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 effective from January 2, to further enhance the ease of setting up and doing business in DMCC.

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.

Ahmad Hamza, executive director free zone, DMCC, said: “Ease of doing business is at the heart of our 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 our free zone,” explained Hamza.

“With robust infrastructure, state-of-the-art facilities and world-class services, we will continue to attract, facilitate and drive trade flows through the emirate, and strengthen Dubai’s position as one of the world’s leading business capitals,” he 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.

Since its establishment in 2002, DMCC has attracted over 16,000 local and global businesses of all sizes, from start-ups and SMEs to Fortune 500 companies. On average, seven new businesses join the award-winning business district every day.-TradeArabia News Service

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.