Jumeirah Lakes Towers Company Formation
Jumeirah Lakes Towers (JLT) is located in the heart of New Dubai and is one of the largest and fastest developing UAE free zones. It is a lakefront community covering over 200 hectares, has four lakes, 64 commercial and residential towers, four hotels, leisure facilities and 160 retail outlets. Over 50,000 people live and work in the JLT free zone.
Dubai Multi Commodities Centre Authority (DMCC) is the free zone licensing authority of JLT. It is housed at the famous Almas Tower, the tallest commercial tower in the Middle East. DMCC was established by Royal Decree in 2002. DMCC’s Client Service Centre provides government and client services enabling the hassle-free establishment of businesses at Jumeirah Lakes Towers (JLT) Free Zone.
DMCC has registered over 5500 companies, including well-known multi-national companies as well as established regional industry players and SME’s.
DMCC has a strong regulatory regime and compliance procedures which are in line with the UAE Federal Government’s related laws and regulations of international bodies.
Reason to Setup Company in Jumeriah Lake Towers
JLT Licenses are granted for trading in non-commodities (finished products) such as furniture, equipment’s, office supplies, spare parts, clothes and electronics. Business providing services such as Marketing, Media, Advertising, Consulting, IT, Nursery, Management can also receive licenses.
In addition, retail activities such as Grocery shops, Restaurants, Cafes, Beauty Salons, Medical Centers and Pharmacies can receive licenses.
Depositing of Starting Capital
The minimum Share capital is AED 50,000 for the JLT license.
Leasing of the Office
Jumeirah Lake Towers Dubai of the minimum office requirement in order to secure a license is 50 Sqm (540 sq. ft.). Every 10Sqm gives the right to obtain one visa from the company.
JLT is a freehold mixed development (commercial and residential), offering the most competitive property prices in the UAE and as a free zone licensed company, you can lease commercial office space anywhere in the JLT Free Zone from AED 50 sq. ft. per annum or buy free hold from AED 525 sq. ft.
Please note, the DMCC Free Zone is one of the only free zone in the UAE that issues a Commercial Trading License on an E-Office [Virtual Office] facility with annually rent 13,000AED and allow the investor to obtain 3 visas.
Advantages of Setting up in This Free zone
Being situated in Dubai and serviced by two metro stations the Jumeirah Lake Towers Dubai Free zone, located on Sheikh Zayed Road, is easy to reach and transport from. It is connected to both Dubai and Abu Dubai, and in is also in close proximity to Jebel Ali Free Zone and ports and the Al Maktoum International Airport.
The Free zone comprises of modern infrastructure, free-hold property, trade networking platforms as well as industry including secure vaults and purpose-built storage facilities, which are all great in addition to 100% foreign ownership of the company itself and optional visa facilities.
Also, you will not face any customs duty and there is 0% income and corporation tax.
What Else Can You Expect from This Free zone?
This Free zone boasts a separate department for commercial sales, Jumeirah Lake Towers Dubai which will assist with the process of securing land once the company incorporation is complete. They also maintain client relationship management tools, which provide a fast and efficient service for documentation.
Each tower consists of different types of apartments and office spaces complete with recreational facilities. At the base of each tower there are retail units offering many amenities from shopping to dining and close to the town services facilities.
The Required Documents
Please note that we would require the following documentation to proceed with the registration of an FZE and obtaining a Commercial Trading License in DMCC Free Zone:
- Company name
- Passport copy for all shareholder/Directors/Managers
- Business Summary / plan
- Specimen Signature for all shareholders/Directors/Managers
- Proof of physical address for all shareholders/Directors/Managers (Copy of Utility Bill or similar)
- Shareholder(s) Resolution
- Memorandum of Association (signed)
- Original letter from the bank confirming the deposit of the share capital
- Tenancy Contract (commercial property within JLT Free Zone) OR DMCC Virtual/Serviced/Flexi Desk office contract ( Subject to approval )
- 0% corporate & personal tax rate
- 100% Business ownership
- 100% Capital repatriation
- New Companies, Branches, Subsidiaries, Offshore etc.
- Sole Shareholders are permissible
- Freehold Offices for Sale or Lease
- Flexi Desk Offices
- Strategically located
- Two Metro Railway stations within the Community
If you are interested in company formation in Jumeriah Lake Towers, please feel free to contact us.