Dubai – The City of Gold
Along with its beautiful skyline featuring tall skyscrapers and world wonders in architecture, Dubai is also known as “The City of Gold”. The liberal trade policies and the presence of an internationally acclaimed Freezone with proper infrastructure have paved the way for gold trading to flourish in Dubai. In this article, we will tell you all that you need to know about Gold Trading License & SIRA approval. In addition, let’s learn more about getting into one of the most profitable businesses in Dubai.
Keeping the vast nature of the business environment in Dubai, there are different gold trading licenses depending upon the kind of market you want exposure to. Therefore, these licenses are based on major business centers giving access to robust infrastructure & a business-friendly ecosystem.
- The Dubai Economic Development
- Dubai Multi-Commodity Centre
- Jebel Ali Free Zone Authority (JAFZA)
- Dubai Ports and Customs and Free Zone Corporation (Trakhees)
What is SIRA?
Security Industry Regulatory Agency(SIRA) is the nodal agency that regulates trading in precious commodities in Dubai. This gold trading license in Dubai ensures a good market space and exposure. Also, it makes sure that your facility has the required security measures in place while setting up your gold trade in Dubai. The SIRA-approved gold trading license comes with validity. Therefore in addition to providing approval for new gold trading, we also do the renewal of the gold trading license.
Although there are many licenses that come under the aegis of SIRA. Mainly, 2 licenses that are commonly known by a vast majority are Dubai Multi-Commodity Centre(DMCC) and Dubai Economic Development (DED). These licenses are the most popular as they give access to the local market/Gold Souks in addition to an advantageous position in trading.
In UAE, there are other trading licenses like Gold and Diamond Park Free Zone by JAFZA, Sharjah Airport International Free Zone(SAIF).
Dubai Multi-Commodity Centre- DMCC Gold Trading License
The DMCC is made up of the complete gold supply chain. As a result, there are companies are categorized under a variety of activities, including exploration and manufacturing, trading, investment and administration offices. DMCC’s world-class services and infrastructure can foster the growth of gold trading companies. The Dubai Gold and Commodities Exchange (DGCX), a massive network of wholesalers and gold refineries, is also located in DMCC, which accounts for the majority of the gold trade in Dubai.
- Why DMCC Gold Trading License?
- Absence of business or personal taxes
- Absolute foreign ownership
- 100% returns on capital & profits
- CCTV surveillance
- Alarm system
- Round-the-clock security and access to operational facilities
- Robust Infrastructure
Dubai Economic Development- DED Gold Trading License
The DED gold Trading License is an excellent choice if you need extra retail space and want to effortlessly penetrate the local market in UAE. For instance, Deira Gold Souk Market is one such place that’s perfect for gold traders to conduct business. Subsequently, the government’s fair intervention on quality along with high demand from neighboring regions like India, GCC countries makes Dubai the hub of gold trading. This attracts investors to establish such businesses in the City of Gold.
- Why DED Gold Trading License?
- Local market with least or no trade barriers at all.
- Heart of the business sector, with 300+ dealers.
- Proximity to Port Rashid,one of the most well-connected ports in Middle East.
- VAT and Profit Tax Exemptions
- Absence of minimum capital requirements.
Getting SIRA Approval
Whether it’s getting a new license for gold trading or renewing the gold trading license it’s quite a complex task, and that is why it’s best to leave it to the experts. Depending on the model of business, the pre-approval varies accordingly. This involves a lot of paperwork and authorizations, which is quite a cumbersome task. Moreover, in some cases, the NOC certificate process is involved as well.
We, at Skodtec Technology, are one of the most established security system dealers in the region. Furthermore, our expertise in the field accompanied by in-depth knowledge on legal proceedings to obtain SIRA approval and SIRA approval charges makes the process of getting the gold trading license easy for you. In other words, we make sure that your business is ready to go from day one.
So, if you are looking for a gold trading license or any related queries on gold trading in Dubai, we are here to help you.
Contact us at +971505722216, it would be our pleasure to help you kick-start your business.