Dubai’s gold and diamond collection is often mentioned when Dubai is mentioned. This is because it is a popular trend in the emirate. The “City of Gold” is a name that refers to the area as a place where gold costs are lower than in most countries. If you are looking to open a gold business, Dubai is an attractive international destination.
Gold is a good investment as it helps to attract foreign capital. It is the most lucrative business, even though it is not well-known. Precious metals retain their value and demand continues to grow every year. Although Dubai is a traditional hub for gold traders and investors, they continue to contribute a substantial share to the UAE’s gold trading industry. A Dubai gold trade company is a great option for investors. This article will show you how to start your gold trade business. You can make a profit from gold even if you aren’t in the right department with more knowledge.
Where is Dubai located?
Different authorities and jurisdictions support Dubai’s gold trading licenses. They are mostly located in the Mainland and Freezone. There are many jurisdictions, but there are three that are the most prominent in Dubai. These are where you will find the largest concentration of gold traders.
The Dubai’s Department of Economic Development’s Gold Trading License (DED) is the first on the list. This license allows the establishment of the UAE’s central gold market. This authority allows you to incorporate a business at the Gold Souk in Deira, one of the most famous gold markets worldwide. If an investor wants to open a retail shop in the area, they can apply for a license from the DED. Investors may be able to open a stall, or even a kiosk in Dubai’s most tourist areas. Investors should remember that they must find a local partner to hold 51 percent of the shares before applying for another commercial license in gold through the DED.
You can also set up a Dubai gold trade business by choosing to do so in the Gold and Diamond Park, located on Sheikh Zayed Road. This is the perfect place for expats who want to own 100% of the company. With no taxes, you can own 100% of the company and receive total resettlement of profits. With over 90 shops, 118 purpose-built blocks of manufacturing and 350 offices, The Gold and Diamond Park is a well-known retailer of gold and jewellery. It is located in Dubai City Center and has easy access to all areas. Jebel Ali Freezone Authority can issue a license to you for a gold-business company.
Dubai Multi Commodities Centre, another Free Zone Authority, is the third option for your Dubai gold business. The DMCC is well-known for its Dubai Gold and Commodities Exchange, DMCC Trade flow and overall gold value chain.
What steps are involved?
Next, you must know how to make your Dubai gold business succeed. It is difficult to find one because different authorities and jurisdictions have different processes and requirements. The government has established specific regulations for the jewellery and gold business in Dubai. To ensure a safe environment for business, the government has strict regulations regarding those who bring in gold or any other precious metals to Dubai. We have listed the most important steps to start a Dubai gold business.
Create a Trade Name
A trading name is required before you can apply for a license. A trading name allows the government to identify the type of business you are involved in.