When you want to start a gold trading business in Dubai, you need to reach out to professionals. Getting a Gold trading license in Dubai isn’t easy. Because the jewellery business is growing, you can get many benefits.
Start a gold trading business in Dubai
Dubai is one of the most famous Emirates in the UAE, and the market for the same is enormous. Jewellery is extremely expensive, and Dubai is the home to some of the rarest pearls on Earth. The gold market in Dubai is huge. Therefore, it is advisable to reach out to professionals to start your business accordingly.
As per reports, the gold and jewellery market’s revenue in Dubai was around 12 billion dirhams last year. It is expected that the price of the same will increase in the coming times. Therefore starting a gold trading business can help to derive significant benefits.
Why set up a jewellery business in Dubai?
Starting a jewellery or gold trading business in Dubai has its perks. Some of the standard perks or benefits of investing in the gold business in Dubai include the following:
1. Good quality metals
Whenever we purchase jewellery, we always look for the best quality metals. There is a massive demand for high-quality metals, and Dubai is known for its high-quality metals. Setting up a gold business in Dubai will ensure that it is always in the flourishing stage.
2. Safety of business
Dubai is a highly safe place to start any business. The local government of Dubai has set strict rules and regulations on the trade of jewels such as diamonds and gold. Therefore, that ensures you get to trade safely within the market using only authentic jewels.
3. Tax benefits
One of the main reasons most people prefer starting a gold business in Dubai is tax. Considerably, there is no value-added tax on the sale of gold. Furthermore, the traders get a significant amount of assistance from the local government.
The jewellery business in Dubai comes with high-quality security. When you start the business in Dubai, you will need to check for high-quality surveillance and fire alarms, and all of these are basic security units installed in all businesses.
5. Business growth
There is a huge scope for growth when starting a jewellery trading business in Dubai. The gold market in Dubai is constantly flourishing, and it attracts customers globally. Therefore, you always have an option to expand your jewellery business globally.
Top locations to start gold trading business
If you plan to start a gold trading business in the UAE, you need to choose the correct location. Starting a business without knowing the dynamics of the place will prevent you from conducting the business appropriately. Here are some of the common locations where you should start the gold business:
1. DMCC Free Zone
The Dubai Multi Commodities Centre Free Zone is one of the most effective locations for starting your business. It was established in 2002 and has been hailed to be one of the largest free zones. This is a commercial hub where you should consider researching the investment and trading centers. If you want to trade in precious stones and metals, you should consider establishing your gold business here.
2. Dubai Mainland
The Dubai Mainland is the hub for starting a business because of the presence of the Gold Souk market. The Gold Souk market is the hub for suitable buyers. Tourists from all over the world consider visiting the place to get their hands on gold.
3. Gold and Diamond Park
The Gold and Diamond Park in Dubai has around 90 retailers. The commercial complex is situated on Sheikh Zayed Road, and the complex is entirely air-conditioned. Currently, it has 350 commercial offices and 118 manufacturing units. There are expansion plans as well.
What are the requirements to start a gold trading business in Dubai?
Since the laws in Dubai are pretty strict, it is advisable to meet the requirements of starting a gold business in Dubai. Here are some of the common requirements that you should complete:
1. Register the company
The first step to starting the jewellery trading business is to register it. As per your choice, you can establish your business in any location mentioned above. However, if you plan to establish a business in a free zone, you should consider choosing the Gold and Diamond Park Free Zone.
2. Apply for a gold trading license
Applying for a gold trading license in the UAE should be critical to starting the business. Before applying for the license, you need to understand which channel you will be setting up the business. The two options under which you can start your gold business in Dubai include:
- Dubai Department of Economic Development
- Dubai Multi Commodities Centre
The DMCC license will allow you to start your business in the free zone. However, with the DMCC license, you can start your business in the Gold Souk market.
3. Hire employees
If you want to start a gold trading business in the UAE, you need to hire reliable employees, and this is extremely crucial if you are getting a DED license. According to the rules by DED, when starting a business, you need to have a manager before completing the registration process.
4. Apply for a visa
Once you plan to set up your business in Dubai, you need to apply for a visa. The visa you apply for should be for you and the employees. Applying for a visa in Dubai is a very simple process. However, if you are confused, you should consider reaching out to the business professionals such as Business Link UAE.
The maximum number of visas you can apply for completely depends on the size of your company. However, you will also need to determine what your business is to apply for the visa.
What documents do you need to submit for setting up a jewellery business in Dubai?
It is extremely crucial to follow the right measures to ensure a smooth application process. Therefore, you need to submit the appropriate documents within the deadline to set up the jewellery business in Dubai effectively.
Here are all the necessary documents that you need to start a gold business in Dubai:
- Submit copies of the passports of the business owner and partners.
- You must provide legal documents and trade name registration certification.
- It is advisable to provide an updated resume of the business manager (as requested by DED).
- To receive approval from the legal departments, you must provide the necessary certificates and permissions.
- Ensure the minimum capital as requested by the authorities for starting a gold business in Dubai. Furthermore, as the business owner, you also need to pay a 15% deposit of the annual rent. The legal body may also impose licensing and permit charges.
- You should submit a signed Memorandum of Association and Article of Association.
How can Business Link UAE help?
With significant experience handling business advisory services in the UAE, we have helped several businesses grow. Our client base is vast, and we ensure that we help you set up all business in the UAE with proper guidance.
At Business Link UAE, we work towards understanding your business model. Post that, we will provide you assistance in all the technical and legal work that will allow the growth of your business in no time. If you want to start a gold trading business in Dubai, contact us today.