Company registrations at JLT jump 38%

Abdul Basit
Filed on November 20, 2011

DUBAI Jumeirah Lake Towers, or JLT, one of the fastest growing mixed-use free zones in the UAE, recorded a 38 per cent growth in company registrations during the first 10 months of 2011 compared to same period last year.

The Dubai Multi Commodities Centre (DMCC) Authority, the licencing authority for JLT, on Saturday announced that it has registered over 1,000 companies in the first ten months of the year, bringing the total number of registered companies to over 3,600. DMCC witnessed 725 company registrations from January to October, 2010.

The centre continues to attract companies to the JLT Free Zone from a wide-range of business sectors, industries and geographies. Of these new companies over 90 per cent are first time entrants to Dubai with registrations equally balanced between well-established multinationals like Diamdel (De Beers Group) and Harley-Davidson, and smal-l and medium- enterprises and entrepreneurs.

“Every year, we challenge ourselves to set new records and this year is no exception. Registering 1,000 new companies in just 10 months is testimony to the success of our business strategy,” DMCC chairman Ahmed bin Sulayem said in a statement.

Solid growth clearly highlights Dubai’s position as the leading business destination in the region, Bin Sulayem said, adding: “Going forward, we will focus on driving company registrations, introducing new and improved services and innovative products, as well as investing in JLT’s infrastructure and so pursuing our mission to enhance trade flows through Dubai.”

JLT-based companies enjoy attractive benefits under the free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure, regulated environment.

“Our success lies in our unique fit-for-purpose regulatory framework and diverse range of value-added services combined with a modern infrastructure and both commercial and residential free-hold property in an enviable location,” DMCC chief executive officer Malcolm Wall Morris said.

As part of its commitment to provide the best services to both new and existing member companies, DMCC opened a dedicated Client Service Centre.

The new “One-stop shop” centre gives companies access to all free zone services under one roof from setting up and licensing new businesses to visa applications and finding the most suitable office space.

Morris said the growth has also been supported by the introduction of DMCC’s new Client Service Centre which is assisting the centre in registering over 100 companies a month, whilst servicing existing customers.

The centre also offers direct access to all major government services as well as utilities and business support services.

Together with other procedures to speed up registration and licencing introduced earlier this year, the Centre will ensure that JLT retains its position as one of the most efficient and business-friendly free zones in Dubai.

“The JLT Free Zone also continues to grow as a thriving community with over 23,000 residents and more than 10,000 employees working at JLT Free Zone-based companies,” Morris said.

DMCC has also expanded its Commercial Property Sales and Leasing division to service the entire JLT Free Zone, providing end-to-end solutions from licensing a business to finding property further encouraging companies to set up offices in the free zone.

DMCC sales and leasing executives are available to provide property consultancy services to both sub-developers and to individual clients and investors, advising them on the wide choice of available property to lease or buy in JLT. With their unique, in-depth knowledge of JLT, the team is capable of matching the client’s requirements with the right property and providing turn-key solutions.

In addition, the imminent launch of a dedicated website allowing potential or existing member companies to find commercial or retail property in JLT will be another market-first among free zones across the UAE.

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