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DMCC Welcomes Rise In Company Formations

by Lorys Charalambous, Tax-News.com, Cyprus

24 November 2011


The Dubai Multi Commodities Centre (DMCC) Authority, the licensing body for the Jumeirah Lakes Towers (JLT) Free Zone, has registered more than 1,000 new companies in the past 10 months. This brings the total number of companies registered to over 3,600, representing a 38% increase on the 725 companies that registered in 2010.

According to the DMCC, 90% of the new companies are first time entrants to Dubai with registrations from both well established multinational businesses such as Harley Davison and smaller enterprises and individual entrepreneurs.

Established in 2002 by Royal Decree, the DMCC is a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical and financial infrastructure.

The CEO of the DMCC, Malcolm Wall Morris stated that: "Our success lies in our unique fit-for-purpose regulatory framework and diverse range of value-added services combined with a modern infrastructure and both commercial and residential free-hold property in an enviable location".

"Our growth has also been supported by the introduction of our new Client Service Centre which is assisting us in registering over 100 companies a month, whilst servicing existing customers," he added.

Although an impressive and seemingly satisfactory number of new clients, Ahmed bin Sulayem, DMCC’s Executive Chairman, said that the Centre challenges itself to set new registration records every year, and that the new numbers act as a testament to the success of the DMCC's business strategies.

"Going forward, we will focus on driving company registrations, introducing new and improved services and innovative products, as well as investing in JLT's infrastructure and so pursuing our mission to enhance trade flows through Dubai," he explained, adding that current growth highlights Dubai’s position as the leading business destination in the region.

The DMCC has also recently expanded its Commercial Property Sales and Leasing division. This provides comprehensive solutions from licensing a business to finding suitable property, something which helps to encourage companies to choose the free zone as the new location for their offices.

TAGS: United Arab Emirates | business | company formation | commerce | entrepreneurs | international financial centres (IFC) | offshore company formation | offshore | licensing | multinationals | trade | Dubai | free trade zone

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