How Can I Start a Gold Business in Dubai?

When Dubai is mentioned, their gold and diamond collection is one of the first things to come to mind because it is a trend in the emirate. Referred to as the “City of Gold”, the place offers a cheaper cost of gold than most tourists’ home countries. Since Dubai is a popular international vacation destination, the influx of the wealthiest customers can be significantly considered if you want to start a gold business.

Indeed, gold is an investment in Dubai as it drives foreign capital in the country. Unknown to many, it is the most profitable business since the precious metals keep their value, and the demand has been continually working every year. While Dubai has historically been a hub for gold traders, they also continuously contribute a significant share in the gold trading business in the UAE. If you are an investor, you should definitely consider setting up a gold trade business in Dubai. If you are not sure how, this article will help you delve deep before the onset of your gold business. With more knowledge and understanding, you can start making a profit out of gold, even in different departments.

Where exactly in Dubai?

There are different authorities and jurisdictions that highly support gold trading licenses in Dubai. Most of them can be found in Mainland and Freezone. Although there are many, there are three jurisdictions that stand out in Dubai where the highest concentration of gold traders can be found.

First on the list would be the Gold Trading License in Dubai’s Department of Economic Development (DED), wherein the heart of the UAE’s gold market is established. This authority is how you incorporate a business in the most famous gold markets in the world, the Gold Souk in Deira. The mainland jurisdiction offers a local license via the DED if an investor opts to form a retail outlet in this area. They can have an opportunity for investors to open up a stall or even a kiosk in Dubai’s most popular tourist areas. Investors must keep in mind that before applying for another commercial license for gold business via the DED, they have to find a local partner who will hold 51 per cent of the shares in the company.

The second choice for setting up a gold trade business in Dubai would be in the Gold and Diamond Park located along Sheikh Zayed Road. If you are an expat wanting to own 100 per cent of the business, this place is perfect for you as it is a free zone company setup. You can own 100% of your company with no taxes and have total resettlement of profit. The Gold and Diamond Park is one of the most famous retailers of gold and jewellery with over 90 stores, 118 purpose-built manufacturing blocks, and 350 offices. It is a convenient spot in Dubai City Center, with convenient access to all areas. You can incorporate a gold business company in this area by getting a license from Jebel Ali Freezone Authority (JAFZA).

The third choice for your gold business in Dubai is through Dubai Multi Commodities Centre (DMCC), another Free Zone Authority. DMCC is famous for its Dubai Gold and Commodities Exchange (DGCX), DMCC Trade flow, and overall gold value chain.

What are the steps?

The next thing you need to know is how you will make your gold business in Dubai happen. Different authorities and jurisdictions require other processes and requirements, so it is not easy to have one. Although the gold and jewellery business is popular in Dubai, the government has created specific regulations. It imposes rigorous checkups on those who bring gold or other precious metals in the emirate to have a safe business environment. To guide you, we have listed some of the essential steps you should do to form a gold business company in Dubai..

Come up with a Trade Name

Before you can obtain a license, part of its statutory requirement is to have a trading name. Having a trading name is a way for the government to know the business activity you will be carrying.

Obtain a Business License

There is no way to start a business in Dubai without having a business license. As mentioned above, you can choose to start your gold business in Dubai with the three different authorities like DED, JAFZA, and DMCC. They all require investors to have their business registered before carrying out their business activity. Unlike JAFZA and DMCC, which is in the Free zone, DED requires a particular requirement of having a local sponsor who will own 51 percent of the shares before he/she can obtain a business license. Usually, getting a license requires some of the primary documents:

  • Completed Application form
  • Passport copy of the proposed owner(s)
  • Two copies of coloured passport photos

Choose your Business Premises

There are various premises to choose from, especially if you opt to set up in the free zone area. They can offer you different offices or facilities that will best suit your business requirements. This process can be done right after you have secured your business license.

Obtain your Visa

Obtaining a visa can be achieved with the help of your service provider. Visas are required, especially if you have to hire an employee. As the holder of a UAE business license, you also have the power to sponsor others for their visa too. The number of visas you can apply for will depend on the size of your company or business, the type of company you choose, and your earnings.

Since Dubai has proven itself as a healthy and sustainable environment for jewellery and gold business both local and international investors, it is safe to say that starting a gold company in Dubai is highly profitable and can provide growth for the business.

Given all the information above, you may think that starting a gold business in Dubai is not overly complex. Doing it alone may still lead you to troublesome situations and unexpected expenses; that is why it is essential to seek professional help. In IBG Consulting, we guide you based on knowing the legal proceedings and business structuring in Dubai. We have a pool of talented consultants that will help you start your gold business in Dubai or anywhere in the UAE. If you want to know more about how you can create a gold business in Dubai, contact us or visit our website for a consultation.

5 Reasons Why Your Kids Should Play Sports

Regardless of where you live in the world, sports may be part of your culture. As a matter of fact, these physical activities are part of everybody’s life to some extent. We know that taking part in physical activities such as sports can keep you both physically and mentally fit. And staying fit is even more important for kids. Therefore, in this article, we are going to talk about five reasons why you should encourage your kids to play sports. Read on to find out more.

Sports Offers Tons of Fun

First of all, sports offer tons of fun. Apart from this, if you allow your kids to play with their friends, you will soon find out that they are learning life lessons. Besides, these life lessons will help them throughout their life to deal with different types of challenges.

If your child is showing some hesitation, we suggest that you take them to the field and explain how the game works. After a couple of days or weeks, they will be able to get the hang of it and start having fun just like you.

They Promote an Active Lifestyle

Here is another reason why you should encourage your kids to take part in physical activities on the field. Playing supports may help your kids develop their endurance and athleticism. Apart from this, this practice can help them cut down on their body fat and get back in shape.

Besides, we know that physical activities work like therapy, which helps reduce anxiety and depression. As a matter of fact, following a healthy and active lifestyle is an ideal way of leading a happy life.

They Help your Kids Learn Sportsmanship

The fun part of sports is that it allows players to take part in a competition. This will allow your kids to learn the art of sportsmanship, which will help them overcome adversity. Another reason is that it will help your kids improve their skills. Plus, they will be able to become better citizens.

They Teach Time-Management Skills

As far as joining sports is concerned, you have to have a time commitment. In other words, playing sports can help your kids improve their time management skills. For example, you can ask your kids to complete their homework before they take part in their favorite sports.

This way they will be able to manage their time better and get important things done first.

They help your kids know the Importance of Teamwork

Without any doubt, teamwork is an ideal skill in the lives of all of us. As a matter of fact, it is a vital part of your life. Taking part in sports can allow your kids to develop their communication skills, make lasting friendships, and have a sense of community. As a matter of fact, women athletes learn to be part of a team and play their roles.

Long story short, these are just some of the convincing reasons that you should encourage your kids to take part in their favorite sports.