Law No. (15) of 2022
Amending Law No. (3) of 2020
Concerning the Dubai Multi Commodities Centre[1]
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We,
Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After
perusal of:
Law No. (11)
of 2006 Establishing the Investment Corporation of Dubai and its amendments;
Law No.
(3) of 2020 Concerning the Dubai Multi Commodities Centre (the “Original Law”);
and
Law No.
(10) of 2020 Transferring the Ownership of the Dubai Multi Commodities Centre
to the Investment Corporation of Dubai,
Do
hereby issue this Law.
Articles
(3), (9), (18), (23), and (30) of the Original Law are hereby superseded by the
following:
Scope of
Application
Article (3)
This Law
applies to:
1. the Dubai Multi
Commodities Centre owned by the ICD as a free zone. The Plans attached to the
Original Law specify the location, area, and boundaries of the DMCC;
2. the Dubai Multi
Commodities Centre Authority, as a public authority having legal personality,
financial and administrative autonomy, and the legal capacity required to
undertake all acts and dispositions that ensure the achievement of the DMCC
objectives; and
3. any other zone or
land plot that becomes subject to supervision by the DMCCA pursuant to a
resolution issued by the Ruler.
Board of Directors Meetings
Article (9)
a. The Board of
Directors will convene at the invitation of the chairman, or the vice chairman
if the chairman is absent, at least once every three (3) months and where
necessary. Meetings of the Board of Directors will be valid if attended by the
majority of its members, provided that its chairman or vice chairman is in
attendance.
b. Resolutions and
recommendations of the Board of Directors will be passed by majority vote of
the attending members; and in the event of a tie, the chair of the meeting will
have the casting vote.
c. Meeting
proceedings, resolutions, and recommendations of the Board of Directors will be
recorded in minutes signed by the chair of the meeting and attending members.
d. The chairman of
the Board of Directors will appoint, from among the DMCCA employees, a
rapporteur to the Board of Directors. The rapporteur will be responsible for
sending meeting invitations, preparing meeting agendas, recording minutes of
meetings, following up the implementation of the Board of Directors resolutions
and recommendations, and performing any other duties assigned to him by the
chairman of the Board of Directors.
e. The Board of
Directors may invite experts and specialists, as it deems appropriate, to
attend its meetings. These experts and specialists will not have a vote in the
deliberations of the Board of Directors.
f. The vice chairman
of the Board of Directors will act as its chairman where the chairman is absent
or becomes incapable of performing his duties.
Taxation
Article (18)
Without
prejudice to the tax legislation in force in the United Arab Emirates, DMCC
Establishments and the individuals working therein will be subject to zero (0)
tax rate for fifty (50) years from the date on which these establishments and
individuals commence their operations in the DMCC. This period will be
renewable for the same period pursuant to a resolution of the Ruler. The zero
(0) tax rate will apply to:
1. all taxes,
including income tax, in relation to their operations within the DMCC; and
2. taxes imposed on
the transfer of assets, profits, salaries, or wages in any currency to any
party outside of the DMCC; and the profits generated from the merger, demerger,
or change of legal form of the DMCC Establishments.
Licensing DMCC
Establishments
Article (23)
a.
No person or entity may conduct any Activity within the DMCC
unless it is licensed by the DMCCA to conduct that Activity.
b. DMCC
Establishments will be licensed; all the rules regulating their business,
including their incorporation, registration, and governing requirements and
rules, will be determined; the regulations governing their liquidation will be
established; and any other relevant matters will be determined, pursuant to the
relevant regulation approved by the Board of Directors.
c.
Where a DMCC Establishment wishes to conduct its activities
outside of the DMCC, it must first obtain the relevant approval of the DMCCA,
in accordance with the conditions determined pursuant to the relevant
resolution issued by the Board of Directors; and must comply with the
legislation applicable by the concerned authorities outside of the DMCC.
Delegation of Powers
Article (30)
a. The DMCCA may
delegate any of its powers under this Law to any public or private entity in
accordance with an agreement to be executed in this regard. This agreement will
determine the rights and obligations of the parties thereto.
b. The DMCCA may
accept exercising any of the duties or powers delegated to it by Government
Entities or other entities within or outside of the Emirate. The delegation of
duties or powers must be made pursuant to a written agreement concluded with
the relevant entity, whereby the rights and obligations of the parties are
specified.
This Law
comes into force on the day on which it is issued, and will be published in the
Official Gazette.
Mohammed bin Rashid Al Maktoum
Ruler
of Dubai
Issued in Dubai on 7 July 2022
Corresponding to 8 Thu al-Hijjah 1443
A.H.
©2022 The Supreme
Legislation Committee in the Emirate of Dubai
[1]Every effort
has been made to produce an accurate and complete English version of this
legislation. However, for the purpose of its interpretation and application,
reference must be made to the original Arabic text. In case of conflict, the
Arabic text will prevail.