Gold trading has been around for a long time in the UAE and it continues to be encouraged at the highest level – recently the Emirati government announced a policy with the goal of boosting gold trading in the country.
The government initiative focuses on standardisation of governance across the country to reduce gold industry fragmentation; to bring in greater technological developments to boost innovation in gold production; and to aid sustainability by encouraging transparency and increasing trust – to secure the industry’s place for years to come.
Trading in gold and jewellery is responsible for 20% of the country’s non-oil exports. According to the Dubai Media Office, the first half of 2019 saw a 3% increase (year-on-year) for the UAE gold, diamond and jewellery trade.
So with a strong market and simple company setup process, trading gold in the UAE could be full of opportunities for the entrepreneur looking to set up here.
Benefits of starting a gold trading business in Dubai
There are a number of key benefits when it comes to gold trading in Dubai. These include:
Documents required to start a gold trading business in Dubai
It’s worth making your application with a company formation expert who can help ensure everything is in order ahead of time. But generally, the following documents are what is required:
•Application form – complete and free from errors
•Passport copy of the proposed owner/s
•Passport size photos (x2)
Steps to start a gold trading business in Dubai
So let’s break down what you need to do to start your Dubai gold business. Ideally, you should work with a company setup expert to manage the entire application process on your behalf.
Step 1: Select your company name
The UAE is fairly strict when it comes to naming companies, so it’s important to be aware of the regulations. Essentially, you must avoid any language that could be seen as offensive or blasphemous. You must avoid any name that is already held by a well-known organisation.
If you’re naming your company after yourself, ensure that you don’t abbreviate your name. So Mark Johnson Trading is fine, but M Johnson Trading is not. Of course you will also need to ensure your chosen company name is still available for you to register. This part of the process, like many others, is much smoother if you choose to set up with a company formation specialist like Creative Zone.
Step 2: Applying for your license
If you are taking the free zone route, then you can apply directly to your chosen free zone. For the mainland option, you can apply to the Department of Economic Development (DED).
The key is to make sure that your application is free from errors so you avoid potential delays. Bringing in the services of a company formation specialist means you have the peace of mind knowing that your application is ready to go and having a professional on-hand who can guide you through the entire process – start to finish.
Step 3: Applying for your visa/s
It’s also worth noting that as the holder of a UAE business license, you can also sponsor others for their visas too. This could be a spouse, parent or child, or a domestic worker such as a housekeeper. The maximum number of visas you can apply for will depend on the size of your company, your chosen setup and, for dependant visas, your personal earnings.
Cost of starting a gold trading business in Dubai
Let’s break down the cost of starting a gold trading business in Dubai
Clearly, your total price for setting up a gold trading business in Dubai will depend on the size and location of your business.
But in general terms, a starting price might be around AED 22,000 with other options costing more. The only way to get an accurate, up-to-date quote is to contact Creative Zone who will be able to advise you on a tailor-made price that covers everything you need.
Working with Creative Zone
Now is the time to work with a specialist to ensure your gold trading business is set up smoothly.
When you’re looking to set up a gold trading business you can be sure what you’re getting from Creative Zone is the latest, up-to-date info from people who deal with this every day.
While the setup process can be somewhat stressful, you can fast-track it by working with a company formation specialist. It’s the quickest way to get set up in the UAE, letting us take care of all the details and ensuring your application is free from errors.
We can also help you with opening a corporate bank account and also offer important advice on the type of financial institution that would best suit your requirements.
Here at Creative Zone, we offer you the best solutions to start your company in the UAE. You get fast, reliable and unbiased advice on your unique business setup requirements. We can help you choose the right kind of license for your chosen business activity/activities and take you through the entire process from start to finish.
You can let us deal with the hassle of registering a company while you focus on your business. And working with us means you get the best budget friendly and cost-effective solution to help make your business dream a reality.
Over 10 years, Creative Zone has helped over 36,000 entrepreneurs set up their businesses. Whether it be a mainland business setup, offshore company setup, free zone company setup or issuing of trade licenses and any related activity for registering a company, Creative Zone is your one-stop-shop.