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How to Add Activities to Your Trade Licence in the UAE All Business Setup. Corporate PRO, VISA Related Services: Contact Tycoon Documents, Dubai Apply Online Contact us If you’re a business owner in the UAE and want to expand your services or products, updating your trade licence is crucial. The UAE market offers many growth opportunities, and keeping your trade licence up-to-date ensures your business stays compliant with regulations. Here’s a simple guide to help you through the process of adding activities to your trade licence. Preparing to Add Activities to Your Licence Review Your Current Trade Licence Before making changes, check your current trade licence. This document allows you to operate in the UAE, so it must comply with local regulations. You can use the ‘Business Verification’ tool on the Dubai Economic Department (DED) website to confirm your licence status. Enter your trade licence number or company details to view its validity, renewal needs, and any outstanding actions or fees. Identify New Activities for Expansion Decide on the new activities you want to add. This might involve offering new products, services, or adapting to market trends. For instance, a clothing retailer might want to add accessories, or a marketing consultant might expand into web development. Ensure your trade licence reflects these changes to avoid legal issues and build trust with clients. Consult with Advisors Updating your trade licence can be complex. Seeking advice from business setup service providers can make the process smoother. They can handle the necessary paperwork and ensure all regulatory requirements are met. The Application Process Obtain Approval from DED Start by getting approval from the DED, which oversees business activities in Dubai. After approval, you must submit an application form, often the BR1 form, to request the changes. Depending on the new activities, you may need a No Objection Certificate (NOC) from relevant authorities, such as the Dubai Municipality for food-related activities. Submit Required Documents You’ll need to submit various documents, including: Photocopies of passport and visa NOC from your sponsor (if needed) Original trade licence and registration certificate Completed application form Lease contract for your office Initial approval certificate for your company name Resolution from the parent company’s board (for certain structures) Notarised LLC Agreement (if applicable) Updated Memorandum of Association (MoA) Online vs. Offline Application You can apply online through DED’s platform, which might be more convenient. For example, Jafza customers can use the Jafza portal for their applications. The process and requirements may vary based on your business’s location and activity. Fees and Timelines Adding activities involves government charges and processing fees. The total cost depends on the jurisdiction and type of activity. Typically, amendments during the licence’s validity period incur the full licence fee. Changes made during renewal attract an additional fee of around $135 (AED 500). Processing usually takes between 3 days and 4 weeks, depending on the nature of the activities and required approvals. Understanding Trade Licence Activities What Are Licence Activities? In the UAE, a trade licence specifies your business’s operations, detailing its services or products. You need to select activities from a predefined list categorized into industrial, commercial, professional, and tourism groups. Types of Permitted Activities Your trade licence can cover multiple activities, but combining activities from different main groups (like industrial and professional) is generally not allowed. Adding activities often incurs extra fees, usually around $205 (AED 750) per additional activity on the mainland. This fee can vary in different free zones. Regulatory Requirements Certain activities might require additional permits or comply with specific regulations. Some may need a UAE national sponsor, minimum capital, or a bank reference letter. Final Thoughts Updating your trade licence to add new activities is a significant step in growing your business in the UAE. With careful planning and adherence to regulations, the process can be straightforward. Once updated, your business will be ready to explore new opportunities with official approval and compliance. For a smooth and compliant business expansion, ensure your trade license is current and accurately reflects your new activities. Call Us 24/7 971 56 993 1404/02 OR Get Your Consultation FREE! Request Appointment

Starting a Gold Trading Business in Dubai: A Comprehensive Guide All Business Setup. Corporate PRO, VISA Related Services: Contact Tycoon Documents, Dubai Apply Online Contact us Dubai has become a major global hub for gold trading, attracting entrepreneurs and investors from around the world. The Emirate Refinery in the DMCC Free Zone has an impressive annual gold refining capacity of 200 tonnes, underscoring the city’s leading role in the gold market. With its strategic location, advanced infrastructure, and business-friendly environment, Dubai offers vast opportunities for scaling a gold trading venture. In this guide, we’ll walk you through the process of starting a gold trading business in Dubai, covering essential topics like business structures, licensing, sourcing, regulatory compliance, and marketing strategies. Why Start a Gold Trading Business in Dubai? Strategic Location and Infrastructure Dubai’s location between Europe, Asia, and Africa makes it a natural trading gateway. With excellent infrastructure, including world-class transport, communication, and logistics, businesses can