One of the clear useful businesses in UAE is the trading of gold; diamonds along with other goods trading (trade listed products like oil and oil products, colored metals, grain; also industrial raw materials, food products and textile raw materials etc.) But in this very topic our key concern is Gold trading license in Dubai.
The trading of Gold under the Gold trading license in Dubai can be made inside the UAE; and outside of UAE. What is very important; freely from the kind of activity – inside or outside of the country; the tax dealing of these firms remains the same.
Mostly the suitable kind of company for trading with diamonds; gold as well as other supplies (exchange listed products) in Dubai; there are largely three areas where someone can form a gold trading license in Dubai.
- The first is DMCC Free Zone area for gold trading license in Dubai.
- The Diamond & Gold Park is the second area for gold trading license in Dubai.
- Mainland of Dubai is the third option for Physical gold trading Dubai.
The expenditure of such company depends on the amount of product, commodities and categories as well as the number of visas for company’s shareholders and workers.
Gold trading license in Dubai DMCC Free Zone
DMCC free zone serves the entire gold value chain from refinement to investing and trading. A decade or so back, Dubai was call as the City of Gold owing to its substantial Gold market. But from the time when DMCC has start offering in first-class infrastructure and services, the amount of gold trade in Dubai has been rise. Now its financial record for about 25% of worldwide trade, majority of them are situated within DMCC Free Zone.
There is no other gold center in the world which provide such a balancing industry for gold and diamond. Innovations comprise: the Dubai Gold and Commodities Exchange (DGCX), a trade finance product, DMCC Trade flow; also Sharia-compliant verge fund product; also a regional gold trading option along with the Dubai Good Delivery Standard DGD; is the only universal standard for one kilo gram gold bars of .995 purity.
Setup procedure of Gold Trading License in Dubai DMCC
As a guideline in this article we will discuss the setting up of company in DMCC free zone. We will provide you a short summary of the procedure and rule for the formation of company; rough idea also an estimation of the total expenses; and the total number of time taken for the setup of a Company.
Incorporation Process of a Gold business in Dubai
The setup process of Gold trading license in Dubai is divided into 3 stages these are as under: Pre-approval is the first stage, and 2nd is the Registration Stage and the Licensing Stage is last stage of getting the license.
The Pre-Approval Stage of Gold business in Dubai
In order to get gold trading license in Dubai in DMCC free zone; it is must to get an approval form to the authority for name reservation. In such step the authority reserves the name of the Gold business in Dubai; and empowers DMCC to continue due diligence of the investor of the Company. The Pre-Approval along with name reservation of the company takes generally 5 to 7 working days.
Registration Stage for Gold trading Dubai
Once due diligence of the shareholder is done; then registration phase takes place; in which the registration of Gold trading Dubai is start. The important documents should be submitted to DMCC within six weeks after the getting name reservation.
Licensing Stage of Gold trading license in Dubai
This is the last as well as final stage and it needs the tenancy contract to be submitted. Once this stage is complete; you will receive the “Trading License” The Gold trading license in Dubai would allow the Company to trade; which is in all kinds of considerable gold within the DMCC Free Zone and in other countries; which is outside the UAE without any restrictions.
If in case it is aspiration to trade within the UAE main land; then there are two major ways for doing so:
First to trade directly with an LLC company that has an import / export license. Secondly the company may go into an agreement with a logistics company; which would apparent the goods and bring it to the mainland.
Signing of Tenancy Contract as well as Office Space
Once you submit, it would take additional ten (10) to twelve (12) working days; to obtain the Trade License and additional constitutional papers of the Company.
JLT is the place where offices for DMCC companies are available for sale and for rent. There are so many buildings which are offering to have room for customers.
Gold trading business in Dubai Gold & Diamond Park
The Gold and Diamond Park is start in first quarter of 2011. It is the dream place of all jewelers and of those who wish is to trade in gold; but also gold trader searching for additional facilities to have an office in Gold and Diamond Park. It is located on Sheikh Zayed Road, Gold & Diamond Park is a must see place to each and every customer; and it is always includes in each and every tourist visit list.
