How to open a diamond trading company in Dubai, UAE
The United Arab Emirates is a leader in the trade of diamonds, with their quality considered unrivalled. The region is also a member of the World Federation of Diamond Bourses (WFDB). The Dubai Diamond Exchange (DDE) is one of the most significant diamond trading centres in the world. The niche is represented by a variety of businesses: retailers, jewellery manufacturers and designers, traders, service providers, quality assessors, etc.
The UAE has strict regulation in this industry, which is aimed at fighting corruption and fraudulent schemes. A special system promotes traceability of supply chains, diamond certificates. transparency of cross-border trade and data collection.
The first step to registering a diamond trading business in Dubai is to choose a company name. Among the main requirements: uniqueness, relevance to the activity, absence of offensive or blasphemous expressions, names of famous brands, etc., are the main requirements. Therefore, it is worth preparing three variants of the name in advance for inspection by the state authorities.
Next, it is important to determine in which jurisdiction you will operate: in the Mainland or in one of the free economic zones. Each of them has its own bylaws, requirements and types of business activities. Location is usually determined by long-term business goals and customer base.
The choice of business activity will depend on the specialisation of the company. It may be manufacturing, wholesale or retail, e-commerce, etc. It is important at the initial stage to identify all the desired activities to be added to the licence. Once it is obtained, you can apply for a resident visa.
The last step is to open a corporate bank account. As the licence is very serious, you will need to provide as much documentation as possible to prove your ability to run the business and its financial security without fraud and money laundering.
Next, it is important to determine in which jurisdiction you will operate: in the Mainland or in one of the free economic zones. Each of them has its own bylaws, requirements and types of business activities. Location is usually determined by long-term business goals and customer base.
The choice of business activity will depend on the specialisation of the company. It may be manufacturing, wholesale or retail, e-commerce, etc. It is important at the initial stage to identify all the desired activities to be added to the licence. Once it is obtained, you can apply for a resident visa.
The last step is to open a corporate bank account. As the licence is very serious, you will need to provide as much documentation as possible to prove your ability to run the business and its financial security without fraud and money laundering.
To successfully complete each stage of registration, it is worth contacting professionals with extensive experience and knowledge of local legislation. Openbiz's team of experts will provide comprehensive support and assistance to help you get your business up and running quickly. Sign up for a free consultation and find out how to open a diamond trading company in Dubai.
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