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DMCC free zone – Announced a New Law
Sheikh Mohammad bin Rashid Al Maktoum, Ruler of Dubai, Vice President and Prime Minister of the UAE issued Law No. (3) of 2020 on the Dubai Multi Commodities Centre (DMCC) stating the responsibility of DMCC authorities in supervising the law and regulations to entities under DMCC.
The new law stipulates that any company registered to operate within DMCC is prohibited to practice any activity beyond what is only stated on their registration permit, additional to this are activities that against public order and norms.
The regulations also apply to custom duty and tax exemptions relevant to trade commodities, re-export and storage within DMCC and any private establishments, commercial and joint venture companies. Furthermore, companies under DMCC must define themselves as free zone companies to all communications documents including advertisements, invoices, contracts, etc.
