Dubai has a long and stable history of gold. In all its years of trading, the value of gold has never seen a low, rather it has always been a successful trade. Therefore, Dubai has become a popular hub for both investors and individual consumers to deal with gold and other precious metals. Besides, the gold business in Dubai has been thriving for a very long time, attracting traders and customers from across the globe. Apart from the oil business, the gold, and other precious metals trading business has become an important division of the economy of the UAE.
So, if you are wondering how to start gold business in Dubai, then this article will deliver a proper plan to set up your gold business saving your time and hassle further down the line.
Benefits of starting a gold trading business in Dubai and the UAE
There are several factors that make Dubai an ideal location to start a gold business, such as –
- Complete ownership of the business in free zones
- Exemption from corporate tax and income tax
- Freedom to operate 24/7
- 100% repatriation of capital and profits
- Maximum government assistance
- Liberty to hire foreign employees
- Doesn’t involve heavy paperwork
- Easy access to all supporting functions and business facilities
- Top-notch infrastructure and exciting work environment
- Hi-tech security system, including video surveillance, installation of fire alarms, security personnel
- Manufacturing and selling of only quality and hallmarked products
- Provision of shuttle services within and around the business complex
- Availability of world-class retail center facilities
- Liberty to pull back the incurred profits into the business as capital
- Flexible leasing options
- High-tech management system
- Accommodates high-net-worth individuals
- Ample opportunities for business growth
How to start gold business in Dubai?
If you want a hassle-free procedure for setting up your gold business and obtaining a gold trading license, you can follow the below-mentioned steps –
Decide a name for your gold business
When you establish a business, deciding on a company name is a huge step. hence, when you plan to set up a gold business in Dubai, you need to find a catchy as well as an exclusive name for it. However, there are certain things to keep in mind while you make this decision. The UAE government has set some strict yet easy naming conventions for companies operating within the country. Every company in the UAE has to strictly abide by these naming laws. Some of these laws are as follows –
- Avoid using any offensive or blasphemous language
- If you are naming the company after yourself, then use the full name, rather than abbreviations.
- Make sure your company name doesn’t resemble the names of well-known organizations.
- Check the availability of your selected name with the relevant authority.
- Avoid using complicated language or terms.
The business setup consultants at Shuraa Business Setup can provide you with assistance in this crucial step.
Apply for a gold trading license
Acquiring a trading license is a very crucial step for operating your business legally in Dubai, UAE. So, you can apply for a gold trading license depending on the jurisdiction you choose for your gold business setup. To illustrate, if you choose Dubai mainland as your work base, then you must approach the Dubai Department of Economic Development(DED) for your gold trading license. On the other hand, if you planning to start your business in any of Dubai free zones, then you can apply to the free zone authorities of the selected zone.
Apply for a visa
Once you have completed all the formalities of licensing procedure, you must now apply for a visa, for yourself as well as your employees. The visa application procedure is specific yet straightforward. Furthermore, once you secure a trading license, you are authorized to sponsor others as well. For instance, your spouse, children, domestic staff, employees, etc. Additionally, the visa quota that you can apply for depends on the size of your company, your chosen setup, and your business activities.
Shuraa team can handle this application for you and also ensure that your submitted forms are correct and precise.
Also read the post: How to Set up an E-commerce Business in Dubai Free Zone?
Documents required to set up a gold business in Dubai
- Valid passport copies of the owner/business partners
- Updated resume of the manager
- Trade name registration certificate
- Certification of initial approval from the concerned department
- Duly signed Memorandum of Association(MOA) as well as Articles of Association(AOA)
- Power of attorney for legal representation of lease agreement
Top locations to start a gold trading business in Dubai
Dubai Multi Commodities Centre Freezone
Established in the year 2002, Dubai Multi Commodities Centre free zone is a distinctive location for establishing a gold business. Moreover, it is one of the largest free zones in Dubai, serving as a trade and commerce hub for R&D and finished jewelry products. Besides, DMCC is prominent in trading gold, diamonds, precious metals, and stones.
The process of gold business setup in the DMCC zone is quite simple. You have to first register your trading name with the DMCC authorities. After the preliminary due diligence by them, submit the necessary documents such as passport copies, residence proof, NOC certificate, etc. Further, submit the tenancy contract and receive your trading license. Now you can get started with your gold trading business within the DMCC free zone as well as outside the country.
Gold and Diamond Park
Situated at the Sheikh Zayed Road in Dubai, Gold and Diamond Park is home to around 90 retailers. It is a commercial multistoried complex that is fully air-conditioned and comprises several retail shops, offices, s well as small manufacturing units. As per the current expansion plans, this complex has been elevated to 118 manufacturing units and 350 commercial offices.
The process of setting up your gold business in the Gold and Diamond Park can be followed in simple steps. First, rent an office space, and then acquire a contract agreement. Further, approach the Jebel Ali Free zone office to apply for a license. Once you submit the documents of partnership and a copy of the lease contract, JAFZA will grant you permission for your gold trading business.
Dubai mainland has the Gold Souk market which is considered the best location for starting a gold trading business in Dubai. The Gold Souk is a traditional gold market that is quite popular as the destination for gold buyers. Hence, it is often on the checklist of tourists. And the best part of setting up your business in this region is that you can directly sell your products to the public.
Situated in the heart of the commercial district in Deira, the Gold Souk market has around 300 retailers that exclusively trade here in jewelry.
Now the process of the gold trading company set up in Dubai mainland is as similar to the DMCC company setup. For instance, trade name registration, document submission, contract agreement, and so on. In addition, you can also get 100% ownership of your gold trading business in the Gold Souk.
Connect with Shuraa!
Over the past 2 decades, Shuraa Business Setup has created a large client base by dedicating its expertise to all types of business advisory services. Our team can provide you proper guidance and consulting that you require for your business, and also look after the legal and technical work so that you can focus on the business goals. Furthermore, with our customized services and best consultation, we can help you in establishing your gold business in Dubai at a very affordable rate.
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