The USD 4 billion plus Dubai Textile Mart, which sits at the center of a 1.4 billion booming consumer market extending from the CIS to Africa and the Indian subcontinent, has emerged as one of the most modern and profitable trading points in this region's commercial map. Hands held by the Textile Merchants Group (TEXMAS), the apex body in the UAE textile merchants, which was established in 1990, the trade has now earned the reputation of being run by some of the most professionally motivated and trusted merchants in the country. The formation of TEXMAS at the beginning of the last decade was itself a landmark development for the textile trade in the UAE.
One of the significant things to note about TEXMAS membership profile is that it reflects the cosmopolitan environment of the UAE business as the membership runs across a cross section of nationalities including traders from Afghanistan, India, Iran, UAE, Pakistan and Oman. These traders together re-export to over 45 countries.
The first and foremost condition on setting up a company into Dubai Textile City is to have a company in the local market of the UAE with the legal entity as LLC, then after the LLC company has to become a member TEXMAS and then it can get a license in Textile City.
|Location:||Dubai Textile City, Dubai, (U.A.E.)|
|Permitted activity:||Trading in textile related products|
|License available:||Trading license|
|Types of entities:||FZE, FZC, Branch, Subsidiary and JV|
|Shareholder:||Can be individuals or corporate entity|
|Share capital:||Minimum of AED 50,000/- per shareholder|
|Audit:||Audit report is not required to be filed with the free zone authorities|
|Estimated time:||Minimum of 4 working weeks to obtain final trade license|
|Renewal:||License of the company has to be renewed on annual basis. Penalty would be charged by the authority if license is renewed after expiry date.|
GBS provides you consultancy and helps you with company incorporation services at Dubai Textile City.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.