Things to Know Before Starting a Gold Trading Company in Dubai

Referred to as one of the most prominent destinations in the Gulf region, Dubai has established a strong reputation as a dynamic place worldwide for all types of business. 

The economic diversity of this country draws many expatriates from all over the globe and starting a gold trading company in Dubai is one among them.

Gold Trading Business in Dubai Free Zone

Dubai Multi Commodities Centre free zone in Dubai serves the complete value chain of gold, from exploration and refinement to investment and trading. 

The free zone devotes first-class infrastructure and series to its businesses, due to which there has been a rise in the number of businesses set up here. 

There is no other gold business centre in the world that offers such a balancing industry for gold and diamond. 

What Licenses are Needed for Starting a Gold Trading Company in Dubai?

Depending on your activity, you may need several licenses for a gold trading company in Dubai. 

• Trade License - For doing Gold related trading activities
• Manufacturing License - If you’re manufacturing gold stuff, for eg, jewelry
• Retail License - Gold retail trading & selling
• E-commerce License - Selling gold online
• Service License - For professionals giving out services related to the gold business

Best Regions to Start a Gold Trading Business in Dubai

There are mainly three regions where one can start a gold trading business in Dubai. They are as follows;

1. The Dubai Multi Commodities Centre (DMCC) serves as a dedicated free zone for the gold industry ranging from trading to refining and manufacturing of gold, holding a count of more than 13,000 companies on its premises.

2. Dubai Gold and Diamond Park, another dedicated free zone that allows business investors to occupy office space for their gold business

3. The third option turns out to be Dubai Mainland, where you can look forward to setting up a gold business. By establishing a company here, you can operate your business in any part of the country. 

Know This Before Starting Your Gold Trading Company in Dubai

Also, know that you will need SIRA approval to start a gold trading company in Dubai. It stands for Securities Industry Regulatory Authority and is one of the necessary governing bodies. After completing these steps, you can sign a tenancy contract and get an office space to operate from. This step requires at least ten days to complete.

Why Start a Gold Trading Business in Dubai

The gold industry is a booming business platform involving departments like Gold Mining, Source and Trading, Refining, Finance, and Investment options. Starting a gold trading business in Dubai has its advantages. They are

• Gold-Led Economy

Dubai is titled the City of Gold as one can find the purest gold bars ever manufactured in the Middle Eastern Region. Tourists visiting UAE are keen to buy gold in the form of biscuits, bars, jewelry, etc. 

• Complete Ownership

While establishing a gold business, you can opt for free zones, which provide complete ownership, unlike Mainland. Under the law of Dubai Free Zones, an individual possesses full ownership of the business he starts and is free from the burden of opting for a local sponsor. 

• 100% Tax Exemption

When it comes to any business, tax payment turns out to be a big concern. Well, you don’t have to worry about the same if you deal with the gold business in Dubai. 

The region provides a complete exemption of tax to the business owners and investors who deal with gold businesses. 

• 100% Repatriation of Capital and Profits

Moving a step forward, if you want to wind up your business at any point in time, you can take back the total capital invested and the profits earned. This protects an investor from the fear of leaving the entire investment and incurring losses regarding the established business during company liquidation. 

Want to Start a Gold Trading Company in Dubai? Reach Commitbiz

One of the stable forms of investments in critical times is investing in gold. If you are a budding entrepreneur or an experienced businessman who wants to start a gold trading company in Dubai, then reach Commitbiz. Since our inception, we have helped multiple business investors to start their businesses in UAE. Contact us today for further guidance.