When Dubai is mention, their gold and diamond collection is one of the first clothes to come to mind because it is a trend in the emirate. Referred to as the “town of Gold”, the place offers a cheaper cost of gold than most tourist home countries. Since Dubai is a popular global vacation purpose, the influx of the wealthiest customers can be appreciably careful if you want to start a gold business.
Indeed, gold is an asset in Dubai as it drives foreign funds in the country. Unknown to many, it is the most profitable business since the precious metals keep their value, and the command has been repeatedly working every year. While Dubai has in the past been a hub for gold trader, they also continuously give a major share in the gold trading business in the UAE. If you are an saver, you should definitely consider location up a gold trade business in Dubai. If you are not sure how, this piece will help you delve deep before the onset of your gold business. With more data and considerate, you can start making a profit out of gold, even in different department.
Where closely in Dubai?
There are different powers that be and jurisdictions that very support gold trade licenses in Dubai. Most of them can be found in Mainland and Free zone. Although there are many, there are three jurisdiction that stand out in Dubai where the maximum attention of gold traders can be found.
First on the list would be the Gold Trading License in Dubai’s section of Economic Development (DED), wherein the heart of the UAE’s gold market is recognized. This authority is how you fit in a business in the most famous gold markets in the world, the Gold Souk in Deidra. The mainland control offers a local license via the DED if an saver opts to form a retail outlet in this area. They can have an chance for investor to open up a stall or even a kiosk in Dubai’s most popular traveler areas. Investors must keep in mind that before apply for another commercial license for gold trade via the DED, they have to find a local partner who will hold 51 per cent of the shares in the company.
The second choice for location up a gold trade business in Dubai would be in the Gold and rhombus Park situated along Sheikh Bayed Road. If you are an expat wanting to own 100 per cent of the business, this place is perfect for you as it is a free zone business setup. You can own 100% of your company with no taxes and have total relocation of profit. The Gold and Diamond Park is one of the most famous retailer of gold and jeweler with over 90 stores, 118 purpose-built developed blocks, and 350 offices. It is a convenient spot in Dubai City Center, with suitable access to all areas. You can slot in a gold business company in this area by receiving a license from Jebel Ali Free zone Authority (JAFZA).
The third choice for your gold business in Dubai is from side to side Dubai Multi wares Centre (DMCC), another Free Zone power. DMCC is famous for its Dubai Gold and possessions Exchange (DGCX), DMCC Trade flow, and overall gold value chain.
What are the ladder?
The next obsession you need to know is how you will make your gold business in Dubai happen. Different establishment and jurisdictions require other processes and supplies, so it is not easy to have one. Although the gold and jeweler business is popular in Dubai, the government has created exact regulations. It imposes rigorous check-up on those who bring gold or other precious metals in the emirate to have a safe business setting. To guide you, we have listed some of the necessary steps you should do to form a gold business company in Dubai..
Come up with a Trade Name
Before you can obtain a license, part of its constitutional requirement is to have a trade name. Having a trading name is a way for the government to know the business action you will be transport.
Obtain a Business License
There is no way to start a business in Dubai without having a business license. As mention above, you can choose to start your gold business in Dubai with the three different powers that be like DED, JAFZA, and DMCC. They all require investor to have their business register before carrying out their business activity. Unlike JAFZA and DMCC, which is in the Free zone, DED requires a exacting requirement of having a local sponsor who will own 51 percent of the shares before he/she can get a business license. Usually, receiving a license requires some of the primary documents:
Completed Application form
Passport copy of the proposed owner(s)
Two copies of colored passport photos
Choose your Business Premises
There are various premises to choose from, particularly if you opt to set up in the free zone area. They can offer you dissimilar offices or facilities that will best suit your business food. This process can be done right after you have secured your business license.
Obtain your Visa
obtain a visa can be achieved with the help of your service provider. Visas are necessary, especially if you have to hire an worker. As the holder of a UAE business license, you also have the power to sponsor others for their visa too. The number of visas you can apply for will depend on the size of your company or business, the type of business’s you choose, and your earnings.
Since Dubai has proven itself as a well and sustainable environment for jeweler and gold business both local and global investors, it is safe to say that starting a gold company in Dubai is very profitable and can provide increase for the business’s.
Given all the information above, you may think that initial a gold business’s in Dubai is not overly complex. Doing it alone may still lead you to worrying situations and unforeseen expenses; that is why it is essential to seek professional help. In IBG consult, we guide you based on knowing the legal events and business structure in Dubai. We have a pool of talented consultant that will help you start your gold business’s in Dubai or where in the UAE. If you want to know more about how you can create a gold business’s in Dubai, contact us or visit our website for a discussion.
Make use of this guide to start your gold business in Dubai – the City of Gold. Dubai as a place of business for gold trade provides a perfect chance for business growth. Gold trading is one of the most popular businesses in Dubai, causal more economical distant capital in the country.