How can I start a gold business in Dubai – When Dubai is mentioned, their gold and diamond collection is one of the first things that comes to mind because it is a trend in the emirate. Referred to as the “City of Gold”, it’s a gold price is cheaper than most of country Home stay’.
Because Dubai is a popular destination for international, the influx of customers the richest can be considered if You want to start a gold business.
Indeed, gold is an investment in Dubai as encourage capital of the foreigners in this country. Unknown to many, it is the most profitable business since precious metals maintain their value, and the demand has continued to work every year.
While Dubai has historically been central to the gold, they are also constantly contribute a significant share in the business of gold trading in the united Arab Emirates. If You’re an investor, You should definitely consider setting up a business trading in gold in Dubai.
If You are not sure how, this article will help You investigate long before the onset of the gold business You. With the knowledge and understanding more, You can start to make a profit from the gold, even in different departments.
Where exactly in Dubai?
There are different authority and jurisdiction which strongly supports the permission gold trading in Dubai. Most of them can be found on the mainland and Freezone. Although there are many, there are three jurisdictions that stands out in Dubai where the highest concentration of gold can be found.
First on the list will License the Gold Trade in the Ministry of Economic Development of Dubai (DED), where the heart of the gold market the UAE was established. This authority is how You combine the business in the gold market the most famous in the world, the Gold Souk Gold in Dubai.
Has the jurisdiction of a local license through DED if an investor chooses to establish a retail outlet in this area. They can have an opportunity for investors to open a kiosk or even a kiosk in Dubai’s most popular areas.
Investors should remember that before applying for a Commercial License for business of gold through the DED, they need to find a local couple who will hold 51 percent stake in the company.
The second option is to set up a business trading of gold in Dubai will be in the Garden Gold and diamonds located along Sheikh Zayed road. If You are an expat want to have 100 percent of the business, this place is perfect for you because it is the company setup Free.
You can have 100% of your company without taxes and has a total return of profit. Gold and Diamond Park is one of the retailers of gold and jewels with more than 90 stores, 118 purpose-built block manufacturing, and 350 offices.
This is the place to stay in Dubai City Center, with access to all areas. You can enter a business company gold in this area to obtain a license from Jabel Ali Freezone authority (JAFZA).
A third option for the business of gold in Dubai is through the Dubai Multi commodities Centre (DMC), the authority of the Free Zones of the other. DMCC is known as the Dubai Gold and Commodities Exchange (DGCC), DMCCC Flow, and the entire gold value chain.
What are the steps?
The next thing You need to know is how You will make the gold business in Dubai occur. Different authorities and jurisdictions require other processes and requirements, so it is not easy to have one. Although the gold business and jewelry popular in Dubai, the government has created certain rules and regulations.
This imposes a check-up tight in those who carry gold or other precious metals in the emirate to have a business environment that is safe. To guide you, we have written some important steps that you need to do to form a business company gold in Dubai.
Get a business license
There is no way to start a business in Dubai without having a business license. As mentioned above, you can choose to start the business of your gold in Dubai with the three rulers of the different such as DED, JAFZA, and DMCC. They all require the investor to register before committing business activities.
Not like JAFZA and DMC, which is located in the Free Zone, DED require special requirement to have a local sponsor who will have 51 percent of the shares before he get a business license. Usually, getting a license requires a few main document:
- The application form is completed
- A copy of the passport of the owner of the proposed)
- Two copies of passport-colored photo
Select Your place of business
There are a variety of places to choose from, especially if You choose to set up in the area of the free zone. They can offer different offices or facilities will be in accordance with the requirements of your business. This process can be done after You have secured the license of your business.
Get Your Visa
Getting a visa can be achieved with the help of Your service provider. A Visa is required, especially if You have to hire employees.
As the holder of a business license in UAE, You also have the power to sponsor others for their visas as well. The number of visas that you can apply will depend on the size of the company or business, the type of company that you choose, and revenue.
Because Dubai has proved itself as the environment healthy and sustainable for the jewelry and gold business both local and international investors, it would be safe to say that starting a company of gold in Dubai is very lucrative and can provide growth for the business.
Given all of the above information, You might think that starting a business of gold in Dubai is not too complex. Do it yourself may still bring You to the situation troublesome and the cost unpredictable, that is why it is important to seek professional help.
In consultation IBG, we guide You based on knowing the process of law and the structure of the business in Dubai. We have a pool of talented consultants who will help You start a gold business in Dubai or anywhere in the united Arab Emirates.
If You want to know more about how You can make the gold business in Dubai, contact us or visit our site for consultation.