Question – What are the requirements to start up a Gold & Precious Metals Trading License?
What is the process to form a Gold & Precious Metal Trading License in Dubai?
We at PRO Desk assist customer in setting up a Gold & Precious Metals Trading License in Dubai. This License falls under Commercial category and is termed as LLC. The following are the steps required to start a new license in Dubai.
Trade Name Reservation
The first and foremost step in registering the License in DED is to select a name and it needs to be approved by DED. The client needs to give Three name options and depend on the availability in the DED the name will be approved. The activity code will be a part of the Trade Name reservation. (Kindly note: – The name cannot be reserved by Name of the country & Continent, Famous Regions and Town, etc)
Initial Approval
Once the Trade Name is reserved, then the next step is going for Initial Approval. For Initial approval the activity needs to be specified. The list of trading activities can be selected from the activity list. All the documents need to be submitted at DED for approval and Issuance of Initial approval Certificate.
Drafting of MOA agreement
MOA (Memorandum of Association) agreement needs to be drafted once we receive the Initial approval from DED. The MOA agreement can be typed in Arabic or English and Arabic as per the clients need. If the MOA is drafted in English and Arabic it needs to be legalised from a Legal Consultancy firm.
Notary Public
Once the MOA agreement is ready, then all the partners and local partner needs to proceed to Dubai court for notarising the agreement in the presence of the court person. Four copies of the agreement is done, one for the Court Original, once copy for Partner, one copy for Local Sponsor and one for the service provider if required.
Good Conduct Certificate from police
Once the Notary Public is done, all the Partners along with the Manager in the license needs to apply for Good Conduct Certificate from Police. The application needs to be filled along with the required documents and submit in the Police station for approval. This takes minimum 3 working days. Once the Certificate is ready pay the relevant fee and collect the Certificate copy form the Police.
DPS (Dubai Protective System) Approval
Once the Good Conduct Certificate is received, the Partner then needs to apply for Dubai Protective System (DPS) approval. On reviewing the application the DPS will sent the team for Inspection of the site. The Inspector will contact the Partner before coming for Inspection. On successful completing the Inspection the audit report needs to be collected from the Inspection office. The same needs to be submitted to the DPS for getting an NOC. Once received the NOC the same needs to be submitted to DED.
Ejari (Tenancy Contract)
The Tenancy contract must be registered in the Land Department between the Landlord and the Tenant and on submission they will issue an Ejari. The minimum square feet required is 200.
Payment Voucher at the DED
Once the Notary and Ejari is done submit all the documents to DED to get the Payment voucher. The DED will register the company in the Commercial Register and the Payment Voucher will be out.
Trade License
On receiving the Payment voucher, we can pay the voucher in the DED either through Cash or by Card and get the Trade License immediately. Once the license is received you can then do the amendment by adding PO. Box and other details.
On receiving the Trade License submit it to DPS to obtain the DPS Certificate.