Dubai Maritime City Free Zone
Dubai Maritime City Free Zone (DMC) is a member of the Dubai World Group, is one of Dubai’s newest free zones and encompasses six districts. Foreign investors wanting to open a Company in Dubai are advised to take into consideration DMC as it offers numerous advantages and several types of companies to choose from.
Dubai Maritime City Free Zone districts
DMC incorporates six districts:
- The Industrial Precinct that is the ship repairs center of the free zone and the home for more than 100 workshops and warehouses
- The Academic Quarter that includes engineering, transportation and naval science classes
- The Marina District that includes restaurants, shopping centers and other entertainment services
- The Harbor Residence includes accommodation facilities and land plots for real estate development
- The Harbor Offices is the DMC’s business center
- The Maritime Centre is the main attraction in the DMC as it was set up to serve as the international network for maritime companies
Types of companies and business licenses in Dubai Maritime City Free Zone
Company registration in Dubai Maritime City is possible for foreign investors and they can choose to open a free zone establishment (FZE), a free zone Company (FZCO) or a branch office. There are also several types of licenses for Company incorporation in Dubai Maritime City Free Zone:
- Maritime services license
- Management license
- Education and research license
- Yacht manufacture and repair license
The characteristics for setting up a Company in Dubai Maritime City Free Zone are the following:
- Free zone establishments require at least one shareholder, while free zone companies require at least two and at most five shareholders
- The minimum share capital for a Dubai FZE is 1 million AED and 500,000 AED for a Dubai FZCO; the share capital must be fully paid upon incorporation
- Both types of companies require at least two directors and a maximum number of five directors and a manager who must be a natural person
- The shareholder or shareholders must live in the free zone or appoint a representative through power of attorney
Documents required for Company incorporation in Dubai Maritime City Free Zone
In order to set up a Company in Dubai Maritime City Free Zone, the Company’s articles of association must be submitted together with a statement issued by the management board with the resolution for the incorporation of the Company, passport copies and powers of attorney for the Company’s directors, manager and secretary, a specimen signature and bank letter stating the share capital has been deposited.
In order to incorporate a branch office, the articles of association of the parent Company must be submitted along with a passport copy, specimen signature and a power of attorney for the Company’s manager. A statement issued by the Company’s management board with the resolution for establishing the branch office will also be required.
Advantages of establishing a Company in Dubai Maritime City Free Zone
The Dubai Maritime City Authority provides employment visa services and companies can also benefit from:
- Tax exemptions on profits, capital gains
- Full foreign ownership of the Company
- No customs duties for trading activities
- Administrative support
- Tax free repatriation of the capital and profits
If you want to open a Company, you can contact our experts in Quantum Auditing and ask all the relevant details about foreign investments.