Dubai Multi Commodities Centre (DMCC) has launched its crypto center for ushering the growth of businesses operating in cryptographic and blockchain technology.

Dubai World Trade Centre Free Zone – An Investor’s choice

Located at the heart of Dubai city, Dubai World Trade Centre Free Zone is one of the most preferred destinations for SMEs, startups, and large corporations alike. The free zone was established in the year 2015 with an aim to attract foreign investors to the Dubai Trade Centre and enhance its economic capabilities.

DWTC free zone is open to diverse businesses and it offers various incentives to branches as well as new companies. One can conduct most of the activities licensed by the Dubai Economy at the DWTC free zone.

The advantages of setting up your company in DWTC are many;

  • Strategic location
  • Dual licensing option
  • Complete foreign ownership
  • 100% repatriation of capital and profits
  • Nil restriction on employee foreign nationals
  • No restraints over capital nationality
  • Zero income and corporate tax for 50 years
  • Flexible licensing options
  • Attractive packages for SMEs and startups

Setting up your company at DWTC

The process of setting up your business at DWTC is quite simple. The steps include;

Types of Companies that can be set up in DWTC

  • Free Zone Company: a company with limited liability and a sole shareholder
  • Free Zone Establishment: a company with limited liability that has a minimum of 2 shareholders. The maximum number of shareholders should not exceed 10.
  • Foreign Branch
  • UAE Branch

A non-individual shareholder requires additional paperwork to establish an FZCO/ FZE in DWTC. Companies that require only a commercial office for operation can be established in the free zone, irrespective of the type of the company.

The foreign branch must be under the complete ownership of the parent company and in the case of a UAE branch, a valid registration from a UAE license authority is required.

Types of License

  • Commercial License

For carrying out specified commercial activities

  • General Trading License

For carrying out commercial activities without any restriction

  • Professional License

For carrying out specified professional services

  • Event Management License

For the organizing of business and leisure activities

If you are on the lookout for an agency that can help you set up your company in a free zone without any hassles, contact Jumeira Consultants. Our experts will take you through the entire process and you can leave the burden of arranging documents, submitting applications, and getting the license to us.

UAE allows 100% Foreign Ownership in Mainlands; The effective date and activities included

Until recently complete ownership to foreign investors was the sole feature of free zones in UAE, but from June 1st onwards UAE mainland can also boast of this characteristic.

International Free Zone Authority now in Dubai

International Free Zone Authority (IFZA) is a competitive free zone in Dubai that was originally founded in Fujairah. The free zone is equipped with an expert team who keep themselves updated on the latest rules

UAE to include 10 new sectors to companies’ law, offering 100% ownership to Expatriates

UAE’s Ministry of Economy is working on including 10 new sectors to the Commercial Companies Law which can be fully owned by a foreign national without the help of a local sponsor.

How to obtain Tax Residency in UAE

The UAE government has always been accommodating of foreign nationals. As a country with great potential and unending opportunities

Dubai focuses on Restructuring the Government and to introduce Five-year Foreign Trade Plan

Dubai Council has decided to restructure the government by appointing senior officials within the emirate’s administration and has approved the five-year foreign trade plan to bring in more foreign investment.

The restructuring of the government aims to bring in foreign trade to AED 2 trillion from AED 1.4 trillion. The meeting pointed out three changes that are to be made in the emirate. “The new resolutions seek to raise Dubai’s status as a global economic and investment hub and improve the quality of life for our citizens and residents,” said Sheikh Mohammed.

Restructuring of the Dubai Chamber to three was one of the first resolutions taken by the council. Sheikh Mohammed during the meeting said that, “We will form three new chambers of commerce in Dubai, which will include the Chamber of International Trade that will work to support the interests of international companies based in Dubai, and the Chamber of Digital Economy that will seek to leverage technological trends of the future to promote growth and innovation”.

Dubai Chamber, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy are the three chambers introduced. Juma Al Majid was appointed as the Honorary Chairman of Dubai Chamber, Abdulaziz Al Ghurair as the Chairman of Dubai Chamber, Sultan bin Sulayem as Chairman of Dubai Chamber of International Trade and Omar Al Olama as Chairman of Dubai Chamber of Digital Economy.

Dubai Chamber of International Trade was set up to focus on the emirate’s foreign trade and its expansion to the global markets. The chamber will also look into providing support for businesses to grow and to find place in the global market. The members of the chamber will be businessmen, entrepreneurs and investors.

The Dubai Chamber of Digital Economy on the other hand is assigned to launch projects and developing studies on the future economy as an aim to make Dubai an international technology hub and to bring in the world’s best digital infrastructure. With the goal of optimizing the interests of the technology companies, and advancing the role of digital economy, the chamber will thrive to achieve its goal by building a network with local and international tech entrepreneurs and investment funds. The members of the chamber will also be technology entrepreneurs and investors.

In addition to these, a higher committee to develop a strategic plan for the chambers headed by Abdulaziz Al Ghurair, will be formed with the three chairmen.

As part of restructuring the government, all the Dubai officials and department heads will have to sign three-year binding contracts which list the outcomes, duties and work accountability.

A new development plan has been added to the roadmap that is chartered for the next development phase, called the Dubai 2040 urban development strategy. In this strategy, 60% of the emirate’s total area will constitute the natural reserves and rural natural areas. While land used for hotels and tourism will be increased to 134%, land area for education and health facilities will be 25%. The length of the public beaches will go up to 400% in 2040. Two new centers and three existing urban centers are included for development and investment in the new Dubai Urban Master Plan.

Sheikh Mohammed stressed that the Dubai entities must work together for the next phase of development.

The final resolution included was the approval of five-year foreign trade plan. This will help in attaining the emirate’s goal as the international business hub, focusing more on the high-growth markets like Latin America, Africa and Asia. The government will do its best to bring in foreign investments by creating a more attractive business environment.

“We approved a new global trade map for Dubai that establishes routes to over 400 cities around the world, and we aim to expand this network to 200 additional cities to reinforce the UAE’s pivotal role as an international business hub,” said Sheikh Mohammed during the meeting.

The meeting of the Dubai Council had taken some historic decisions which will help the emirate in becoming a global leader in terms of digital economy, foreign investment and trade. The approval of restructuring the government, Dubai chamber and the introduction of the five-year foreign trade plan are all bound to bring more prosperity to the emirate and to achieve great heights.

Dubai SME launches Integrated Incubation Center

Dubai SME has recently launched the integrated “Tjaarz Business Incubation Center” in Business Bay for young citizens and creative entrepreneurs.

UAE free zones Records 4.4% growth

UAE free zones have marked a 4.4% growth when compared to the earlier period this year, accommodating around 60,600 companies

Business Setup Services in Dubai or Anywhere Over in UAE

UAE is a country with unending opportunities. The government policies and laws are all favourable for a perfect business location which is why it is one of the leading business hubs in the world.