New DMCC Law05-03-2020
Law No. (3) of 2020 on the Dubai Multi Commodities Centre (“DMCC”) was issued last month by his Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai (the “New Law”).
The New Law applies to DMCC as a Free Zone and as an Authority. The highlights of the New Law are as follows:
- Any Company that is registered and operates in DMCC is prohibited from practicing any activity besides the activity(ies) mentioned in its registration permit or that goes against public order and norms;
- Individuals and establishments operating in DMCC are exempt from all types of taxes for a period of fifty (50) years;
- The New Law shall regulate the establishment of joint venture companies, customs duty and tax exemptions for commodities trade, re-export and storage within the Free zone;
- The DMCC Authority shall be responsible for interalia:
- Supervising DMCC;
- Developing the rules and regulations;
- Supervising activities in the Free zone; and
- Issuing licenses for Companies
It is also to be highlighted that the New Law has not yet been published in the Official Gazette, however it shall become effective from the date of publication.
How TLG can help?
Our Corporate and Commercial department would be pleased to assist and guide you with regards to your DMCC company, to ensure compliance with the New Law, upon its publication. Our Department also retains due expertise to assist you with the incorporation of an entity in DMCC or with any inquiries pertaining to a DMCC entity.
Should you have any questions and/or queries, please feel free to contact TLG’s Corporate and Commercial department at firstname.lastname@example.org, for further information and assistance you may require.