Dubai has a stunning infrastructure and unparallel market for doing any business including trading in gold. High quality of lifestyle and liberal business policies are the factors responsible for making the business a lucrative option here. Many expatriates live in Dubai and they have made Dubai their home. The economic and social diversity makes Dubai an attractive destination for people who come from all countries to either do business or to work here. Gold and diamond businesses in Dubai are known as quite profitable businesses. However, you should know how to start a gold trading business in Dubai.
How to Start Gold Trading Business in Dubai
There are three well-known areas in Dubai where one can do business quite profitably. You can do gold trading in these areas with a lot of success. These areas are:
Free Zone under Dubai Municipal Corporation: it has thousands of companies under its belt and it is one of the largest here. The advantage of doing business here is that you get 100 % business ownership. There is a tax holiday for many years and you will get freehold property. It is quite fashionable to go for DMCC company formation.
Steps for Registration and Gold Trading License in Dubai
Registration of company in Dubai: there is a process of registration and gold trading license in Dubai. At first, there is the approval process or pre-approval which is a stage that includes submission of the name of your company. It takes around 7 days before the name is approved. After due diligence done by DMCC, you as an investor are required to submit some documents that are essential for getting your firm registered. It will take about 6 weeks. The documents required to be produced are copies of passport, pre-approved application form, proof of residence, No Objection Certificate, etc.
Company licensing: for company licensing the tenancy contract is needed. You need to submit the tenancy contract. After this step, a gold trading license is issued to you. After getting the license, you can begin gold trading. Your area of operation will be DMCC free zone.
There is one Gold and Diamond Park which is a place for manufacturing and retailing. Here you may get offices on lease for trading in gold.
Registration process: You need to have a contract of agreement from the gold and diamond park. Now you can apply for JAFZA license after you’ve acquired the lease agreement. You will get this at Jebel Ali Office.
The Jebel Ali Free Zone authority will grant you the license after you’ve submitted agreement of partnership and a copy of lease contract.
Gold trading business in Mainland Dubai: There is Gold Souk Market in Mainland Dubai which is the best place for gold trading business. Here you can sell directly to customers individually. Many retailers are operating here. If you want to import or export gold, the Port Rashid area in Dubai is the one for that.
Dubai Multi Commodities Centre or DMCC is the platform you need to do and grow your business in Dubai. DMCC is the most popular and one of the fastest-growing business districts in the Middle East. There is a huge opportunity of making it big in gold trading here.
DMCC provides you with full ownership and a long tax holiday that goes in your favour. DMCC has been established to promote and boost the business of gold, diamond and other merchandise. DMCC provides you with top of the line infrastructure to conduct a smooth business of any commodity including gold and diamond. There is no personal tax or corporate tax. There is a 100% profit repatriation. There are no currency restrictions.