With its beautiful tall skyscrapers and world-class architecture, Dubai is referred to as the “City of Gold”. The presence of an internationally acclaimed free zone with liberal trade policies has paved the way for gold trading to flourish in Dubai. Before getting into profitable businesses like gold mining, you need to understand what is Sira licence?
Considering the enormous nature of the business environment in Dubai, there are various gold trading licences depending on the kind of market you are exposed to. These licences are based on major business centres providing basic infrastructure and a business-friendly ecosystem.
- Dubai Multi-Commodity Centre
- Jebel Ali Free Zone Authority (JAFZA)
- The Dubai Economic Development
- Dubai Ports and Customs and Free Zone Corporation (Trakhees)
What is SIRA?
SIRA, or Security Industry Regulation Agency is an important organization, that oversees the trafficking of valuable goods in Dubai. Once you are clear on how to get SIRA licence in Dubai, it ensures better market space and exposure. It also ensures that your facility has the necessary security measures for setting up gold trading in Dubai. The SIRA-approved gold licence has a period of validity. Not only does it provide approval for new gold trading, but it also undertakes the renewal of the gold trading licence.
Dubai Multi-Commodity Centre, or DMCC, gold trading licence
The DMCC is incorporated into the complete gold chain supply. These are the companies that are categorised under a range of activities that include exploration, manufacturing, administration, and investment offices. The reasons why a DMCC gold licence is important are
- Absence of personal or business taxes
- 100% returns when it comes to capital and investments
- Alarm system
- CCTV surveillance
- Absolute foreign ownership
- Robust infrastructure
- Round-the-clock security-
DED Gold Licence- Dubai Economic development
If you require extra retail space and want to penetrate the gold market in Dubai, then the DED gold licence is an absolute must. An example is the Dierra Gold Souq, which is the perfect place for gold traders to conduct their business. The intervention of the government on fair quality with high demand from neighbouring regions like India brands Dubai the centre of gold exchange. This entices investors to establish such a business in the city of gold,” Dubai. The popularity of the DED gold licence is
- Local market with less or no trade barriers at all.
- VAT and profit tax exemptions
- Absence of minimum capital requirements.
Obtaining SIRA approval
The procedure on how to apply for SIRA licence in Dubai is not as easy as it sounds. Be it for a new gold licence or upgrading your existing gold licence, the process is complex. So, it is better that the task is left to the experts. It depends on the model of the business, as pre-approval varies accordingly. A lot of authorizations and paperwork are involved, which is a difficult task. In some cases, the NOC certificate process is involved as well.
There are a series of established security dealers in the region. Their expertise is accompanied by in-depth knowledge of legal chronicles in obtaining SIRA approval Additionally, the SIRA approval procedure reforms have made it simple to apply for a licence.. These consultants ensure that your business is ready to go from day one.