Dubai's DMCC registered 2,025 companies in 2020
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Dubai’s DMCC registered 2,025 companies in 2020

Dubai’s DMCC registered 2,025 companies in 2020

There was a nearly 20 percent increase year-on-year in Chinese companies joining the freezone in 2020

DMCC

A record 2,025 companies set up base in Dubai freezone DMCC in 2020. It is the highest annual number of new registrations within the last five years in the freezone.

It marks a nearly 3 per cent rise in the number of companies which registered in DMCC in 2019, which stood at 1,969.

Read: Dubai’s DMCC opens representative office in Shenzhen, China

In March 2020, DMCC launched a Business Support Package which included incentives such as a 30 per cent discount on licence renewal, a waiver for late licence renewal penalties, and an 80 per cent reduction on the total company set up fee if shareholders are residents of JLT, among others.

Read also: Covid-19: Dubai free zones offer stimulus package with rents postponed, fines cancelled

It was its largest ever commercial offer and was made available to both existing and new companies seeking to establish themselves in the freezone.

Over 8,000 member companies availed over 13,000 offers and incentives granted throughout 2020, reported the Dubai Media office.

Reportedly, 95 percent of new companies in DMCC initiate their interaction with the freezone digitally. DMCC has seen over a 50 per cent drop in walk-ins and physical visits, with existing and new members preferring to conduct their transactions online. It also hosted 19 virtual sessions in key markets including China, Israel, Russia, Switzerland, Germany, Angola, South America, Spain, Turkey, Ukraine and the UK.

In October, DMCC introduced a company setup offer for businesses worldwide, inviting them to set up a representative office in as little as five working days with a free six-month trial period.

Read more: DMCC incentivises international businesses to set up shop in Dubai

China remains a key target market for DMCC, and saw a 20 percent increase year-on-year in Chinese companies joining the freezone in 2020.

In November 2020, DMCC inaugurated a representative office in Shenzhen, China, too.

In another major expansion in 2020, DMCC opened its first representative office in Tel Aviv, Israel, located in the headquarters of the Israeli Diamond Exchange (IDE), to support Israeli businesses seeking to make inroads into Dubai and to establish a presence in DMCC.

Read: Dubai’s DMCC opens office in Tel Aviv to boost diamond trade with Israel

“DMCC’s strong performance, which saw 2025 companies set up in our freezone during a global crisis, is a clear indication that the UAE and Dubai remain the chosen place to do business. We know that 2021 will not be without its obstacles, but we are optimistic about our growth trajectory and our continued ability to attract foreign direct investment to the emirate,” said Ahmed bin Sulayem, executive chairman and CEO of DMCC.

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