- July 16, 2020
- Posted by: Dhivya Krishna
- Category: company formation, Uncategorized
Dubai, the commercial hub of the entire Middle East and the vast area surrounding it, is always buzzing with business activities, day in and day out. It has attained the pinnacle in the merchandising area, due to its strategic geographical location too.
What is DMCC?
Dubai’s Multi Commodity Centre which is popularly known as DMCC is a government organization that is in existence from the year 2002. DMCC continues to be the World’s No. 1 free zone even today. DMCC Dubai provides a financial base for the entire global commodities trade. Indeed, the number of members certified under the DMCC Dubai keeps increasing every year. However, all the multinational companies continue to migrate towards Dubai’s Multi Commodity Centre. The unit supports various trade institutions like the Dubai Diamond Exchange (DDE), the Dubai Pearl Exchanges (DPE), the DMCC Tea and Coffee centers. Almas Tower, a tall structure in Dubai is the headquarters of the DMCC. Indeed, about 9.6 percent of Dubai’s GDP is contributed by the DMCC Dubai alone.
The DMCC Membership:
People rely only on communities that they could repose their trust and confidence. It is no doubt that the DMCC community is a trustworthy unit that provides various schemes, services, and support for the members, whenever needed. They provide professional training and insights for the various DMCC Companies which could prove essential for the growth of your company also. Indeed, a wide range of offers is provided for Dubai’s Multi Commodity Centre Companies on the commodities and services.
Starting up a business is made simple if you are a member of the DMCC Company. Many events are also conducted for the DMCC companies so that they can interact with each other, as well as exchange their views. Since the DMCC Dubai is a government entity, the visa services and the employment requirements are taken care of. Moreover, the visa applications can be filled through Dubai’s Multi Commodity Centre portal, and the visas are received in just three to five working days.
Benefits of DMCC companies:
The DMCC free zone provides its members with a portal to apply for various services they would require. The company amendments, licensing, application of visa, and requests for approval, can be efficiently managed through the DMCC portal from one location itself. Moreover, the DMCC portal allows the DMCC companies to access the various services offered, through online. However, a unique DMCC portal account is provided for the members who join the DMCC community. Managing a company could be comfortably done, without any hassles, through the DMCC portal. From the nascent stage of your business, DMCC assures to stand by your side, and create a platform for trade and communication worldwide. Since DMCC is located in the heart of the country, it facilitates access to all the member companies.
Commodities and Services of DMCC:
Dubai is reputed for its gold trade and the purity level of gold is always higher there, compared to other countries. Indeed, it is stated that about 25% of the gold trade is done within the DMCC free zone. The Dubai Diamond Exchange is a well-known business that has established strong connections with the United States, Africa, Europe, and Asia. The DMCC Dubai is a place for global trade predominantly in base metals, spices, tea, and coffee trade.
Inspecting financial records:
Auditing in DMCC is more or less mandatory for DMCC companies. There is a set of rules and regulations that are to be followed by the members of the DMCC. Moreover, one of the rules is that every company should have a DMCC approved auditor. He should be enrolled in the list of approved Auditors in the DMCC. Indeed, the DMCC approved auditors should maintain a list of documents including the legal documents, like Memorandum of Association (MOA) and the trade license copy. The United Auditing Members stands at the top of the list of auditors in DMCC. The duty of Dubai’s Multi Commodity Centre approved auditors is to check whether the annual accounts prepared by the companies are free from any misstatements or frauds.
An auditor approval letter should be submitted for any change made in the company. However, a list of auditors in DMCC is released periodically to strictly maintain the regulations and the International Financial Reporting Standards (IFRS). The DMCC approved auditors provide the best quality of services required for the company.
The business environment is spreading out and is becoming a challenging one for every country. KGRN is an independent network that provides professional chartered accountants. Moreover, there are numerous reasons why KGRN is sought after by people, to mention a few:-
- We provide the best financial advisors for quality services.
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For more info, please contact,
Gopu Rama Naidu, CPA FCA
Phone: +971 504 520648 | +971 455 70204