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GOLD TRADING LICENSE IN DUBAI

Who said starting a business in Dubai is hard? Whether you live in Dubai or emigrated from some other country to make your dream come true in Dubai, starting a company will have its challenges.

Nothing comes easy in life. But if you have a guide with you, even the hardest challenge and the mightiest of storms can easily be defeated.

Starting a business in an unknown country takes a lot of patience and guts. If you have already planned for setting a business in Dubai, the good news is that we have developed our Corporate Service Dubai welcomes foreign entrepreneurs with arms wide open. If you are serious about starting a business in Dubai, it won’t take more than a week to get started. that will help you to start a business in Dubai and scale your business on a global scale.

“THE BIGGEST CHALLENGE WITH DESIGNING ENTERPRISE APPLICATIONS IS THE LACK OF EXAMPLES OF PATTERNS THAT WORK OR DON’T WORK IN SPECIFIC SCENARIOS.”
WHAT BUSINESS ARE YOU TRYING TO ESTABLISH? A COMMERCIAL, PROFESSIONAL, OR INDUSTRIAL ENTERPRISE. THE NEXT STEP IS TO GET A LICENSE FOR YOUR BUSINESS.

Gold Trading Company Setup In Dubai- Complete Process

The process of setting up a gold trading company in Dubai involves a series of steps. 

Decide the type of gold business activity you wish to carry out in Dubai 

The type of business license you need for your gold business in Dubai depends on the type of business activity you opt for. For instance,  

  • Trading or Commercial License: To perform trading activities such as gold jewellery sourcing and trading and non-manufactured precious metal trading 
  • Retail License: To retail the gold merchandise 
  • Professional License: To provide professional services. This includes functioning as goldsmith and testing gold & precious metals in laboratory 
  • Industrial License: To engage in industrial activities such as manufacturing of gold & precious metal articles, casting and cutting of gold & precious metals, refining gold 
  • E-commerce License: To sell gold items online via an official website 

After the new amendment to the UAE Commercial Companies Law more than 1000 commercial and industrial economic activities in Dubai, Ajman, Sharjah etc. offer full foreign ownership. This list is accessible to everyone through the DED website

Find a perfect location for your gold trading business setup in Dubai 

When you are planning to do gold trading in Dubai, location wise you have two choices at your disposal

  • Dubai Free Zone: Some of the best free zone location options for gold trading in Dubai includes Dubai Multi Commodities Centre (DMCC), Dubai Gold & Diamond Park and Jabel Ali Free Zone (JAFZ) 
  • Mainland Dubai: One of the best mainland location options for gold trading in Dubai can be Dubai Gold Souk. Now you can get 100% ownership of your mainland gold business in Dubai as well just like its free zone counterparts 

Both the economic zones bring with them their own set of advantages and disadvantages. You may pick one keeping your business needs and goals in view along with the limitations each have

Decide the legal structure of the gold trading company in Dubai 

The legal form of your gold trading company in Dubai must be structured carefully as it can be challenging to switch to other legal structure after registering your business. Plus, the legal form of your company determines your tax rates, management and paperwork requirements, fundraising abilities, and a lot more. There are various options to choose from – some easy and quick to set up but with limited benefits, some not that easy and time-consuming to establish but with a number of advantages. For instance, sole proprietorships and partnerships are relatively easy to start unlike corporations, but they lack liability protection. A sole proprietorship is the most popular business structures amongst investors worldwide though. You may opt for any of the following legal forms for gold trading in Dubai

  • General partnership 
  • Limited partnership 
  • Limited liability company (LLC) 
  • Public joint stock company (PJSC) 
  • Private joint stock company (PrJSC) 
  • Civil company 
  • Local company branch 
  • GCC company branch 
  • Foreign company branch 
  • Free zone company branch 
  • Sole establishment 
  • Holding companies 

Take into account your gold business’s financial needs, risk and ability to grow while deciding one. Other factors that should be considered while deciding the business structure are Licenses, permits and regulations, Control, Capital investment, Taxes, Liability, Complexity and Flexibility. 

