Gold trading License in Dubai

The Middle East is renowned for petroleum and precious metals. Both are exported around the world, strengthening the economy of the countries. Considering the wide opportunities and growth prospects, gold and diamond trading could be a prolific business option in the UAE. Many of the expat entrepreneurs explored the lucrative world of gold trading and reaped a fortune. Obtain a gold trading license in Dubai by pursuing the laid down procedure and commence your journey to prosperity.

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FAQ's

Frequently Asked Questions on Gold trading License in Dubai

  • Which are the jurisdictions for gold business in Dubai?
    • The most advisable jurisdictions for gold business in Dubai are DMCC, and Dubai Gold and Diamond Park Free Zones, and Dubai Mainland.

  • How much will it cost for setting up a gold trading business in Dubai?
    • The costs for setting up a gold business in Dubai will depend on several factors including the jurisdiction chosen, the size of the entity, the activities planned, and the capital. Hence, it’s difficult to state a firm price without knowing these factors.
  • How much is the corporate tax in Dubai?
    • Nil. There is no corporate or personal tax in Dubai.
  • Is e-trading of gold a viable option in Dubai?
    • Yes. You can obtain a gold e-commerce license in Dubai and start selling gold and ornaments online. E-trading of gold is a rapidly growing sector in Dubai.
  • Can a gold business in Dubai Gold and Diamond Park hire expat employees?
    • Yes. A gold business in Dubai Gold and Diamond Park Free Zone can hire foreign employees.

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How to obtain a gold trading license in Dubai

Dubai offers a quick and responsible licensing process for gold trading business in Dubai. The constructive convenient policies framed by the authority helps expatriates to comply with those quickly and set up a gold trading business in Dubai without any concerns. There are three jurisdictions where an expat can start a gold business in Dubai viz. Dubai Mainland, Dubai Multi Commodities Centre Free Zone (DMCC), and Dubai Gold and Diamond Park.

Choose the ideal jurisdiction and start the procedure. You are invited for a discussion with us if you wish to have any kind of support in company formation in any of these jurisdictions. The procedure for each zone will have minor variations owing to the change in authority approving the gold business license request. Having said that, there are five types of gold trading licenses in Dubai.

The gold trading licenses in Dubai are:

Trading License – Immigrant businesspersons considering gold trading activities must submit the documents and acquire a trading license.

Manufacturing License – Are you planning to manufacture gold ornaments? Then, you must get this license after furnishing the requisite details and submitting the application.

Retail License – Gold retail trading and selling activities in Dubai will require this retail license.

Service License – Are you a professional with expertise in gold? Are you considering professional services in this field? Process and obtain a service license in that case.

E-commerce License – Selling gold in Dubai, through online channels will necessitate this license.  

Gold License in Dubai Mainland

The Department of Economic Development (DED) is the authority for scrutinizing the applications and issuing a gold business license in Dubai Mainland. The Gold Souk has been one of the most favorable locations for gold and diamond trading business in the region. Those who consider import and export of gold and gold ornaments normally opt for the region near Port Rashid.

The generic steps for obtaining a gold trading license in Dubai are:

-         Register a company name

-         Identify a location

-         Finalize rent agreement or Ejari

-         Prepare legal framework and notarize it with an authorized public notary

-         Submit the documents and application to the DED

-         Get the gold trading license in Dubai and start business activities

Dubai Multi Commodity Centre (DMCC) Free Zone Gold Trading License

DMCC has been one of the most promising free zones in the entire country. Established in 2002, it offers state-of-the-art infrastructure, an environment conducive for gold business, and exceptional advantages. These prolific facets have been the reason for many companies considering DMCC for gold business in Dubai.

The company incorporation formalities in DMCC are quite simple and quick. Any individual can undertake it without any complicacy. However, support from expert business setup services in UAE would make the gold business more promising than normal. An experienced agency like Kiltons will guide you regarding the best and most rewarding setup. In addition to providing affordable commercial and office spaces.

The documents required for DMCC business setup include:

-         Pre-approval form

-         Business plan explaining the stage-wise process

-         Registered trading name certificate

-         Copy of passport of the owner

-         Proof of residence

Gold Trading License in Dubai Gold and Diamond Park

Established in 2011 Dubai Gold and Diamond Park is another resourceful and sought-after domain for gold business. Being a relatively new jurisdiction, it is dotted with excellent amenities and support systems that would help the gold business attain great heights.

Undoubtedly, this is the region where more foreigners and localities visit for the purchase of gold and diamond ornaments. The increased customer traffic plays a significant role in the growth and development of gold firms in the area.

The Dubai Gold and Diamond Park have some exclusive characteristics that distinguish this domain from the remaining two.

-         Exceptional assistance for all administrative issues encountered by the entity

-         The gold trading companies in this jurisdiction is permitted to hire foreign employees after complying with the necessary formalities

-         Well-connected region with frequent shuttle service

-         Hall-marking facility

-         Export, import, trading, and retail at one location

What are the benefits of starting a Gold Business in Dubai?

Some of the general benefits of the gold business in Dubai are:

-         Nil personal or corporate tax

-         The expats are entitled to own 100% ownership in the gold business setup in both the Free Zones

-         Extensive official support during the gold business setting up and functioning

-         World-class amenities that would nourish the existence and boost the growth of the firm

-         100% repatriation of capital and profit

-         50 years tax exemption on the gold business firms in the free zone jurisdictions 

Kiltons Business Setup services for Gold Business setup in Dubai

Kiltons business setup services LLC understands the gold business arena of Dubai and other regions in the UAE. We have a detailed insight into the varying aspects of the gold business in the country. Our experience, spanning more than two decades, has aided us in gaining exemplary knowledge.

Our cordial relationship with the top officials and ruling royal family is another factor that helps us in supporting the clients optimally. We assure you of trustworthy services for starting a gold business in Dubai.

Reach out to us now for obtaining a gold trading license in Dubai.

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