When Dubai is mentioned, their gold and diamond collection is among the first things to come to mind because it is a pattern in the emirate. Called the “City of Gold”, the spot supplies a cheaper cost of gold than most tourists’ home countries. Since Dubai is a favorite international vacation destination, the influx of the wealthiest customers could be significantly considered if you wish to take up a gold business.
Indeed, gold is an investment in Dubai since it drives foreign capital in the country. Unknown to many, it is the most profitable business considering that 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 are an investor, you should consider creating a gold trade business in Dubai. If you are uncertain how, this information can help you delve deep ahead of the onset of one’s gold business. With increased knowledge and understanding, you can begin making a gain out of gold, even in various departments.
Where exactly in Dubai?
You will find different authorities and jurisdictions that highly support gold trading licenses in Dubai. Most of them are available in Mainland and Freezone. Although there are lots of, there are three jurisdictions that stand out in Dubai where the best concentration of gold traders could be found.
First on the list will be 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 how you incorporate a company in the most famous gold markets on the planet, the Gold Souk in Deira. web hosting The mainland jurisdiction supplies a local license via the DED if an investor opts to make a retail outlet in this area. They can have an opportunity for investors to open a stall or possibly a kiosk in Dubai’s most popular tourist areas. Investors must remember that before applying for another commercial license for gold business via the DED, they have to locate a local partner who’ll hold 51 per cent of the shares in the company.
The 2nd selection for creating a gold trade business in Dubai would be in the Gold and Diamond Park located along Sheikh Zayed Road. If you are an expat wanting to possess 100 per cent of the company, this place is ideal for you since it is really a free zone company setup. You can own 100% of one’s company without taxes and have total resettlement of profit. The Gold and Diamond Park is one of the 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 any or all areas. You can incorporate a gold business company in this area by finding a license from Jebel Ali Freezone Authority (JAFZA).
What are the steps?
The following thing you need to know is how you could make your gold business in Dubai happen. Different authorities and jurisdictions require other processes and requirements, therefore it is difficult to have one. Although the 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 really have a safe business environment. To steer you, we’ve listed a few of the essential steps you must do to make a gold business company in Dubai..
Given all the data above, you might think that starting a gold business in Dubai isn’t overly complex. Carrying it out alone can still lead one to troublesome situations and unexpected expenses; that is why it is essential 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 can help you start your gold business in Dubai or anywhere in the UAE. If you wish to know more about ways to create a gold business in Dubai, contact us or visit our website for a consultation.