Love for jewels has been a long-standing tradition worldwide. Be it for gifting someone, or wearing them on any occasion, jewels are one of the most precious things an individual can hold.
Love for jewels has been a long-standing tradition worldwide. Be it for gifting someone, or wearing them on any occasion, jewels are one of the most precious things an individual can hold. Among jewels, gold and diamond have been considered as the dearest since ancient times. These are considered the money of kings. Dubai, the vibrant city of UAE, is known as “Gold-Hub” and “The City of Gold”, and holds the 4th position in being a global exporter of gold and diamonds. Some of the major countries that consume the highest amount of gold and possesses gold reserves are India, Netherlands, Japan, Switzerland, Russia, China, and France.
What is Dubai Multi Commodities Center (DMCC)?
DMCC is the pillar that takes care of the entire gold trading that prevails in UAE and it has given a new shape to the gold industry and is covered under free trade zone of UAE for operating business. DMCC invested in multi-dimensions in order to provide a world-class export facility for gold. The center brought multiple developments which include:
- Dubai Gold and Commodity Exchange
- Standard Delivery
- DMCC Trade Flow
- Gold Bullion Market in 2012
Gold and Diamond Park in Dubai
The Dubai Gold and Diamond Park was established in 2011, with an aim to establish Dubai as a gold hub. It’s the ultimate destination to fulfill one’s desire for jewels. Situated adjacent to the Emirates mall, the park has more than 80 shops. Apart from the gold shops, it also covers several other stores for watches, saloons, spas, music, arts, etc. This has attracted foreigners to a great extent and has become one of their favorite tourist spots. The park also acts as an extension to Jebel Ali Free Trade Zone. The center covers more than 118 gold manufacturing blocks and over 350 offices.
Benefits of Establishing a Company in Dubai Gold and Diamond Park
An individual doesn’t need to possess a large capital to enter into any lucrative market. The government of UAE has kept this in mind and have opened several business doors for foreign investors. Investors who want to set up a business in the gold and diamond park of Dubai can avail several benefits such as:
- No burden of income tax and corporate tax
- 24/7 operational assistance
- 100% foreign ownership
- Central location at the heart of the city
- No restriction in hiring foreign employees
- Dubai Municipality which deals with the gold manufacturer will be providing the hallmark
- Awesome infrastructure and transportation services
Company Formation for Gold Business in Dubai
Dubai is a global player not only in the oil industry but, is also a multinational player in the gold industry. To enter into the gold industry, an entrepreneur can opt for any of the following regions:
- DMCC free zone
- Gold and Diamond Park free trade zone – mainly for physical trading
- Mainland of Dubai
Gold and Diamond Park Free Trade Zone
Setting up a business in the Gold and Diamond Park free zone is meant mostly for the physical trading of gold. An entrepreneur needs to follow a series of steps:
- Enter into an agreement with Gold and Diamond Park for paying the rent.
- Apply for a Jebel Ali Free Zone (JAFZA) license, agreement of partnership and a Memorandum of Association (MOA) needs to be submitted at Jebel Ali Office Authority.
- Submit a copy of gold trading license in Dubai, which will be released by JAFZA.
- Upon receiving the license, a bank account needs to be opened
- After receiving a confirmation from the bank, JAFZA releases the final license for gold trading in Dubai
Types of Licenses
There are different licenses that can be obtained in order to establish a gold business in Dubai:
- Trading License
- Innovation License
- Manufacturing License
- E-commerce License
- Retail License
- Service License
The categorization of different types of licenses has been made under the different business sectors that could be carried in the gold industry in Dubai.
Dubai has been successful in attracting foreign investors to invest in the gold and diamond industry. If you are an entrepreneur and want to establish your business internationally, then you grab the opportunity for establishing your dream business in the gold industry in Dubai. Gold and Diamond Park free zone is a great platform to initiate your business. At this point, you’d need a guide to take you through the entire process of establishing your business. Business Setup Worldwide is a platform that can support and help you in establishing your business foundation. If you are willing to embark on this exciting opportunity, all you need to do is contact us. We would be glad to assist you in setting your gold business in the city of gold.