How to Setup a Jewellery Shop in Dubai?
Setup a Jewellery Shop in Dubai
Dubai is popular as the most luxurious emirate in the United Arab Emirates. The city boasts an unmatchable market for gold and jewellery. These jewels range from the most affordable to the most prized possession you may find anywhere in the world. The city also has a collection of pearls of all sizes available in the rarest of colours. The golden market is the richest and blooming market, the buyers and enthusiasts that you will find here are remarkable.
The jewellery market in Dubai accounted for approximately 12 billion dirhams of revenue last year. The same industry is likely to grow even higher in the coming years. As a result, Foreign investors looking to set up a jewellery shop in Dubai can seriously move forward to start their jewellery shop in this city.
If you want to Open a Jewellery Shop in Dubai, you are at the right place. Here, you will get everything you need to learn to start your jewellery business in this city. Furthermore, we will provide you with an in-depth guide to starting your jewellery business in this city.
Why you should Open a Jewellery Business in Dubai?
There are many people who think that starting a Jewellery Business in the UAE is not a considerable thing. However, those people are wrong because there are numerous reasons for opening a jewellery shop in Dubai. The following are the top reasons to start your jewellery shop in this emirate:
- Cheaper price: Foreigners tend to come to Dubai to specifically purchase jewellery because it is cheaper here than in their own countries. Since taxes are low in Dubai with no value-added tax imposed on the sales of gold, the overall price of gold becomes so lower that attracts more customers.
- 100% ownership: There are numerous types of companies that may be incorporated under Dubai. Contrary to the Limited Liability Company (LLC) clause where your stake as a foreigner is limited, under the free zone, you get 100 per cent or complete ownership of your business. Under the free zones laws, a single person can set up a Jewellery Business in Dubai and enjoy the maximum profits in the company.
- A safe place for Jewellery shops: The Dubai government has laid rules and regulations to ensure that rigorous checks on how and where gold and other jewels, like diamonds, are brought into this city to ensure that the most authentic jewellery is sold in this city.
Requirements to begin a jewellery business in Dubai
When it comes to Setup a Jewellery Business in Dubai, there are a few requirements you must follow to ensure you are going on the right path. If you fail to meet any requirements, you must face complications. Here is the list of requirements you must follow to begin this business in Dubai:
- You can choose wholesale or retail of gold because both of them are allowed for a Jewellery Business in UAE. Whether you want to purchase a shop in Dubai Souk or have a jewellery store in Dubai Mall in Dubai, you can choose any option for your jewellery business. Remember, both of them have their own advantages and perks. However, you must take care of the requirements for each of them, depending on whichever you select.
- You can also choose to export and import precious metals or sell ready-made jewellery, which are passed through the inspection process by the gold office. However, a jewellery company needs to get a custom code customer to ensure it is done.
- The minimum authorized capital of AED 150,000 is needed in case of free zones. You must rent to the Gold Park management plus 15 per cent of the annual unit rent as a refundable deposit. This is not inclusive of maintenance costs. In addition, you must pay other licensing and permit costs to the government body depending upon the type of activities you want to perform in your jewellery business. Remember, this requirement does not apply to the Dubai local jewellery shop.
Documents required to start your online jewellery business in Dubai
Before you start the process to set up a jewellery shop in Dubai, you must prepare some documents to get the Jewelry Business License. The following is the list of documents you need to gather to get this license:
- Notarized memorandum of association and article of association
- Notarized and attested power of attorney for legal representative of any
- Lease agreement
- Valid passport copies of the shareholders
- Updated resume of the manager of the business
- Proof of trade name
- Proof of initial approval
Process of beginning a jewellery company in Dubai, UAE
The process of starting your jewellery company in Dubai includes a series of several steps. You must follow these steps:
1. Choose the legal form
The first step is to select the legal form for your Jewellery Business. Choosing the right legal structure will help you to obtain a jewellery license in Dubai. You can even open your jewellery business as a sole establishment, civil company, and LLC. Remember, each legal form has its own set of rules. So, choose the legal form wisely.
2. Decide a company name
After choosing the legal form, you must choose the company name. However, you should avoid any offensive or already-used names. Remember, you should check availability for the company name.
3. Create a Memorandum of Association
A Memorandum of Associate is considered as the constitution of a business organization and it’s mandatory to Open a Business in Dubai. Remember, the MOA is among those documents that must be submitted to the relevant authority.
4. Apply for a jewellery business license.
Lastly, you should apply for a Jewelry Business License in Dubai. To get this, you must submit the application to the DED. Remember, you must submit the documents along with the application. You may get the business license from service centres of the economic departments or via their websites.
How can Flyingcolour help you?
Starting a jewellery shop in Dubai requires proper knowledge with the ability to perform steps properly. Some people might find it difficult to start a Jewellery Business in UAE due to complex rules and regulations. Flyingcolour has a team of experts with proper knowledge to help you set up your business in Dubai.
To learn more about the start Jewellery Business in Dubai UAE, book a free consultation with one of the Flying Colour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email to info (at) flyingcolour (dot) com.
*Please note that this article was published on 24/02/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant
