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How to open a gold trading company in Dubai, UAE
One of the most recognisable attractions in Dubai for tourists is the gold market. It is not for nothing that this emirate is widely known as the "Golden City" of the Middle East. Gold-related businesses are widespread here, with more than ten processing plants and many themed shops. Experts estimate that between 20 and 40 per cent of the world's gold reserves pass through Dubai each year. Not surprisingly, it is one of the world's leading trading markets for this precious metal.
Gold trading in Dubai is strictly regulated, making the price of gold one of the highest in the world. The reliability of the business, in turn, attracts investors. There are several free zones located here, offering many advantages for this type of business. For example, Gold & Diamond Park and DMCC.
To start the registration process, it is worth deciding on the type of activities your company will carry out: manufacturing, selling products or providing professional services in this area. Based on this, you should choose the most suitable place to organise your business: on the mainland or in a free zone. Then you can decide on the organisational and legal form of the company. It determines tax rates, requirements for management and paperwork, responsibility of founders and much more.
The next step is the selection of a company name, which will meet regulatory requirements and reflect the essence of the business. In order to register a gold trading firm, it is necessary to obtain a special permit from the Precious Goods Regulatory Agency in Dubai. Once the licence and approval is obtained, the process of applying for a resident visa and opening a bank account can begin.
In order to run a successful business in the area under study, it is important to implement AML policies in accordance with anti-money laundering legislation.
Registration of any company involves a lot of formalities and paperwork, in addition to familiarising yourself with the peculiarities of doing business in the UAE. Openbiz specialists will accompany the whole process of registration and contribute to the successful start of your business. Sign up for a free consultation and find out how to open a gold trading company in Dubai, UAE.
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