Forty-Eight: Starting a Gold Trading Business in Dubai.
Gold trading has a long and rich history in the UAE – one that continues today. Recently, the UAE government outlined plans for a federal gold trading platform in a move aimed at further enhancing the country’s standing as a hub for gold trading.
As well as a burgeoning market, the UAE is also home to a fast and straightforward incorporation process that, with the right guidance, could see you trading within a matter of days.
How to do gold business in Dubai
There are different gold trading licenses depending upon the kind of market you want exposure to. Therefore, these licenses are based on major business canters giving access to robust infrastructure & a business-friendly ecosystem : the Dubai Economic Development (Mainland) and / or various Free Zones.
Step-by-step gold trading license application in Dubai
Before applying for a gold trading license in Dubai or anywhere else in the UAE, you should engage with a company setup expert to ensure you are armed with the right knowledge about the process. A company setup expert can also manage the entire application process on your behalf.
Step one: Decide on your company name
This is a hugely important step when establishing business in the UAE. There are a few things to keep in mind when making this decision. You must abide by a strict, yet easy to follow, set of naming conventions. In short, you should avoid any offensive or blasphemous language.
Avoid names of well-known organizations and avoid abbreviations if naming your company after yourself. You must also check that your chosen name is available to register.
Step two: Applying for your license
If you are setting up in the mainland, you can make your application directly to the Department of Economic Development or equivalent in another emirate.
If you are setting up in a free zone, then you can make your application directly to the managing authority of your chosen free zone.
In most cases, free zone licenses are issued in a matter of days. To ensure a smooth process, it is once again a good idea to instruct the services of a company formation specialist at this stage.
Whether making your application yourself, or through a company formation agent, you are usually only required to provide a few details and some basic documentation, including:
- Completed application form
- Passport copy of the proposed owner or owners
- Passport size photos.
Step three: Applying for your visas
Just like applying for your trade license, with the right guidance, the process of applying for your own visa, as well as those of your employees, is, yet straightforward.
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.
Getting SIRA approval for Gold Trading
What is SIRA?
Security Industry Regulatory Agency (SIRA) is the nodal agency that regulates trading in precious commodities in Dubai. This gold trading license in Dubai ensures a good market space and exposure. Also, it makes sure that your facility has the required security measures in place while setting up your gold trade in Dubai. The SIRA-approved gold trading license comes with validity.
Whether it’s getting a new license for gold trading or renewing the gold trading license it’s quite a complex task, and that is why it’s best to leave it to the experts. Depending on the model of business, the pre-approval varies accordingly. This involves a lot of paperwork and authorizations, which is quite a cumbersome task. Moreover, in some cases, the NOC certificate process is involved as well.
So, if you are looking for a gold trading license or any related queries on gold trading in Dubai, we are here to help you.
Dubai or UAE gold trading license cost
The total cost of setting up a gold trading business in Dubai and the wider UAE will depend on both the size of your business and your company location.
Please note: If you’re armed with the right knowledge, getting a gold trading license in Dubai doesn’t have to be overly complex.
It does require a level of prior knowledge of the process. It is important to note that the application process is only straightforward if your license application is complete at the time of submission and free from errors.
Our experts can establish your company on your behalf, make your license and visa applications, and take care of all the necessary admin – leaving you free to get on with running your business.
We can also help you with business secretariat and corporate governance activities.
For further assistance, please contact us
