How to start a gold trading business in Dubai?
For starting a trading business in Dubai, the most common and viable option is to form a company. The company formation involves some key steps and procedures, which can be done quite simply and easily with the assistance of our top company formation law firm of Dubai. These steps are discussed hereinbelow-
- Decide your company name
The first step in the company formation in Dubai is to choose a trade name of the company to distinguish it from other business entities. The name of the trading company is registered with the Economic Department of the Emirates. For deciding the name, you can take help of company formation lawyers and company formation law firms, having specialised expertise in the area. Some top law firms of Dubai conduct a trade mark search in order to provide a unique and unused trade name.
It is suggested by top lawyers of Dubai to keep in mind some restrictions while choosing the name of the company. The name shouldn’t be offensive; the words referring to Allah, religious groups, political groups, etc should be strictly avoided. Further, the name shouldn’t be identical or in resemblance with any existing company.
- Take Initial approval
For proceeding ahead in company formation in Dubai for trading in gold, it is essential to take the nod of the government that it doesn’t have any problem with the company.
The top lawyers of UAE have also suggested that for a foreign investor, it is essential to obtain the approval of the General Directorate of Residency and Foreigners’.
- Memorandum of Association (MOA) and Local Service Agent
The MOA is the constitution of the company containing all the essential information about its objective, functioning, share capital, etc. For drafting MOA, you should approach best company formation lawyers of Dubai. It is also essential to appoint a local service agent. While drafting the agreement, it is essential to comply with all the applicable legal requirements. The MOA must be attested through a notarized public or the court.
- Minimum Capital Requirement
For setting up a gold trading business in Dubai free zone, a minimum capital of AED 150,000 is needed. Further, you also need to rent fee, license fee and permit fee to the authorised legal body. It depends on the size and scale of your business. It would be advisable to consult with the best lawyers of Dubai to get better understanding of the minimum paid up capital and other costs involved.
- Submit documents and get business license
The last step in setting up a gold business in Dubai is getting the trade license from Economic department. For getting a license, following documents should be submitted before the department-
- Receipt of the initial approval from the government;
- Copy of the lease contract duly attested by the Real Estate Regulatory Agency (RERA) in Dubai;
- Attested Memorandum of Association and Service Agent Contract.
You need to make a payment within 30 days of receiving the payment voucher to get the license. In case of failure, your application may be cancelled.
How we can help us?
Setting up a gold trading business in Dubai is a quick, convenient, and transparent process if you’re as well-versed with the process. BSB Legal is the best law firm of Dubai with top lawyers engaging in company formation, drafting documents, and obtaining necessary approvals. To register your company with BSB Legal, contact us below.