This free zone is design for Physical gold trading in Dubai to full fill the particular needs of the gold industry in Dubai. This system contains workshop areas complete with the features as well as services particularly for the requirements of the jewelers. In addition, Gold & Diamond Park in current times launched leasing of office places to other experts of business looking for additional value of their investment.
Jebel Ali is the licensing body for gold trading business in Dubai Gold and Diamond Park.
Advantages of gold trading business in Dubai Gold and Diamond Park
Following are the main advantages of doing business in Gold and Diamond Park.
- 100% earnings in shape of overseas ownership, that is for Physical gold trading in Dubai
- It offers 100% security of capital along with profits
- In this free zone you are not bound to pay any corporate tax
- A well plan place within the center of Dubai also with easy access to other parts of UAE
- 24/7 working choice for gold trading business in Dubai
- Also it has no constraint on hiring of expat employees.
- Central air conditioning plant and gas supply arrangement to every unit of the building.
- 24 / 7 security as well as video observation and fire alarms.
- Healthy and work loving environment with suitable ventilation systems; exhaust services and provision of acidic dumping and collection of waste.
- Facilities for all gold man-made as well as sold from the Diamond & Gold Park.
- Exceptional retail center services as well as environment, helping tourists and shoppers. Transport service between the Gold and Diamond Park and 5 star hotels.
Procedure for Dubai gold trading license in Gold & Diamond Park
Following are the procedure in order to work under gold trading license in Dubai for trading in gold and in Diamond. A contract agreement must be obtains from the Gold and Diamond Park; which is after the payment of The rent for the unit being leased; 15% of the annual unit rent as refundable security deposit; also 15% of the annual unit rent as supply deposit (refundable) maintenance charges if valid.
You can also check our service of Audit license in Dubai
On receiving the lease agreement, the JAFZA license must be applied; at the Jebel Ali offices and authority with the documents as mention below:-
First you need to fill an application form along with the agreement of partnership or MOA. A copy of the lease agreement should be attach for Dubai gold trading license. Payment amount of 5,500.00 as license charges; the person will make an application or through PRO of the GDP; with an annual charge of AED 2,500.00 per year. These charges will also permit the tenant to claim all services with JAFZA. On the other hand, the charges will be as per transaction to be decided mutually; by the tenant along with the Management of GDP.
Once getting the applications; the Jabel Ali Free Zone Authority will release the certificate of Dubai gold trading license; and it will also release a letter to the bank of the tenant wherever the account is to be open.
After opening the account, the concern bank will issue a letter to JAFZA; which is to confirm that the required funds have been deposit.
While JAFZA after getting the letter from the bank will issue the license for gold trading Dubai.
Gold trading license in Dubai Mainland
As the gold economy strengthens the entire world; we are very thankful to the industry of gold as well as diamond; as it also plays an important role in the growing economy of Dubai.
If in case you are a potential investor who has enough command in the gold industry; or you are a businessman who has the wish to spread out their production of business; then it is a big opportunity for you to have a business setup in Dubai gold market. Now a day’s gold as well as diamond are one of the major imports in Dubai. Gold dominated significantly in imports in non-oil group category. Gold Imports value Dh 24.4 billion or usually 15% of total non-oil business. Who hasn’t heard about the Dubai gold souk?
It would not be incorrect to say that Dubai gold souk is not in the checklist of each and every visitor. Because Dubai Gold Souk has been a popular destination of the gold buyers in Dubai. Gold Souk is a traditional gold market in the midpoint of the commercial district in Deira. It is also home of around 300 retailers who trade in jewelry exclusively. It has been on the record that at any time up to 10 tons of gold is always obtainable; that is in the Dubai gold souk! This statement clearly indicates the potential of forming up gold trading Dubai. The demand for gold generally generate from countries like India and Iran etc; and also visitor from all over the globe gather in Dubai to buy that delightful pieces of jewelries.
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