Sheikh Mohammed issues new law on DMCC
As published in Khaleej Times
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday issued Law No. (3) of 2020 on the Dubai Multi Commodities Centre (DMCC). Established pursuant to Decision No. (4) of 2002, DMCC is dedicated to enhancing the flow of commodity trade through Dubai.
The provisions of the new law are applicable to the Dubai Multi Commodities Centre both as a Free Zone and an Authority since it is a public authority by law with financial and administrative independence. It has the legal capacity to conduct business and transactions to achieve its objectives. The Dubai Multi Commodities Centre will be attached to the Investment Corporation of Dubai under the new law.
Pursuant to the law, the Dubai Multi Commodities Centre Authority will be responsible for supervising DMCC. The authority is responsible for setting up, developing and managing the infrastructure of DMCC; developing the rules and regulations required for DMCC to achieve its objectives; supervising activities in the Centre; issuing licenses for companies seeking to operate in the Centre; and monitoring and supervising construction within the Centre. The new Law outlines the organisational structure of DMCC Authority and specifies the authorities and procedures to form the Board and executive body of the DMCC Authority.
Pursuant to the new law, any company registered to operate within DMCC is strictly not allowed to practice any activity other than what is stated in their registration permit, or any activity that goes against public order and norms. Establishments and individuals operating in DMCC are exempt from all taxes including income tax, for a period of 50 years.
The new Law also regulates customs duty exemptions and tax exemptions for commodities trade, re-export and storage within DMCC and the establishment of private, commercial and joint venture companies. All companies registered within DMCC must identify themselves as a free zone company in all their correspondence, contracts, advertisements, invoices and stationery. DMCC companies cannot transfer their license to any third party without obtaining prior written permission from DMCC Authority.
The Board of Directors of DMCC will issue all the bylaws required to implement and execute the articles of this Law. The new Law will be published in the Official Gazette and is effective from the date of publication.
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