The global city of Dubai is well known for its trading core. It has a long history of trading, starting from ordinary things to luxury goods. Investors from all around the globe come to explore trading opportunities and find their treasure in the UAE market. As the UAE economy strengthens the world over, Dubai’s gold business is taking over the market. The gold business in Dubai has been flourishing for a very long time to attract traders from across the globe.
The trading of precious metals and stones is now one of the prominent occupations in Dubai. Also known as the ‘City of Gold’, Dubai’s gold market is the richest and most prospering market with its affordable prices and remarkable designs found nowhere else in the world.
So, if you are willing to start a gold or jewelry business in Dubai, you need to know certain things regarding the Dubai gold market, gold trading license Dubai and other significant facts.
Advantages of starting a gold business in Dubai
As stated earlier, Dubai has a long and stable history of trade in Gold. The value of gold has never hit a low ever in the past. So, it is one of the lucrative options for business setup in this well-paid market. Besides, there are several other advantages of starting a gold business in Dubai. For instance –
- The gold business is always flourishing due to the quality of precious metals and jewels found in Dubai.
- Dubai is home to the richest, high-net-worth people. Therefore, the demand for precious jewelry will always be there.
- Dubai has the biggest gold market, Dubai souk, which trades in the most authentic pieces of jewels and other precious metals. All the gold manufactured and sold in Dubai is hallmarked.
- The growth rate of the gold business in Dubai is always rising. Hence, it attracts global customers as well as investors to visit or move to Dubai.
- A gold business in the UAE freezones enjoys 100% ownership, free from local intervention.
- Dubai jurisdiction offers some of the best tax benefits to gold businessmen. They are provided a good amount of exemption on corporate and income tax, or sometimes no tax.
- A gold company in Dubai is a 24/7 operational business with no time constraints. The owner can operate their shop or business at any time. In short, they enjoy an “all-time open” benefit.
- The Dubai government provides a great amount of security and high-quality surveillance to the jewelry businesses in their region.
- With maximum government assistance, it is easy to start a gold business in Dubai with minimum paperwork.
- The gold business gets all supporting functions and business facilities from the Dubai authorities all the time.
- The government extends maximum support in hiring expatriates with less documentation work.
Top Locations for Gold Business in Dubai
1. DMCC Freezone
Established in 2002, the Dubai Multi Commodities Center is one of the largest freezones in Dubai. It is a trade and commerce hub for gold, diamonds, precious metals, and stones. Besides, gold trading is the leading business in this freezone.
2. Gold and Diamond Park
The Gold and Diamond Park was established in 2011. It is a commercial multistoried complex in Dubai with around 90 retailers, that accommodates various retail shops, offices, and small manufacturing units as well. Entrepreneurs looking to trade in gold can now simply lease office space in the Gold and Diamond Park.
3. Dubai Mainland
For gold traders eyeing Dubai’s mainland, the Gold Souk market is the best location for them. It is a popular destination for tourists and gold buyers. In Gold Souk, the gold merchants or companies can directly sell their products to the customers, which is a huge benefit for their business. Moreover, it is home to over 300 retailers who trade in gold jewelry.
Process to get Gold Trading License Dubai
Determine your Company name
A trade name is something that identifies the company in the market and distinguishes it from its competitors. While establishing a gold venture in Dubai, it is crucial to decide on an exclusive and catchy name for the company. On the other hand, the owner also needs to take care of the name convention protocols set by the authorities. For example, the name should be resembling any existing company name. The owner must avoid using offensive and complicated words or language that can be hurtful to any individual or a community. Also, the applicant can check for the availability of the name while registering with the authorities.
Apply for a license
Acquiring a license is the most important step for starting a business in Dubai successfully. While setting up a gold enterprise in Dubai mainland, the Department of Economic Development issues the trade license for the companies. On the other hand, licenses for freezone companies are issued by the respective free zone authorities.
You can also contact Shuraa Business Setup to help you with the license registration process. We will handle your application and save you from the hassle of documentation and other formalities.
Also read the post: Steps for Product Registration in Dubai Municipality
Apply for visa
After applying for the license, it’s time to move on to the next step, which is visa application. The business owner needs to apply for a Dubai visa for themselves as well as their staff. The visa application process is simple. Once you have acquired your business license, you are authorized to sponsor others in your company. Depending on the business activities and sizes of the company, you can opt for multiple visas as well.
Documents required to start a gold business in Dubai
The basic documents required to get on with your Dubai gold business are as below:
- Copies of valid passports of owners/business partners
- Updated resume of the Company’s manager
- Proof of trade name registration
- Essential approvals from all the concerned department
- Memorandum of Association (MOA) and Article of Association (AOA)
- Attested power of attorney for legal representation
With its stunning infrastructure, high-quality lifestyle, and liberal trade policies, Dubai has been attracting global investors to enter the Dubai market. Dubai is not just known for its economic diversity, but also for the plethora of opportunities it offers to traders and professionals all over the world. Dubai’s gold business is one such flourishing venture that invites global gold merchants to come and launch their business in the City of Gold.
The bustling market of gold in Dubai has thrived throughout history, and it still remains the same. Furthermore, it offers an appealing location, favorable environment, and encouraging policies for all the gold businesses set to launch in Dubai. However, the traders might need to prepare a complete and appropriate plan before getting into the company formation procedure of the gold business in Dubai.
The business consultants at the Shuraa Business Setup can help you with that. Over the past 2 decades, Shuraa has refined its expertise in all types of business advisory services and owns a large client base. Hence, our team can help you with all types of business setup services in the UAE, right from the initial stage to the very end. In addition to that, we assure to provide you proper guidance and consulting that you require for your business.
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