Choose an appropriate trade name for your gold business in Dubai & register it with the applicable authority 

The chosen business name under which you will conduct the gold trading business activities in Dubai must be unique and in line with the UAE business name norms and other relevant factors such as the legal structure and location of your gold trading business in Dubai. You may apply for the trade name for your gold business in Dubai through the website or mobile application of the economic department in the emirate as per the chosen jurisdiction. For trademark registration you have to approach the Ministry of Economy. Be informed that trade name certificates are renewable. 

Draft a MoA (or Local Service Agent agreement if applicable) for your gold trading company in Dubai 

You must have a completed and signed Memorandum of Association (MoA) and/or a local service agent agreement (LSA) of the business to proceed with your gold trade license in Dubai if the legal form of your gold business demands. For instance, you need an MoA if the chosen legal form is either of the following: 

  • Limited partnership 
  • Limited liability company (LLC) 
  • Public joint stock company (PJSC) 
  • Private joint stock company (PrJSC) 

This must be noted that mainland businesses owned completely by non-GCC residents require a local service agent from the UAE. Be informed, your gold business in mainland Dubai under professional license must have a Local Service Agent. Check out here to ensure whether your desired gold business activity need a local sponsor or not. For gold trading business setup in Dubai, you don’t need one though. However, you may need LSA depending on the opted legal structure. Appointing the local service agent will be under an agreement attested by the notary public or the court. FYI, for MoA or LSA preparation and attestation you may approach not just UAE-based law firms, courts and notary public but also business setup firms like Adam Global to get it done on your behalf. 

Obtain special approval to get license for gold trading in Dubai 

To incorporate a gold trading firm in Dubai, one has to acquire special approval from SIRA (Security Industry Regulatory Agency, a nodal agency that regulates trading in precious commodities in Dubai. SIRA-approved gold trading license ensures that your facility has a good market space and exposure and is equipped with all the required security measures. 

Complete the trade license application, submit it online along with all the paperwork and pay the application fees 

Have all the required documents in place to apply for the gold trading license in Dubai and submit them along with the application form duly filled. Your payment voucher will be generated after successful submission. Make the payment and duly collect your gold trading license. 

Additional Steps for Gold Business Setup in Dubai 

Businesses or dealers that deal with precious metals and stones including gold, silver and diamonds (Gold and Precious Metal dealers or DPMS) must satisfy the requirements prescribed in the UAE Law for Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT) because they belong to the category of Designated Non-Financial Businesses and Professions (DNFBPs), regulated by the Ministry of Economy (MoE). In the light of the risks involved in the business, the dealers of gold and precious metal must comply with specific predefined steps to ensure AML compliance and steer clear of the hefty penalties set out by the MoE. 

This goes without saying that being a one-stop shop for all corporate services in UAE, Adam Global has got your back if you need expert assistance in any of the above-listed services. 

Need professional assistance in getting a license for Gold Trading in Dubai? 

Setting up a gold business in Dubai involves tons of formalities and paperwork in addition to taking big-small decisions. One of them is of course consulting a local company formation expert such as Adam Global so you can let go of the fear of choosing anything wrong or taking unfavourable decisions and completing the paperwork. Plus, the paperwork can be taken care of guide you through every step of the process below, checking documents, managing applications, and liaising with all government and industry bodies on your behalf. obtaining a gold trading license in Dubai. 

To be precise, being a gold trading business owner in Dubai is no less than a dream come true! Give your entrepreneurial dreams that golden wings by working with the right business setup advisors in Dubai, UAEBook a free consultation with one of our best Dubai business consultants in Dubai today to obtain your Gold Trading license in Dubai. 

We Altharaa Corporate Service provide Full package company set up. All services. Negotiable fee you can trust. Fully qualified team. PRO, tax and accounting support. Business bank account opening. Perfect office space.  

TRUST & MOVE!

Mail Address: Admin@altharaadubai.com

Comments

  • sxp coin binance
    April 9, 2023 at 3:58 pm

    Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.

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