Dubai Textile City (DTC) Free Zone Company Formation
Dubai Textile City (DTC)
Dubai Textile City (DTC) is a joint initiative between TEXMAS and the Dubai Port and Customs Authority which aims to make it easier for textile traders in Dubai and around the globe to do business. DTC is a company based in the Al Awir Free Zone that allows textiles to be stored for lengthy periods of time without incurring customs charge, which is currently set at 5%. It is intended to assist traders who primarily deal in re-export. (It is believed that 85 percent of Dubai’s imported commodities are re-exported at some point.)
Benefits Of Setting Up A Business In Dubai Textile City
An investor who establishes a business in Dubai Textile City (DTC) would be able to take advantage of the following:
1. 100% foreign ownership.
2. Strategic location for business incorporation.
3. Exemption from all taxes in full.
4. Initiatives of the government that are adaptable.
5. Connectivity and a strong network.
6. Options for easy entry to the worldwide market.
7. Expo 2020 will provide better business chances.
8. Free of all customs duties for an indefinite term.
9. Sublease options on the premises.
10. Free movement of goods.
11. Long-term lease at a reasonable rent.
12. A smart and comprehensive framework is available, for all business sizes.
Business Activities In Dubai Textile City Free Zone
The Dubai Textile City, which opened in 2006, is a joint venture among TEXMAS as well as the Dubai Port and Customs Authority. They aim to facilitate the textile sector in Dubai and expand it to other regions of the world. business setup in Dubai is proven to be an uncomplicated process, attracting the interest of international investors over time. Several kinds of business operations are permitted in the DTC country:
Documents Required For Dubai Textile City Free Zone Company Registration
1. Copy of the owners and shareholder's passports
2. Manager's passport and curriculum vitae
3. The UAE Embassy notarized draft Memorandum of Association and Articles of Association.
4. The company applicant's physical address
5. Proof of a reserved trade name
6. Proof of the company's incorporation's initial permission.
7. Capital evidence
8. The parent company's board of directors' resolution (this is for branch office)
9. Board resolution of the existing company
10. Certificate of business registration
Additional Requirement Applicable to Corporate Shareholders (Legal Person)
1. The board of directors of the existing company/entity in the country of origin must pass a resolution indicating their intent to form a new setup abroad, which must be confirmed by the UAE Embassy.
2. The UAE Embassy must certify your existing company/registration, entity's business licence, or certificate of incorporation in the country of origin.
3. Your existing company/Memorandum entities of Association (MOA) at the point of genesis.
Business structure to choose from for Dubai Textile City
After deciding on a company name which complies with all applicable regulations, the next step is to choose the type of company structure. A business owner in Dubai Textile City (DTC) can pick from the following options:
1. Limited Liability Company in a Free Zone (FZ-LLC) A free zone limited liability company (LLC) is a distinct legal business organisation that permits individual or corporate shareholders to form a corporation.
2. Branch of a foreign or domestic corporation
Any textile-related company, whether foreign or domestic, has the option to establish a unit in Dubai Textile City.
Procedure Of Business Setup Formation DTC
To start a business in Dubai Textile City (DTC), you must first complete the following steps:
1. Choose a company name. A company's name is a focal point and contains the entire identity of the organisation. Choosing a company name is a crucial step for any business owner or investor. There are specific rules which must be followed when selecting a business name in UAE.
2. Make a business structure decision. After deciding on a company name that complies with all applicable regulations, the following step is to choose the sort of business structure.
3. Submit the Necessary Documents A business company can only be incorporated if all necessary paperwork is presented in a timely and error-free manner.