How to Start Gold Trading Business in Dubai?

Dubai is also known as the ‘City of Gold' for its phenomenal growth from being a gulf coast to an influential worldwide business hub within the generation. 

Although all the metals have some practical uses, gold stands out from the others because its demand is essentially driven by investment and as a store of value. So, in this blog, let us see how to start a gold trading business in Dubai.

Benefits of Getting a Gold Trading License in Dubai

The gold trading license in Dubai offers many benefits and some of them are

• 100% foreign ownership if started the business in a free zone
• 100% repatriation of capital if started the business in a free zone
• Shuttle services in and around the complex
• World-class retail center facilities for businessmen to service gold buyers
• All-time business security

Documents required for Gold Trading License Dubai

Your gold trading license Dubai requires the documents mentioned below -

• Shareholders’ passport copies
• Resume Of the Manager of your business
• Trade Name Proof
• Proof of the initial approval
• Notarized Memorandum of Association & article of association
• Lease Agreement
• The minimum requirement of capital
• The power of attorney

How to Start Gold Trading Business in Dubai?

The procedure to start gold trading business in Dubai is divided into three main stages. That is the pre-approval stage, registration stage, and licensing stage. The in-detail process is as follows-

Stage 1- The Pre-Approval Stage

To start your gold business in the DMCC free zone, it is vital to get initial approval from the authorities. This can be done after submitting the name reservation for your company. The authority will reserve the name of your Gold and Diamond business in Dubai and enable DMCC to continue the company’s due diligence.

Stage 2- Registering the Company

Once you get the initial approval, the next step is to register your company with the DMCC authorities. You must fill out an application form mentioning all the required details here.

Next, you must gather the required documents and attach them to the form. The documents needed are discussed above. 

Once this is done, you can submit the registration form to the authorities. The next step in obtaining a gold trading license in Dubai.

Stage 3- Licensing Procedure

The last but most crucial step in this process of starting a business is getting a gold trading license in Dubai. The license would permit the company to trade in all kinds of valuable gold within the DMCC free zone and in other countries.

Note this Before you Get Your Gold Trading License in Dubai

If the company wants to trade in mainland Dubai, there are two ways to do so. They are-

1. Trade directly with the LLC company which has an import/export license which would help them clear all goods through customs, or
2. The company can go into an agreement with a logistics company that would bring the goods to the mainland.

Reach Commitbiz for your Gold Trading License in Dubai

You can make good cash from the purchase and sale of gold. But initially, you need to take time to learn all the skills before you dive into the business as it contains high risks, and inexperienced newcomers may easily fall into traps and be fooled by shady gold traders.

You can work with someone who knows everything about starting this business, from incorporation to providing visas to the employees. Commitbiz can help you to start gold business in Dubai. Contact us today- even if it’s for friendly advice.