Dubai is well known for its richness and luxurious lifestyle globally. Precious pearls with numerous colors and wide ranges of gold jewelry are shining as it does as a metal in Dubai.
Suppose you feel it’s high time to enter the market. In that case, this blog will walk you through registering your company in Dubai, from obtaining a license to every regulatory requirement applicable to you.
Registering Your Gold Business
The first step to starting a gold business is registering your company in Dubai. You can get your business registered in either Dubai Multi-Commodities Centre (DMCC) free zone, Dubai Gold and Diamond Park, or in the mainland of Dubai.
However, you need to obtain a license to run a gold business in Dubai to get registered.
Obtaining a License to Start Gold Business
The license registration process is quite simple with the UAE government. You need to obtain your gold business license with the Department of Economic Development (DED) or any other authorities of the area where you wish to start your business.
Once you receive your license to run a gold business in Dubai, you will sponsor visas for your employees. Hence, the next step is to apply for your visa, including visas for all your employees.
Incorporation through Dubai Multi Commodities Centre (DMCC)
DMCC is a free zone area where businesses get 100% ownership for premises, and it will get free membership of Dubai Diamond Exchange (DDE).
Below are the steps to get your gold business registered via DMCC
- Registration for Company Name: Businesses need to submit an online application to register their company names.
- Submission of the Documents: The application would require submitting necessary documents to the department such as No Objection Certificate (NOC), passport copies, tenancy contract, etc.
- E-licence: Company will receive an e-license, and after that, operations can be started in DMCC.
Incorporation through Dubai Department of Economic Development (DED)
The companies can establish their gold businesses in DED while establishing a shop in the Gold Souk (in Dubai Mainland).
Below are the steps to get your gold business registered via DED
- Get a Tenancy Contract: Before applying for a license, you must obtain your tenancy contract for your office space.
- Online Application: You must submit your application once you have the tenancy contract to DED.
- Submission of Documents: Application must be submitted along with the required documents.
- E-license: DED will review your application, and you will receive the license to perform the trading activity in Gold Souk. The license gives you 100% ownership to trade gold in the mainland.
Incorporation through Dubai Gold and Diamond Park
The application is quite similar to how it is done for DED. In this case, you need to apply for the license to the Jabel Ali Free Zone Authority (JAFZA) instead of the DED.
- A mandatory requirement of the capital is AED 150,000 for setting up a business in free zone areas of Dubai,
- 15% of annual unit rent will be payable by the businesses to the gold park management, which can be refunded, and they may also levy a specific rent to the companies,
- Licensing and permission fees are also charged as prescribed by various authorities.
The procedure to apply for a license is quite simple, but with the help of a registration consultant, you can save time and energy in researching where to set up the business.
How Can We Help?
At Flyingcolour, you can get the proper consultations for all your company registration requirements. Our qualified professionals can help you prepare your application documents and apply for your license to the concerned authorities hassle-free.
We can also assist you in accounting, taxation, financial modeling, company registration, and PRO requirements.
Register your free consultationwith us to know more about the comprehensive services.