When Dubai is mentioned, their gold and diamond collection is one of the first things to come quickly to mind because it’s a trend in the emirate. Called the “City of Gold”, the spot provides a cheaper cost of gold than most tourists’ home countries. Since Dubai is a favorite international vacation destination, the influx of the wealthiest customers may be significantly considered if you wish to take up a gold business.
Indeed, gold can be an investment in Dubai because it drives foreign capital in the country. Unknown to numerous, it’s the most profitable business since the precious metals keep domain name and hosting their value, and the demand has been continually working every year. While Dubai has historically been a centre for gold traders, they also continuously contribute an important share in the gold trading business in the UAE. If you are an investor, you should definitely consider establishing a gold trade business in Dubai. If you are unsure how, this information can help you delve deep prior to the onset of your gold business. With more knowledge and understanding, you can begin making a profit out of gold, even in numerous departments.
Where exactly in Dubai?
There are different authorities and jurisdictions that highly support gold trading licenses in Dubai. A lot of them can be found in Mainland and Freezone. Although there are lots of, there are three jurisdictions that stick out in Dubai where the highest concentration of gold traders may be found.
First on the list is the Gold Trading License in Dubai’s Department of Economic Development (DED), wherein the heart of the UAE’s gold market is established. This authority is the method that you incorporate a small business in the most famous gold markets on earth, the Gold Souk in Deira. The mainland jurisdiction provides a local license via the DED if an investor opts to form a retail outlet in this area. They could have an chance for investors to open a stall or even a kiosk in Dubai’s most widely used tourist areas. Investors must remember that before applying for another commercial license for gold business via the DED, they have to find a local partner who will hold 51 per cent of the shares in the company.
The next selection for establishing a gold trade business in Dubai will be in the Gold and Diamond Park located along Sheikh Zayed Road. If you are an expat wanting your can purchase 100 per cent of the business enterprise, this place is ideal for you because it is really a free zone company setup. You can own 100% of your company without any taxes and have total resettlement of profit. The Gold and Diamond Park is one of the very famous retailers of gold and jewellery with over 90 stores, 118 purpose-built manufacturing blocks, and 350 offices. It is really a convenient spot in Dubai City Center, with convenient access to any or all areas. You can incorporate a gold business company of this type by finding a license from Jebel Ali Freezone Authority (JAFZA).
What’re the steps?
Another thing you need to know is the method that you could make your gold business in Dubai happen. Different authorities and jurisdictions require other processes and requirements, so it’s difficult to own one. Even though gold and jewellery business is popular in Dubai, the government has established specific regulations. It imposes rigorous checkups on those that bring gold or other precious metals in the emirate to truly have a safe business environment. To steer you, we’ve listed a few of the essential steps you should do to form a gold business company in Dubai..
Given all the information above, you might think that starting a gold business in Dubai isn’t overly complex. Doing it alone can always lead you to troublesome situations and unexpected expenses; that is why it is important to get professional help. In IBG Consulting, we guide you based on knowing the legal proceedings and business structuring in Dubai. We have a swimming of talented consultants that can help you start your gold business in Dubai or anywhere in the UAE. If you wish to know more about how you can produce a gold business in Dubai, contact us or visit our website for a consultation.