efficiently trade with international markets from Dubai. Tax Benefits and Business-Friendly Environment Free Zones in Dubai offer significant tax advantages, such as 0% corporate and income taxes. This tax-friendly setup allows entrepreneurs to maximize profits, especially in the early stages. Retail customers in Dubai pay a low VAT rate of 5%, one of the lowest globally, which also makes the environment more attractive for gold trading. A key advantage is the VAT exemption for importing gold, providing an added benefit to investors starting a gold trading business in the UAE. To take advantage of this exemption, it’s essential to meet specific criteria, so it’s recommended to work with VAT consultants in Dubai. Diverse Customer Base and Growing Tourism Industry Dubai’s tourism industry continues to thrive, with over 6.68 million tourists visiting in the first quarter of 2024 alone. This diverse customer base, combined with iconic shopping destinations like the Gold Souk, creates high demand for gold products. Strong Regulatory Framework Dubai’s robust regulatory framework for gold trading ensures transparency and adherence to international standards. This provides confidence to investors and contributes to the smooth functioning of the gold market. Steps to Start a Gold Trading Business in Dubai Step 1: Develop a Business Plan A solid business plan is essential. Outline your goals, strategies, target market, projected revenue, expenses, and operational details. This will act as a roadmap for your business, keeping you on track. Step 2: Choose a Business Structure Dubai offers different business structures, each with its own advantages: Sole Proprietorship: You have full control, but are also personally liable for business debts. This is best for small-scale operations. Partnership: In a partnership, duties and financial obligations are shared. However, liabilities are also shared based on the ownership percentage. Limited Liability Company (LLC): A popular choice that offers limited liability to members. It is ideal for small to medium-sized businesses. Free Zone Company: Offers tax incentives and full foreign ownership rights but can only operate within the designated free zone areas. Step 3: Obtain a Gold Trading License You need a valid license to operate legally. If you’re setting up on the mainland, apply for a license from the Department of Economic Development (DED). If you’re in a Free Zone, get your license from the relevant authority. Step 4: Select the Right Location Choosing the right location is crucial. Popular gold trading areas include the Gold Souk in Deira and shopping centers with high foot traffic. Free Zones like DMCC and Gold & Diamond Park offer advantages such as tax holidays, foreign ownership, and access to warehousing and office space. Step 5: Secure Financing While no minimum capital is required to start a gold trading business, you’ll need funds to purchase inventory, lease space, and cover operational costs. Financing can come from personal investments, loans, or investors. Step 6: Ensure Regulatory Compliance To avoid legal issues, you must comply with Dubai’s commercial laws, maintain accurate bookkeeping, and undergo regular audits. Consulting a legal professional or hiring a compliance officer can help ensure you stay compliant with regulations. Key Operational Considerations Sourcing and Authenticating Gold Finding reliable suppliers is essential. Dubai offers several sourcing opportunities through traditional dealers and markets like the Gold Souk. Ensuring the purity and authenticity of your gold is critical to building trust with customers. Certifications like the Dubai Good Delivery Standard (DGD) can further enhance your credibility. Storage and Security Due to the high value of gold, secure storage is crucial. Certified vaults or safe deposit boxes are recommended to protect your assets from theft or damage. Record-Keeping and Financial Management Accurate record-keeping is essential for auditing and tax purposes. Using financial management tools can streamline these processes, helping you manage transactions and track business performance efficiently. Anti-Money Laundering (AML) Compliance Gold trading is subject to strict anti-money laundering regulations. You must follow UAE laws to ensure transparency in your transactions and maintain responsible sourcing practices. Marketing and Growth Strategies Traditional Advertising While digital marketing is on the rise, traditional advertising through billboards, newspapers, and radio can still effectively reach local customers. Strategic advertising near your business location can drive foot traffic. Digital Marketing and Social Media An engaging online presence is vital for visibility. A professional website, targeted ads, and active social media profiles can boost your brand recognition. Showcasing your best gold products on platforms like Instagram and Facebook can attract potential buyers, especially with visual content such as photos and videos of customers wearing your jewellery. Participating in Exhibitions and Events Dubai regularly hosts gold and jewellery exhibitions. These events offer great networking opportunities and help you showcase your products to a broader audience. Building Customer Trust Providing exceptional customer service and offering quality products at fair prices can help you stand out in a competitive market. Personalized services, rewards programs, and ongoing engagement can foster customer loyalty. Importing Gold to Dubai There is generally no import duty on gold for trading purposes in Dubai, making it easier for businesses to operate. However, you need to follow specific regulations and provide the necessary documentation when