Dubai gold market is a true gold-ranked opportunity for treasured metal trading whether for an entrepreneur or a tycoon! Since the 1940’s and still, gold trading has been thriving in Dubai attracting traders from across the universe. Now, gold, diamond, or rather say precious metals trading is one of the prominent imports in Dubai. Gold alongside precious metals and jewelry is an important sector of the economy of the UAE; the trading contribution is 20% of the UAE’s total non-oil exports.
The first half of 2019, the total value of gold, diamonds, and jewelry merchandised in Dubai came to AED180 billion, Marking an increase of the value of 3% year-on-year, the Dubai Media Office said earlier this month. In the second half of 2019, a new initiative was approved in order to boost and encourage the treasured metals and jewelry trade leading to its international reputation fortification for quality and technical specifications. Moreover, the core strategic programs take account of the supremacy of the gold sector at the federal and local levels.
With this one hand, the gold trade is one of the most robust and profiting trades in the UAE. When the thought of the Gold trading business in Dubai UAE is on the table, some questions need to be answered regarding the Dubai company formation process.
What are Dubai’s top locations for gold trading?
- The Dubai Gold Souk is a renowned and known destination for gold buyers in the region.
- The Dubai Gold and diamond park is the place of around 90 retailers in a commercial complex. It is located in Sheikh Zayed Road on Umm Suqeim.
- This Business Park comes under the Dubai free zone is a special economic zone. It enables ex-pats setting up a business and gets the advantages of tax, ownership, and customs benefits.
Benefits of choosing Dubai as a destination to start your business in Dubai:
- 100% ownership with the Freezone company setup.
- Limited Liability Company (LLC) as a foreigner is limited however maximum benefits of local trading.
- With Free zones, 100% repatriation of capital and profits.
- Exemption on corporate tax.
- Exemption on income tax24/7 operational facilities.
- The ex-pats hiring process is easy with minimum paperwork.
- Stress-free access to all supporting business facilities.
In order to initiate a company set up in Dubai for gold trading, the documents needed for registration include:
- Valid HD passport scanned copies of the shareholders
- Updated resume of the business manager
- Proof of trade name
- Proof of initial approval
- Notarized memorandum of association
- Notarized article of association
- Notarized attested power of attorney
- Lease agreement
- Minimum capital requirement: variable
Whether you will be dealing with the DED for an LLC company formation in Dubai or you would be aiming for a free zone business setup, IBG business consultant teams are the most experienced and the most professional that could be! From preparation to execution including needed documents, process, the cost control, and then after incorporation IBG provides bar-excellence consultancy, help, and complete support. Contact the in house of complete solutions in Dubai today!