Dubai’s precious metals market provides huge opportunities for gold trading business for business people looking to expand their business. Many entrepreneurs and investors want to know how to start gold business in Dubai as this business has been flourishing for a long time to allure businessmen from all over the world. Below we mentioned some important factors that you should understand and consider for a complete and appropriate plan to establish your gold business.
Nowadays in Dubai, the trading of metals such as diamonds and gold is the most prominent import. With trading contributing up to 20 percent of the total non-oil export of the UAE, gold trading, as well as other precious jewelry and metals, are a vital segment of the UAE’s economy.
A gold business establishment is an attractive business opportunity. The government of Dubai celebrates the Dubai shopping festival every year, which is a paradise for shoppers for all things nerdy. After the oil industry, the Dubai government is looking to other industries to drive overseas capital. And the trends are pointing ahead at the jewelry industry.
The Process to Start a Gold Business in Dubai
To start a gold business in Dubai, require a little process. Below mentioned a few steps that you need to follow are:
1. Decide Your Company Name
Deciding on an attractive name for the company is a vital phase while setting up a gold business in Dubai. avoid using any kind of complex or offensive language in the name of your company. Don’t use those that are existing companies already. If you are naming your company after the person’s name, be sure to utilize that person’s complete name. in addition, check for the name’s availability while registering. The business setup consultants at Start Any Business UAE can provide you assistance in this crucial step.
2. Apply for Your License
Applying for the license is the second very crucial step to obtain your gold business license in Dubai. if you are establishing your gold business in the mainland, then you need to submit your license application to the Department of Economic Development. If you want to start in the free zone, then you should submit your license application to the free zone managing authority you have chosen.
3. Apply for Visa
After applying for your business license, then you require to apply for a visa for yourself and your staff. There is a special, yet simple process for this. Once you have obtained your Dubai business license, you are entitled to sponsor others as well. You can apply for multiple visas based on the business activities and the size of your company.
Required Documents to Start Gold Business in Dubai
The basic documents required to start gold business in Dubai are mentioned below:
- You require to submit the copies of valid passports of owners and business partners.
- You have to update the resume of your company’s manager.
- You need to register the name of your trade and obtain the legal documents to present as proof.
- You have to get all the documents, permissions, and certifications for initial approval from the relevant legal departments.
- You need to make a draft of the Memorandum of Association for your company, and also the Article of Association.
- Attested and notarized power of attorney for legal representation.
Benefits of Starting A Gold Business in Dubai
- You can receive 100% ownership of your company or business and reap the maximum advantages of your gold business in free zones.
- You can withdraw all your profits from the business activities as capital without paying any kind of taxes.
- You receive an exemption from income tax and corporate tax.
- 24/7 operation facilities provide the advantages of an all-time open business.
- With maximum government support, this is very easy to appoint expatriates. It doesn’t need heavy documentation.
- You can get easy reach to all the helpful functions and business features almost all times.
- With a centralized AC complex, you do not have to worry regarding the conditions of high-temperature in Dubai.
- This provides an exciting work atmosphere with the system of ventilation and acid waste disposal.
- All the sold and manufactured gold from Dubai diamond and the gold park is hallmarked.
- Shuttle services are offered in and around the campus.
- You receive world-class retail center features to offer quality services to your clients.
For beginners, the procedure can seem stringent and can require some support from experienced business setup consultants in Dubai. We at Start Any Business UAE are here to assist you from beginning to end. If you are interested in examining this opportunity, consult with us, and we would be happy to help you on all professional fronts.
Also read, How to Start Business in Dubai Without Money