Kickstart Gold Trade Business in Dubai:
A Glimpse on Crucial Procedures & Requirements
Are you looking for an innovative business idea to build your empire in Dubai? Are you confused over the plethora of options in front of you?
Finding the best business idea is crucial to gain success. A thorough understanding of the demography and geographical conditioning of the locality is necessary while choosing a business activity.
Dubai is known as the ‘City of Gold’. Gold trading companies have built a magnificent aura since 1940 after the UAE government announced its free trading policy. Till now, Gold trading is one of the sought-after import businesses in Dubai.
Starting a Gold trading company in Dubai will get you enormous profit and success. Unlike other business activities, the gold trade has always garnered a safe and stable position in Dubai. Being a tangible asset gold trade business promises stability and profit even during crisis times. Moreover, the constant tourist flow guarantees high business prospects for gold vendors in Dubai. All you need is the assistance of an expert business setup company to help you acquire a gold trade business license.
How to Setup a Gold Trading Company in Dubai
The first and foremost part of setting up a gold trade business is deciding the area where you want to set up your business. The Diamond and the Gold Park location is considered ideal for starting a gold trade business in Dubai. But you can also choose the Dubai mainland and freezone to open your business.
- Setup your Business in the Diamond & Gold Park
The Diamond & Gold Park area in Dubai is a hub of gold traders. To start your gold trade business in this jurisdiction you need to acquire a trade license, manufacturing license, service license and national industrial license. Here are the basic steps you need to undertake to start your gold trade business in Diamond & Gold Park.
- Find a suitable office space
- Draft a lease for your business and send it to Gold and Diamond park to get approval
- Apply for a Jebel Ali Freezone Authority (JAFZA) license at the Jebel Ali Office
If you are not intending to directly sell gold to the public, then freezone will be the best choice. Freezone is ideal for export and import business. Also, tax exemption and zero currency restriction make freezone economically best to start your business.
- Setup your Business in the DMCC Freezone
- Fix a trade name and apply for registration with the DMCC authority
- Submit all the validatory documents or clearance and verification process. The necessary documents to be submitted include:
- Copy of submitted pre-approval form
- Passport Copy
- Proof of your Trade Name registration
- A blueprint of your business plan
- Produce a Non-objection certificate
- Residential details and proof
- Find suitable office space
- Produce the tenancy contract and submit it to the DMCC authority
Once you complete these procedures, the authority will grant you a license for starting a gold trading company in Dubai.
If you want to directly engage with customers, it will be ideal to start your business in the Dubai mainland. Gold Souk in the Dubai mainland is considered a golden threshold to enter Dubai gold trade business hub.
- Setup Your Business in the Dubai Mainland
A mainland gold trade company requires an eCommerce license, retail license, manufacturing license, trade license, and service license to enjoy all the perks of running a mainland business. You should directly apply to the Department of Economic Development (DED) for the required license to start your business.
Once you get the required license from the DED and approval from the Security Industry Regulatory Agency (SIRA), then you are all set to kickstart your business in Dubai Mainland.
Create Your Success Story With Marque Way
The assistance of a seasoned business setup company will help you kickstart your gold trade business in Dubai. At Marque Way, we help you build your brand effortlessly with our expert guidance and cutting edge solutions. To know more about our business services, drop a line in our contact form.