How to establish Dubai based Gold Business?

If the desire is to setup precious metal related business in Dubai, then Dubai Diamond & Gold Park, Dubai Multi-Commodities Centre or the Mainland will be the ideal place.

DMCC Free Zone

It was in 2002 that DMCC (Dubai Multi-Commodities Centre) had been established and located strategically opposite the Emirates Mall and Dubai Marina Beach. Being in JLT (Jumeirah Lake Towers), it does take full advantage of the available facilities and infrastructure. Although DMCC has earned reputation as a popular trade & commerce hub for different types of ventures, diamond, gold including other precious metal trading is considered to be the main business here. World class infrastructure and special incentives are offered by the Dubai government to encourage people to establish businesses in the free-zone.

Few of the benefits derived from establishing gold & metal trading business within DMCC are:

• 100 percent company ownership
• No personal or corporate taxes
• Total capital and profit repatriation
• Well built infrastructure
• Round the clock entry gain to operational facilities
• Secure business environment having 24/7 all-time security personnel, fire alarm system and video surveillance

DMCC setup process for Precious Metals Business

Incorporation procedure has been simplified by the Dubai government to promote trader growth in Dubai. But certain pre-determined procedures are to be followed to establish gold business in the DMCC.

Pre-Approval

This stage requires submission of application form to enrol name from free zone authority for the gold business. After this takes place due diligence of shareholders or investors!

Registration

This stage involves submission of relevant documents to register your company in DMCC free-zone. Given below are the documents essential to set up gold business here in DMCC:

• Shareholder passport copies
• Trade name proof
• Proof of initial approval
• Manager’s personal data sheet
• Comprehensive business plan
• MOA (Memorandum & Articles of Association) duly attested & notarized
• Lease agreement
• Power of attorney duly attested & notarized for legal representative

Licensing

Upon reviewing your documents, you are free to select the necessary license after paying up specific fee amount. Free zone license allows you to engage in trading in the specific free-zone and even outside of the country, thereby without facing restrictions.

Dubai Gold and Diamond Park

Set up in 2011, this park is an ideal destination for all jewellery lovers. This place boasts of having 90 leading retailers, including customized jewellery work. To manufacture gold along with precious metals, this park allows investors to select a leased building. There is also offered an option to lease an office that comes with quality driven, well built infrastructure.

Some advantages derived from establishing Gold Trading Business within Dubai Gold and Diamond Park

• Very less corporate taxes
• 100% company ownership provision
• 24/7 secured workplaces exclusively for gold traders
• Dubai Municipality facilitated hallmarking
• 1-stop shop to manufacture, trade and purchase jewellery and gold
• Healthy working environment having adequate ventilation along with waste dumping area
• Hiring expatriates easy

How Gold Business can be established in Dubai Gold and Diamond Park?

Setting up an establishment in Dubai Gold and Diamond Park is quite similar to other free zones here. Jebel Ali Free-Zone Authority has set up certain procedures that need to be followed. Given below are the procedures that will have to be followed if the desire is to start a company in Dubai Gold & Diamond Park.

• Fill up initial approval application. Submit the same to JAFZA (Jebel Ali Free-Zone)
• Prepare an agreement on rent payment with Gold & Diamond Park
• Submit to JAFZA the MOA & partnership deed
• Certificate will be issued by JAFZA to trade gold in Dubai. Submission of the same is essential to an authorized bank to open up an account.
• Open bank account to carry out further proceedings.
• Once bank provides confirmation, authority releases gold trade license final copy in Dubai.

Types of Licenses Available in Dubai Gold and Diamond Park

The following business licenses are available to set up a business in the free zone:

• Trading License
• Manufacturing Licence
• Retail License
• Innovation License
• Service License
• E-Commerce License

Black Swan business Setup service can help you obtaining Diamond & Gold Trading License in dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, Fujairah, – UAE  .