Logo DarkLogo Light
By 

How to Start Gold Trading Business in Dubai

How to Start Gold Trading Business in Dubai

How to Start Gold Trading Business in Dubai

Last Updated on November 24, 2020

  

Stunning infrastructure, high-quality lifestyle and liberal trade policies make Dubai company formation a lucrative option for investors. The economic diversity of this country draws many expatriates from all over the globe to explore the plethora of opportunities it offers. One of the most profitable ventures in Dubai is its Gold and Diamond industry. So, let’s have a look at how as an entrepreneur, you can start your gold trading business in Dubai.

There are three prominent areas in this thriving country where one can set up their gold trading business. They are:

1. DMCC Free Zone

Dubai Multi Commodities Centre (DMCC) has more than 13,000 companies and is one of the largest free zones in Dubai. With its key features like 100% business ownership, 50 years tax holiday and other freehold property options, many investors look forward to DMCC company formation.

Company Registration Process

  • Pre-Approval – This stage includes submission of a name reservation form to DMCC. This normally takes 5 to 7 working days. The authorities make a reservation of the name of the company while DMCC can carry out due diligence of the investors.
  • Company Registration – Once the preliminary due diligence is done by DMCC, the investor is required to submit the required documents necessary for registration within six weeks. These include pre-approval application form, passport copy, proof of residence, NOC certificate, and other such documents.
  • Company Licensing–In this final stage, once the registration is complete, the tenancy contract is required to be submitted. After that, you can receive your gold trading license and begin trading of gold within the DMCC free zone or even outside the country.

Reshaping Accounting Services in Dubai- Robotic Process Automation

2. Gold & Diamond Park

This area is home to one manufacturing block (G+2) and a Retail Center (G only) and was established in 2011. It recently began leasing of office spaces for entrepreneurs looking to trade in gold.

Company Registration Process

  • After paying for the rent of the office space being leased, a contract agreement should be acquired from the Gold & Diamond Park.
  • Once you acquire the lease agreement, apply for a JAFZA license at the Jebel Ali Office.
  • On receipt of your application together with documents like agreement of partnership and copy of lease contract, the Jebel Ali Free Zone authority will grant you your license for gold trading.

3. The Mainland of Dubai

If you decide to set up your gold trading business in Dubai Mainland, the best location to opt for is the Gold Souk market. You can sell directly to the public here. This traditional gold market is in the center of the commercial district in Deira and is home to around 300 retailers. If you are interested in importing and exporting as well, the area around Port Rashid in Dubai is very popular.

Get in touch with us if you are looking to set up your gold trading business in Dubai. With decades of experience in establishing new companies in Dubai, we can take that stress off your shoulders.


  

Similar Blog Posts

Dubai-business Outlook for Startups and SMEs during Covid Pandemic

Dubai is one of the most open economies in the world with a strategic location…

Saudi Arabia Surpasses SR 2 Trillion FDI Amidst Covid Pandemic

Saudi Central Bank (SAMA) data reveals that 2020 witnessed the highest inflow of foreign investments…

UK Prepares for Free-Trade Deal with GCC Countries

The opportunity and freedom to strike global trade deals have long been cited as one…

Oman Becomes the Fourth GCC Country to Implement VAT

The Value Added Tax (VAT), a consumption tax system has been enforced in Oman on…