Dubai is a well-known destination for trading gold and precious stones.
It should be noted that this activity requires:
- Authorization from SIRA (Security Industry Regulatory Agency), which must approve the accreditation of your company's offices. Shared offices may be exempt. Private offices may require the installation of a camera, a safe, etc.
- You will be required to register (free of charge) with GoAML, cf. . You will then be required to comply with the regulations on combating money laundering (“identify customers, to report suspicious transactions, to perform a risk assessment, to appoint a compliance officer”, etc.).
The steps
Here are the steps to set up a company for trading in gold and precious stones in Dubai:
Choose the Register for your activity
Choose the Register for your business. This is the first and most important step!
Choose the activity or activities that will be indicated
Select the activity or activities to be indicated on the license (Non-Manufactured Precious Metal Trading, Pearls & Precious Stones Trading, Jewellery Trading, etc.).
Choose the office (shared or private) for registration
Choose the office (shared or private) for registering your company’s headquarters. A NoC (Non-objection Certificate) from SIRA may be required.
Company registration
Company registration.
Residence visa application (if necessary) for
Residence visa application (if necessary) for the company’s manager/partner/employee.
Opening a business bank account
Opening a business bank account.
Registration with GoAML
Registration with GoAML.
VAT/CIT registration, if applicable
VAT/CIT registration, where applicable.
Installation of a billing software approved by the FTA
Installation of an FTA-approved invoicing software.
How can we help you?
Our firm is accustomed to assisting clients with trading in gold and precious stones. It is also worth noting that our offices are located in the Jumeirah Lake Towers (JLT) district, where the DMCC Registry is located and specializes specifically in this activity. Most gold foundries and stone cutters are also located there.
We will therefore assist you in identifying the appropriate Registry. DMCC is the best-known Free-zone Registry for this activity because of its specialization in gold and precious stones. However, other Registries such as IFZA-DSO or DET (Mainland company) are also possible.