39 C
Kuwait City
July 9, 2020
Gulflance
Home » Sheikh Mohammed issues new law on DMCC – News
Khaleejtimes

Sheikh Mohammed issues new law on DMCC – News

Source link


The new law will be published in the Official Gazette.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, 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.

According to the new 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.

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 their correspondence, contracts, advertisements, invoices and stationery.

DMCC companies cannot transfer their license to a other third party without prior written permission from DMCC Authority.

The board of directors of DMCC will issue all the bylaws required to implement the articles of the law. The new law will be published in the Official Gazette and is effective from the date of its publication.





Click here to read more news from @khaleejtimes

Related posts

Over 100 unlicensed prayer areas closed in Abu Dhabi – News

gulflance

Video: UAE National Day celebrated in Pakistan – News

gulflance

Coronavirus impact: Aldar Q1 profit down 39%, warns virus could delay project launches – News

gulflance

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please spend a minute

Gulflance Poll

Which is worst social media?
Vote Now
close-link

You're currently offline