The DMCC has announced the introduction of new rules and regulations, which, the organisation says, have been developed “to increase ease of doing business for new and existing DMCC member companies”.

The new rules and regulations will be effective from   January 2, 2020. Apart from enhancing ease of doing business, the set of rules and regulations are  expected to further facilitate setting up of  businesses in DMCC as well.

“The new regulations update DMCC’s existing company law framework, providing greater flexibility and ease of operations for businesses registered within DMCC and increasing the remit of their activities,” DMCC said in a statement. “The new regulations also make it easier to set up a company in the region’s leading trade hub.”

Amongst the key areas which have been enhanced to achieve this are: increased flexibility around a company’s Articles of Association; introduction of different share types, allowing businesses to tailor the structure of shareholdings; introduction of a new dormant status; and an increased ability to transfer 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,” said Ahmad Hamza, Executive Director Free Zone, DMCC.  “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. With robust infrastructure, state-of-the-art facilities and world-class services, DMCC 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.”

The new rules and regulations were framed following “an extensive data gathering and stakeholder engagement period”, DMCC said. Post this, 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, the organisation stated.

“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,” the organisation said sharing some data. “On average, seven new businesses join the award-winning business district every day.”

DMCC has been awarded Global Free Zone of the Year by the Financial Times’ fDI magazine for five consecutive years, “in recognition of its continuous innovation”.

Pic Cap: Ahmad Hamza, Executive Director Free Zone, DMCC