New rules to make setting up businesses in Dubai’s DMCC easy

Dubai Multi Commodities Centre (DMCC), the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has announced a set of new rules and regulations which came into effect from January 2, to further enhance the ease of setting up and doing business in DMCC, according to the Trade Arabia News Service.

The new regulations update DMCC’s existing company law framework, providing greater flexibility and ease of operations for businesses registered within the free zone and increasing the remit of their activities, said a statement from the organisation.

The new regulations also make it easier to set up a company in the region’s leading trade hub, it stated.

Key enhancements to the framework include increased flexibility around a company’s Articles of Association; introduction of different share types, allowing businesses to tailor the structure of shareholdings; a new dormant status has been introduced; and an increased ability to transfer company incorporation into DMCC, it added.

Following an extensive data gathering and stakeholder engagement period, three of the world’s top law firms were consulted to develop the updated framework in line with international best practices, ensuring DMCC retains its competitive edge.