Dubai has long been at the center of the global gold trade. Walk through the Gold Souk in Deira and you’ll see the cultural roots of this industry. Look at the high-value transactions happening daily in DMCC, and you will understand its global reach. For retail, wholesale, refining, or exports, Dubai has a strong legal and logistical framework for gold businesses to grow. But before you can enter this market, there’s one thing you need to get right: your gold trading license.
In the blog ‘How to Obtain a Gold Trading License in Dubai‘, let’s look at what it takes to legally start a gold trading business in Dubai, especially gaining the license. You’ll also see where business setup consultants in Dubai can make the difference between a smooth start and unnecessary setbacks.
Start by Choosing the Right Jurisdiction
Not all gold businesses are the same, and Dubai doesn’t take a general approach to licensing. You will need to figure out whether to operate in the mainland or a free zone. Each has its pros, and your choice affects your ownership rights, office requirements, and trade limits.
Mainland
If you plan to open a shop or showroom in the Gold Souk or anywhere else in Dubai, you will likely need a mainland license issued by the Department of Economic Development (DED). You will also need SIRA (Security Industry Regulatory Agency) approval and a physical office or retail space.
Free Zones
If your focus is international, like import/export, trading on exchanges, or large-scale storage and refining, look at free zones like:
- DMCC (Dubai Multi Commodities Centre): Offers full foreign ownership, access to the DGCX exchange, and high-security infrastructure.
- Gold & Diamond Park: Geared for retail, manufacturing, and warehousing.
- SAIF Zone (Sharjah): Offers cost-effective facilities with customs support.
The jurisdiction you choose shapes everything from paperwork to pricing. Make this decision first.
Know Exactly What You Want to Do
It sounds obvious, but here’s the thing: a “gold business” can mean a lot of things. Before you apply for a license, nail down your scope of work. Are you planning to:
- Buy and sell gold wholesale?
- Set up a retail store?
- Import/export bullion?
- Offer refining services?
- Lease vault space for storage?
Each activity may require different permissions or setup. Define your business model clearly. Also, you will have to choose a legal structure, such as an LLC, sole proprietorship, or partnership. Free zones allow 100% foreign ownership, but mainland companies may still require a local service agent.
Choose a Trade Name
Your trade name is a part of your legal identity in the UAE. Come up with a few options (3 to 5) and make sure they follow the UAE’s naming rules. That means:
- No religious references
- No abbreviations (unless they are part of your initials)
- No offensive or political terms
Submit the list to either DED or your chosen free zone for approval.
Build a Proper Business Plan
You need a clear, well-structured plan that outlines your business purpose, target market, operating model, and projected financials. Think of it as your reference point and something your licensing authority will want to review.
Along with your plan, start assembling your documents. At this point, you will typically need:
- A completed application form
- Passport copies for all shareholders
- Visa copies (if applicable)
- Shareholder resolution or Memorandum of Association (for LLCs)
- Initial approvals and your trade name certificate
- Proof of workspace, like an Ejari contract or a free zone office lease
Some free zones make this easier with bundled packages that include workspace and admin support.
Secure Your Office
Even if your operation is primarily online or trading-focused, UAE law still requires you to lease a registered business space.
- In the mainland, this must be a physical office or shop. You’ll need an Ejari contract and must install security systems as per SIRA regulations.
- In free zones, you can often choose a flexi-desk (shared workspace), small office, or even a warehouse unit, depending on your business type.
Workspace costs will be part of your licensing budget, so factor that in early.
Submit Application for Gold Trading License in Dubai
Once everything is lined up, like documents, trade name, and workspace, it is time to apply for your gold trading license. The steps and timeline vary depending on jurisdiction:
- Mainland (DED): Apply with all documents, pay fees, and get SIRA inspection and approval.
- DMCC: Submit trade name, ownership info, and office lease. Once pre-approved, pay the required fees and collect your license.
- Gold & Diamond Park (via JAFZA): Follow a similar path, including office lease, document submission, and approvals.
Expect a turnaround time of about 7 to 10 business days if all required documents are received and in order.
Get the Approvals
Some gold-related businesses require special approvals:
- Customs clearance: Needed if you are importing/exporting regularly.
- Refining permits: Mandatory if you’re involved in gold processing.
- Vaulting and storage: DMCC and other authorities may require separate permissions based on scale.
Don’t skip this step because missing permits can delay or even invalidate your business operations later.
Register for VAT and Open a Bank Account
If your business expects to earn more than AED 375,000 annually (and most gold traders do), you must register for VAT with the Federal Tax Authority.
In this case, to open a corporate bank account, you will need:
- Trade license
- MOA or shareholder agreement
- Shareholders’ passports and Emirates IDs (if applicable)
- Proof of office space
Note that some banks may ask for a business plan or details about your trading partners, especially for gold-related activity.
Ready to Launch
Once your license is issued, workspace is operational, bank account is active, and employees are on board, you’re good to go.
Now, you can legally:
- Buy and sell gold locally or internationally
- Trade on exchanges like DGCX
- Import/export gold and bullion
- Operate refining or processing units (if licensed)
- Offer safe storage solutions to clients
To conclude, Dubai remains one of the most trusted, tax-efficient, and business-friendly locations for gold trading. But getting started takes planning, paperwork, and a clear understanding of the licensing process. By choosing the right jurisdiction, clarifying your business activity, and working with professionals like Damaar Business Consultants, who know the system inside out, you are putting your business in the best position for growth. So, skip the shortcuts and follow the process. And if needed, bring in experts to get it right the first time
