When Dubai is mentioned, their gold and diamond collection is one of many first things to come to mind because it is a tendency in the emirate. Referred to as the “City of Gold”, the spot provides a cheaper cost of gold than most tourists’ home countries. Since Dubai is a popular international vacation destination, the influx of the wealthiest customers can be significantly considered if you intend to start a gold business.
Indeed, gold is an investment in Dubai because it drives foreign capital in the country. Unknown to many, it is the most profitable business because the precious metals keep their value, and the demand has been continually working every year. While Dubai has historically been a heart for gold traders, in addition they continuously contribute an important share in the gold trading business in the UAE. If you’re an investor, you should definitely consider creating a gold trade business in Dubai. If you’re unsure how, this information will allow you to delve deep before the onset of your gold business. With an increase of knowledge and understanding, you can start making a gain out of gold, even in different departments.
Where exactly in Dubai?
There are different authorities and jurisdictions that highly support gold trading licenses in Dubai. Most of them are available in Mainland and Freezone. Although there are many, there are three jurisdictions that stick out in Dubai where the greatest concentration of gold traders can be found.
First on the list would be the Gold Trading License in Dubai’s Department of Economic Development (DED), wherein the center of the UAE’s gold market is established. website hosting This authority is how you incorporate a company in the most famous gold markets on the planet, the Gold Souk in Deira. The mainland jurisdiction provides a local license via the DED if an investor opts to make a retail outlet in this area. They can have an chance for investors to open up a stall or even a kiosk in Dubai’s hottest tourist areas. Investors must keep in mind that before applying for another commercial license for gold business via the DED, they have to discover a local partner who will hold 51 per cent of the shares in the company.
The next choice for creating a gold trade business in Dubai could be in the Gold and Diamond Park located along Sheikh Zayed Road. If you’re an expat wanting to own 100 per cent of the company, this place is good for you because it is really a free zone company setup. You are able to own 100% of your company without any taxes and have total resettlement of profit. The Gold and Diamond Park is one of the very most 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 all or any areas. You are able to incorporate a gold business company of this type by getting a license from Jebel Ali Freezone Authority (JAFZA).
What are the steps?
The following thing you need to find out is how you can make your gold business in Dubai happen. Different authorities and jurisdictions require other processes and requirements, so it is not easy to own one. Although the gold and jewellery business is popular in Dubai, the federal government has established specific regulations. It imposes rigorous checkups on those who bring gold or other precious metals in the emirate to truly have a safe business environment. To guide you, we have listed a number of the essential steps you must do to make a gold business company in Dubai..
Given all the info above, you may think that starting a gold business in Dubai is not overly complex. Carrying it out alone can always lead you to troublesome situations and unexpected expenses; that is why it is important to find professional help. In IBG Consulting, we guide you based on knowing the legal proceedings and business structuring in Dubai. We’ve a pool of talented consultants that will allow you to start your gold business in Dubai or anywhere in the UAE. If you intend to know more about tips on how to create a gold business in Dubai, contact us or visit our website for a consultation.