Gold Trading in Dubai, UAE
Dubai is one of the most prominent destinations in the Gulf region and has established a strong international reputation as a dynamic destination offering quality hospitality, state of the art infrastructure and a range of headline – grabbing attraction. Strategic location, world class Economic infrastructure, Market Access, Streamlined Process to register business and office, Extensive Business Support makes doing business in Dubai easy.
Why Dubai for Gold trading:
As the leading regional trading hub in the Middle East, Dubai in recent years transformed into a truly international business center of global significance. Companies doing business here have access to a market with outstanding potential in wide range of sectors. The markets are diverse, easily accessible, and there are no exchange controls, quotas or trade barriers.
Dubai is called as the “City of Gold” for its phenomenal growth from just being a gulf coast to an influential world-wide business hub within a generation. The name has a literal meaning for traders in the precious metal (gold, silver, and platinum). Although all of the metals have some practical users gold stands out from the others because its demand is primarily driven by investment and as a store of value. Gold is the most valuable commodity and stable investment which is why every country has a gold reserve managed by the central bank.
Gold & precious stones are one of the most profitable ventures in Dubai, United Arab Emirates. So, let’s look at how an investor can start gold trading business in Dubai.
UAE provides a lot of options to the investors to expand their business into the region. And for that, there are several business activities related to gold and precious stones are in place to choose from.
There are 4 prominent locations in United Arab Emirates where one can setup their gold business based on their business requirements:
- Dubai Multi Commodities Center (DMCC): DMCC is one of the largest free zone in Dubai and is located in the heart of Dubai, Jumeirah Lake Towers (JLT). It is popular for its revolutionary innovations, magnificent infrastructure, services and key features like any other free zone offering 100% business ownership, 0% corporate & income tax, 100% capital repatriation. With international trading as purpose built, the companies can distribute goods to UAE through an authorized distributor by paying 5% as a customs duty. DMCC offers the entire gold value chain from research, refining, trading and investments.
- Dubai Economic Development (DED): DED is the first preferencefor most of the investors/ entrepreneurs/ organizations looking to penetrate into the Dubai local market. With DED registration, it is mandatory requirement to add a UAE National/ Emirati as a 51% partner in the company. License registration with the DED also allows investors to opt of offices and workshops in popular location like Gold & Diamond Park and Gold Souk market, Deira.
- Jebel Ali Free Zone Authority (JAFZA): JAFZA is the world largest free zoneand is a leading business hub with thousands of traders under one roof. It has one of the largest ports in Dubai making it easier to import and export products. JAFZA provides a total spectrum of business facilities including: offices, warehouses, retail units, staff accommodation. Key features and activities of the free zone is similar to that of DMCC. License registration with the JAFZA allows investors to opt of offices and workshops within the free zone and also in Gold & Diamond Park.
- Sharjah Airport International Free Zone (SAIF): SAIF Zone is one of the oldest, largest and fastest growing free trade zones in the Sharjah, United Arab Emirates. SAIF Zone is the only free zone in the emirate of Sharjah that offers gold trading license with infrastructures similar to the Gold & Diamond Park in Dubai. Registration of license in this free zone is economical however the features of the free zone allows investors to trade only within the free zone and restricts investors from dealing directly with the local market. The company has to appoint a local distributor to distribute goods to Dubai by paying 5% custom fee.
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