Did you know… gold is not affected by economic or political events as the other trading markets; it has its own price that you’ll need to watch when trading. Gold has been the most highly desired precious metal in the world since ancient times.
Tourists visiting Dubai would most likely not return without the purchase of gold. So, if you are planning to setup a business related to gold, diamonds and other precious metals, and then business setup in Dubai is definitely worth a thought.
Dubai is renowned for its diversified economy and has been a fertile ground for many multinationals. Dubai is very famous for its cultural diversity and mesmerizing infrastructure, and these have made Dubai one of the most sought-after business and leisure destinations all over the world. Due to the increase in expatriates and tourists, there is always a scope for trading activities in Dubai.
Gold’s price to rise as demand for it increases every day. Since the early 1960s, the amount of gold bought annually has almost increased 4 times, thanks to its cultural and financial value across the world, and application in diverse industries ranging from technology to jewelry.
State of the art infrastructure, quality lifestyle and liberal trade policies make Dubai a lucrative option for investors. The economic diversity of UAE brings many expatriates from all over the world to explore the ocean of opportunities it has to offer. It is one of the most profitable ventures in Dubai, Gold and Diamond industry, let’s have a look at how as an entrepreneur, you can start your gold trading business in Dubai.
DMCC Free Zone
Dubai Multi Commodities Centre has more than 12,000 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 setup, the only downside to it would be the cost of setting up as it’s comparatively very high to the mainland.
The advantages of establishing gold and metals trading business in DMCC are:
Company incorporation Process:
This stage includes submission of a trade name reservation form to DMCC. This usually takes up to 6 to 7 working days. The authorities make a reservation of the name for the company while DMCC can carry out its due diligence of the investors.
And once the preliminary due diligence is done by DMCC, the investor is required to submit all the required documents for registration within six weeks. These include the pre-approval application form, passport copy, residence proof, NOC certificate, and other such documents.
In the final stage, once the registration is complete, the tenancy contract is required to be submitted. Soon after that, you can receive your gold trading license and begin trading of gold within the DMCC free zone or even outside the country.
The area is home to one manufacturing block (G+2) and a Retail Center (G only) and was established in 2011. It began by leasing of office spaces for entrepreneurs looking to trade in gold. The Dubai Gold & Diamond Park allows an investor to choose a leased building for manufacturing gold, diamonds and other precious metals The place of 90 leading retailers also sports custom-made jewelry work.
Advantages of Setting Up a Gold Trading Business in Dubai Gold & Diamond Park
Company incorporation Process:
After paying off for the rent of the office space being leased, a tenancy contract agreement should be acquired from the Gold & Diamond Park. Once you get the lease agreement, apply for a JAFZA license at the Jebel Ali Office. Once you submit the 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.
Different Types of Licenses Available in Dubai Gold and Diamond Park
The following business licenses those are available to setup in the free zone:
If you have decided 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. The 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.
The advantages of setting up a Gold Business in the Dubai Mainland are
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