Stands as one of the precious metals and widely used, gold has built it’s standard in the global market. Holding an intensive market, the metal stands as one of the top three precious metals of the world. When it comes to the Middle East market, gold has emerged as one of the most influential and respected industry. Steeped in rich traditions, the United Arab Emirates has turned out to be the best platforms when it comes to the gold market. Global business owners and investors are driven towards gold investment in the region of the UAE, which stands as a smart investment option. If you are looking forward to investing in the gold industry, then this guide will turn out to be essential for you.
Dubai-City of Gold
The city of Dubai turns out to be a famous tourist spot, and the tour never gets complete without visiting the famous Gold Souk, one of the oldest markets of gold and jewellery. According to the Dubai Economic Development (DED), more than 4000 companies. The study was drilled down to understand the top ten nationalities investing in the gold industry that includes: India, Pakistan, Britain, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada.
The region of Dubai has stood as one of the famous gold exporters, distribution hub, and a trading centre. The government has been taking multiple initiatives to provide the best facilities to the business investors by providing them dedicated zones focused on the enhancement of gold industry namely, Dubai Multi Commodities Centre (DMCC), and Dubai Gold and Commodities Exchange (DGCX), Dubai Gold and Diamond Park Free Zone. These zones are the recommended ones when it comes to business set up in Dubai in the industry of gold.
Now, when it comes to the company establishment process, there are specific rules and regulations that one needs to follow to start a gold business. The ground of Dubai provides multiple options to business owners and investors like Mainland, Free Zone and Offshore to come forward and set up their business roots.
To Start a Gold Business in Mainland
If you are planning to start a business in Dubai Mainland, you can go ahead with the Gold Souq market as it is one of the oldest gold markets in the region. Currently, there are more than 300 retailers settled in the market. In the case of import and export business of Gold, you can consider the area of Port Rashid.
To Start a Gold Business in Free Zone
Moving forward, if you plan to start your gold business in the Free Zone of Dubai, you can go ahead with DMCC. The company registration process takes place in the free zone itself, and you can obtain a gold trading license accordingly.
To Start a Gold Business in Offshore
At the ground of Offshore, you need to submit the essentials and obtain a license from JAFZA Authority.
You also need to hold a SIRA Approval, that is essential for a gold business to come forward and operate the business activities.
When it comes to business operations, it deals with severe risk and continuous efforts that you will be infusing day and night to set its ground. At the same time, you should also be aware of the benefits that you will be deriving by incorporating a gold business in Dubai. Let’s take a step forward and have a look at the benefits.
Benefits of Investing in the Gold Industry in Dubai
The government of UAE has provided complete flexibility to exempt tax on the income earned that drives them to start a business in the UAE. Imagine you would be making multiple profits at the same time, but you don’t need to pay a personal tax. Isn’t that amazing?
The next thing that you should keep in mind is that by setting up a business in Dubai, you pave out multiple channels for your business to operate at a global front. After incorporation, you can target the neighbouring countries like Oman, Bahrain, Qatar etc.
In any case, if you need to shut down your business, you don’t need to pay any tax. This stands as another opportunity that drives the business professionals to settle up their business in the city of gold.
4.World Expo 2020
The world is looking forward towards the World Expo 2020 that is looked upon as a business collaboration platform and is expected to fetch more than 25 million visitors that might end up into multiple business collaborations. Starting a company at this point will turn out to be a flexible option as you will be getting a chance to showcase your brand.
In short, we can say that the ground of Dubai turns out to be a favourable platform for the gold business. Be it mining, manufacturing, import or export, Dubai has got all the feasible solutions. However, it is to be noted that the initial steps turn out to be a crucial part of any business as it ends up dealing with multiple legal proceedings. Business owners and investors prefer joining hands with business professionals who hold the experience and can deal with the required procedures.
Commitbiz Consultants stands as one of the best business consultants in Dubai who can help you to incorporate your gold business in Dubai in a hassle-free way. Our business experts are well-versed with the company incorporation and SIRA Regulations and can guide you at every step. They hold industry experience and thus stand in a position to deliver customized business solutions suiting the business needs. In case you hold doubt or query, do contact us today-we’d be glad to assist.
What are the required documents for opening a gold business in the UAE?
Resume of the manager
Legal trading documents
MOA (Memorandum of Association)
Business license depending on the company type and business activities
How much capital is required for opening a gold refinery in UAE?
Possession of at least 150 000 if it is a free zone.
How much share does the UAE hold of the gold trade?
What is the growth rate of the gold industry in the UAE?
20% growth value to Dh111.5 billion in 2022 has been noticed.
What is the quantity of gold reserve in the UAE?
55.26 tons as of 2021.