How to Get a Gold Trading License in Dubai: A Complete Guide
Gold trading is a relevant field in the trading sector in Dubai that has all the allowance compared to any other business metropolitans. There are many factors that are considered in the prominent trading of gold in this country. The entire government understands the value of this industry and has already implemented tax benefits and flexible trading rules to keep this engaged. The more flexible laws and regulations published by the authorities attract more business owners to the business. It is without a doubt we can crown the UAE as one of the capable nations that can come up with an efficient system to hold each and every business sector. So here, with the flourishing gold business, you will be intrigued to look more into the requirements for seeking a gold trading license.
Gold Trading License
Gold trading, as a whole, is a commodity that is valued across the world and its history tells its significance. The trading of gold has been prevalent all through the known timeline. The value of it keeps on increasing even though there is a slight decline every now and then. So this promising source is something many would like to know more about. With its incomparable value and need, you can guess how stricter its regulation will be in Dubai.
First of all, you need a Gold License in Dubai in order to do anything with gold in this country. You might be going through much of the process in acquiring a trading license, however, this is much more specific. You need to understand where and how it can be licensed from. There are many authoritative bodies where you can get it from. Some of them are -
- DMCC - Dubai Multi Commodities Centre
- IFZA - International Free Zone Authority
- DED - Department of Economic Development
- Mainland of Dubai
- Dubai Gold & Diamond Park
DMCC is what you can consider for gold bullion licenses in Dubai. It is mainly because of the popularity and the vast streamlining of connections it holds in the network. Traders who want to venture out into the free zone easily find this authoritative office to be the highly recommended option for attaining a license. You can go through a list of licenses in this field like, Gold and Precious Metal License, Retail License, Manufacturing License, and Service License.
Necessary Requirements for Gold License in Dubai
Application FormCompleting the application form for the gold trade license that you will receive from any of these regulatory bodies is mandatory. You need to be accurate about the details you are filling with. Any errors and misspellings can bother you further down in the procedure.
Approved Trade Name DocumentThe company name or the trade name approval is something you have to clear at the beginning. You have to pick an appropriate name that is unique to yourself and check whether it is available at the Ministry of Trade. If it is already taken you need to go with a new trade name.
Passport Copies of OwnersThe Identification proof is a must thing you need to submit along with other documents. And it must be the copies of the passports of each company owner and shareholders.
Memorandum of Association (MOAs)The memorandum of association is a compilation of many documents that give a strong identity about the company. It is mainly the business structure that you are exposing here. With all the information from the systematic operation, organisational styles and details regarding the owners, shareholders and investors, you can understand the stance of the company’s existence.
Lease Agreement of the BusinessThe lease agreement is required to locate your company. The authorities require this document to approve the type and scale of the company and make complete sense of its service.
Matching with AML GuidelinesAML stands for Anti-Money laundering. It is an essential procedure that straightens the basic guidelines that bullion traders need to follow. This is a regulatory unit which categorizes the legality of the trader. You need to match every single point mentioned in the listing to approve the application and be clear without any misleading from Dubai customs.
Hiring Bizvise to Attain your Gold Trading License in Dubai
Bizvise is your ideal business consultation company where you can seek assistance for any operations to manage your business. We are here for you to get your licenses, permits and all other legal and regulatory functions a company has to go through in order to run properly. In the gold trading license category, you will be required to get a local agency like, and you set your foot straight on the track of law. We have the most efficient and surprisingly talented line of experts who can make serious progressive changes in setting your company up.
With business laws and other jurisdictions evolving constantly, you will be required to find professional guidance. Also, handling documents and other important information regarding license approval can be a heavy task. Partnering up with a well-known company like Bizvise can make you eligible to trade gold in Dubai in the most legal way possible.
ConclusionDubai as we are seeing it from outside, we can understand it is one of the promising places that can prosper any kind of business. The gold business is a rich trading section in it and it requires a gold trading license. It can make a huge difference in the overall economy if you are a prominent trader in it. Trading in Dubai as a whole is not that complicated if you think about the laws they put in as a stapled document. You will have you go through sorting all the legal frameworks in order to gain access to the true trading game. And for that, you will be required to have a gold bullion license in Dubai.