Setting up businesses made easier with new rules

10X Industry

Rushika Bhatia
10X Industry
Published:

Setting up businesses made easier with new rules

Dubai Multi Commodities Centre (DMCC) recently announced new rules and regulations to smoothen the process of setting up a business. The rules will be implemented with effect from 2 January and will allow registered businesses to operate with greater ease and increase the remit of their activities.

Prominent features from the new set of rules and regulations include:

1) Enhanced flexibility around a company's Articles of Association;

2) The option to tailor the structure of shareholdings;

3) Incorporation of a variety of share types;

4) New dormant status;

5) An increased capacity to shift company incorporation into DMCC.

"Ease of doing business is at the heart of DMCC's offering; we enable all businesses to trade efficiently and with confidence. The new rules and regulations are indicative of our commitment to providing companies with a seamless ability to set up and grow their operations. We are confident that these enhancements will attract even more companies to do business in DMCC," said Ahmad Hamza, Executive Director Free Zone, DMCC.

He further added, "With robust infrastructure, state-of-the-art facilities and world-class services, DMCC will continue to attract, facilitate and driving trade flows through the emirate, and strengthen Dubai's position as one of the world's leading business capitals," he added.

To ensure DMCC retains its competitive edge, the top three law firms in the world shared input to develop the new framework, using international practices.