Starting a gold trading business in Dubai is profitable, considering the city's position as a global hub for precious metals. Dubai, often called the "City of Gold," facilitates approximately 25% of the world's gold trade. With a booming economy, strategic location, and investor-friendly policies, Dubai presents abundant opportunities for gold trade activities in Dubai. If you are looking to set up a jewellery trading business in Dubai, obtaining the necessary licenses and approvals is essential. This blog will guide you through acquiring a gold trading license in Dubai, focusing on the essential SIRA approval for a jewellery trading license in Dubai.
Dubai's booming economy makes it the best location for gold trade activities in Dubai. Tourists and residents alike are drawn to Dubai to buy gold in various forms, from biscuits and bars to jewellery.
Setting up a gold business in Dubai's free zones offers complete ownership and tax benefits. Businesses are free from corporate and personal taxes and can repatriate 100% of their capital and profits.
Dubai's strategic location makes it a convenient trading hub for gold trade activities in Dubai, connecting markets from Africa, the Middle East, and Asia.
The Dubai Multi Commodities Centre (DMCC) Free Zone is a strategic location for gold trading. Established in 2002, DMCC offers 100% business ownership, excellent infrastructure, and a 50-year tax holiday, making it an attractive option for businessmen.
Located on Sheikh Zayed Road, the Gold and Diamond Park is a commercial complex housing retail shops, offices, and small manufacturing units. It offers various licenses, including trading, manufacturing, retail, e-commerce, and service licenses.
For businesses aiming to sell directly to the public, the Gold Souk market in Deira is the ideal spot. This traditional gold market offers strategic location benefits, more retail space, and no VAT or profit tax.
Selecting a unique and suitable name for your company is the first step. Ensure the name is not already in use.
Depending on your chosen jurisdiction, submit your application to the Dubai Department of Economic Development (DED) for mainland businesses or the respective free zone authority. Required documents include a completed application form, passport copies of the owner and shareholders, and passport-sized photographs.
After obtaining your gold trading license in Dubai, apply for visas for yourself and your employees. The number of visas you can apply for depends on your company's size and nature of business activities.
Once you have your gold trading license in Dubai, open a corporate bank account to facilitate financial transactions and payments.
The Security Industry Regulatory Agency (SIRA) is responsible for regulating trading in precious commodities in Dubai. To ensure your facility meets all required security measures, obtaining SIRA approval for a jewellery trading license in Dubai is mandatory.
The cost of obtaining SIRA approval varies depending on the size and nature of your business. Typically, the fee is around AED 2,500, but this can change based on specific requirements and the complexity of the security measures needed.
The SIRA license is issued by the Security Industry Regulatory Agency, a government body responsible for ensuring that businesses comply with security regulations in Dubai.
The SIRA certificate is valid for one year and must be renewed annually. The renewal process involves a review of the existing security measures and may require updates or improvements to maintain compliance.
Starting a gold trading business in Dubai offers abundant opportunities for growth and profitability to businessmen. At Bizvise, we specialize in guiding entrepreneurs through the process of obtaining a jewelry trading license in Dubai, with a smooth and efficient setup. Contact us today to turn your business ambitions into reality.
With Bizvise's guidance, finding the complexities of obtaining a gold trading license in Dubai becomes a seamless process. Our team of professionals is well-versed in UAE’s legal formalities, from planning to the completion of the final setup process, making us the ideal partner for your gold trade activities in Dubai. Contact us today.