An Educational Guide to a Gold Business Setup in Dubai

When Dubai is mentioned, gold and diamond collections are one of the first things that come to mind as they are an emirate trend. Nicknamed the Golden City, this place has a lower gold price than most countries where tourists live. Since Dubai is a popular international holiday destination, the arrival of the wealthiest customers can be considered when starting a gold business.

Gold is an investment in Dubai as it attracts foreign capital. Few do not know that this is the most profitable business as the precious metal maintains its value, and its demand increases yearly. While Dubai has historically been a hub for gold dealers, they have contributed significantly to the UAE’s gold trading business. If you are an investor, you should consider starting a gold trading company in Dubai if you’re unsure how this article will help you dig deep before starting your gold business. You can earn gold in various departments with more knowledge and understanding.

Which Location to Choose in Dubai for a Gold Business

Some various bodies and jurisdictions strongly support Dubai’s gold trading licenses. Most of them can be found on the mainland and in the Freezone. While there are many, three jurisdictions in Dubai have the highest concentration of gold dealers.

First on the list is a gold trading license from the Dubai Ministry of Economic Development (DED), which creates the heart of the UAE gold market. That authority is how you can turn your business into the world’s most famous gold market, the Deira Gold Souk. The continental court offers a local license through the DED if the investor decides to establish a commercial branch in this area.

You may have the opportunity for investors to open a booth. In addition, there is a pavilion in Dubai’s most popular tourist area. Investors should remember that before applying for another commercial license to do gold through DED, they must find a local partner owning 51% of the company’s shares.

The second option for a gold trading company formation in Dubai is Gold and Diamond Park. It is located on Sheikh Zayed Road. If you are an expat who wants to own 100% of the company, this place is ideal for you as it is a free zone company. You can own 100% of your business tax-free and fully recharge your profits. The Gold and Diamond Park is one of the most renowned gold and jewellery dealers, with more than 90 shops, 118 purpose-built production units and 350 offices. It is a convenient location in downtown Dubai with easy access to all areas. You can engage gold companies in this area by obtaining a Jebel Ali Freezone Authority (JAFZA) license.

Choose DMCC for Gold Business in Dubai

The third option for your gold business in Dubai is the Dubai Multi Commodities Center (DMCC), another free trade zone. The DMCC is known as the Dubai Gold and Commodity Exchange (DGCX), the DMCC trade flows, and its entire gold value chain.

The Steps to Follow for Starting a Gold Business in Dubai

Next, you must know how to do your gold business in Dubai. Different authorities and jurisdictions require different processes and requirements; having one is tricky. Although the gold and jewelry business is popular in Dubai, the government has issued special regulations. This requires strict control over those who carry gold or other precious metals in the emirate to have a safe business environment. As a guide, we have listed some of the basic steps you need to take to start a gold business in Dubai.

Come up with a Business Name

Before you can get a license, you must have a company name. With the company name, the government can find out what business you will run.

Obtain a Business License

Without a trade license, there is no way to have a business setup in Dubai. As mentioned above, you can start your own gold business in Dubai with three entities: DED, JAFZA and DMCC. They all require investors to register their companies before doing business. Unlike JAFZA and DMCC, which are in the free zone, DED has a special requirement to have a local sponsor. In addition, the sponsor who owns 51 percent of the shares before obtaining a commercial license.

Documents You Need for Getting a Business License

To get a business license in Dubai, some essential documents are usually required:

  • Completed Application form
  • Passport copy of the proposed owner(s)
  • Two copies of coloured passport photos

 Choose Your Business Location

There are different locations, especially if you opt for the free zone. They can offer a variety of offices or facilities to suit your business needs best. This process can be done as soon as you get a business license.

Obtain your Visa

You can apply for a visa with the help of your service provider. A visa is required, especially if you need to hire an employee. You can sponsor others for their visas as a UAE business license holder. The number of visas you can apply for depends on the size of your business, the type of business you choose, and your income.

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