Gold Trading License in Dubai
For fledgling businesses and even tycoons looking to expand their firms, Dubai’s precious metal market offers excellent chances for gold trading license in Dubai. The gold trading business in the United Arab Emirates has been growing for a long time, attracting dealers from all over the world.
The dealing of precious metals such as gold and diamonds is now one of Dubai’s most important imports. With a trading contribution of up to 20% of the UAE’s total non-oil exports, gold dealing in Dubai, as well as other precious metals and jewelry, is a significant part of the UAE’s economy.
If you want to start a gold or jewelry business in Dubai, there are a few things you should know and think about before putting up a solid plan.
Gold industry of the United Arab Emirates
The gold business in the UAE is a symbol of the country’s economic range and flexibility while also being a profitable source of income for thousands of entrepreneurs. Dubai has prominently accepted itself as a global hub for gold trade by attracting buyers and sellers from all over the world. The city has a vibrant gold market of thousands of enterprises involved in various facets of the precious metal industry.
Dubai has something for everyone who wants to start or expand their gold trading business across the traditional Gold Souk in Deira, the modern Gold and Diamond Park on Sheikh Zayed Road, and more. Newer initiatives are being started and promoted among the gold metal traders in the UAE’s gold and jewelry industry to enhance its reputation and competitiveness.
Benefits Of Gold Trading License In Dubai, UAE
Several variables make it ideal for beginning gold trading in the UAE:
- Gain complete control of your firm and maximize the benefits of your gold dealing business in free zones.
- You can withdraw all of your profits from your business activities as capital without paying any taxes.
- You are exempt from both company and personal income taxes.
- The advantages of an ‘always open’ firm are provided by 24/7 operational facilities.
- It is relatively simple to engage ex-pat workers with maximal government help. Besides, there is no requirement of submitting a lot of paperwork.
- Almost always, you have easy access to all supporting operations and business amenities.
- You’ll never have to worry about the extreme temperatures in Dubai if you live in a centralized AC building.
- With ventilation systems and an acid waste disposal system, it provides an interesting work environment.
- Owners of gold trading or jewelry firms in Dubai are given security guards 24 hours a day, seven days a week, as well as high-tech video monitoring and fire alarm systems in all units.
- Every ounce of gold produced and sold by Dubai Gold and Diamond Park is hallmarked.
- Shuttle services are available both inside and outside the facility.
- To deliver great services to your customers, you receive access to world-class retail center facilities.
Steps For Gold Trading License In Dubai, UAE
For a hassle-free method to receive your gold trading license in Dubai, you must follow the steps listed below:
Choose a Company Name
When starting a gold business in Dubai, choosing a catchy name for your firm is crucial. In your company name, avoid utilizing any offensive or complicated jargon or terms. Do not utilize the names of firms that already exist. If you’re naming a firm after a person, make sure to spell out the person’s full name. When registering, make sure the name you choose is available. Damaar business setup professionals can assist you with this stage.
Apply for a Driver’s License
The application for a license is the second most crucial step in obtaining a gold trading license in the UAE. You can apply to the DED if you want to start a gold trading firm on the mainland of Dubai. If you wish to create a gold business in a Dubai free zone, you must first apply to the free zone’s managing authority.
You simply need to supply a few data and some basic papers, whether you create your application on your own or with the help of company formation specialists.
- Filled-out application form
- Copies of the owner’s and shareholders’ passports
- Two passport-size color pictures
- Request a Visa
You’ll need to apply for a visa after you’ve filed for your trade license. One each for you and your coworkers. There is a specific, yet simple technique to follow to do this. You can also sponsor others once you get your UAE company license. The maximum number of visas you can apply for is determined by the size of your business and the nature of your operations.
Why choose Damaar?
Damaar is the perfect option for anyone looking for a reliable and professional business setup consultancy in Dubai. We have been helping entrepreneurs and investors establish their mainland, free zone, or offshore businesses in the United Arab Emirates for over a decade. The entire process of business incorporation is done with ease and efficiency by Damaar experts.
Our team of connoisseurs in the business sector of Dubai can assist you with legal, financial, and administrative matters alongside providing you with market research, business planning, and more. A strong connection with local authorities and partners lets us ensure that you get the best deals and solutions for all your business demands.
You can enjoy benefits such as tax exemptions, world-class infrastructure, diverse markets, and a strategic location if you choose to do business in Dubai. Damaar is your one-stop solution for business setup in Dubai through which we can help you turn your vision of a successful business into reality.
License Types Approved in Gold and Diamond Park
Gold and Diamond Park is one of the prominent locations to trade, buy, or start your gold business in Dubai. This exceptional shopping destination offers a wide range of jewelry brands, styles, and designs. Entrepreneurs and business aspirants can acquire three different types of licenses to run their businesses here. You can apply for a Trading License, Service License, and Manufacturing License in Gold and Diamond Park. Moreover, Securities Industry Regulatory Authority (SIRA) approval is mandatory for gold trading establishments due to the high-value commodities they trade or offer.
FAQ
Yes, you can trade in both gold and diamonds with a gold trading license in Dubai, specifically in locations like the Gold and Diamond Park.
Yes, there is typically a minimum capital requirement to obtain a gold trading license in Dubai. It ranges from AED 20,000 to AED 30,000 depending on the licensing authority and location.
Yes, the application process for a gold trading license differs between mainland Dubai and free zones due to varying regulations and procedures set by respective authorities.
Operating gold trading in a free zone in Dubai offers advantages such as tax exemptions, global market access, a wide range of gold trading platforms, and streamlined business processes, which can be beneficial for a gold trading business.
Yes, gold trading businesses in Dubai are subject to specific trade regulations and restrictions imposed by relevant authorities governing the import, export, and sale of precious metals.