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How to open a diamond trading company in Dubai, UAE

How to open a diamond trading company in Dubai, UAE

The United Arab Emirates is rightly regarded as a region where a luxurious lifestyle is highly valued. The growing interest of expats and tourists in luxury goods has led to the development of these areas. Trading in diamonds is one of the most lucrative types of business, which offers huge advantages to every foreign investor. Of course, one should not forget about the strict regulation in this industry: in order to open a successful enterprise in this field, one should prepare thoroughly and cooperate with professionals.

Among the most popular jurisdictions for doing business in the diamond trade are:

Dubai Multi Commodities Centre (DMCC), established in 2002 and located in the Jumeirah Lake Tower (JLT) building, which is located opposite Dubai Marina Beach, benefits from built-in infrastructure and other amenities. This multi-disciplinary raw materials centre includes several major players in the gemstone industry.
Dubai Gold & Diamond Park (GDP) was established in 2011, located on Sheikh Zayed Road, is home to 90 leading retailers, some of which offer high quality diamonds and polished diamonds.

After choosing a location, it is recommended to decide on the legal form of the company. Next, it is important to rent an office space and pass an inspection from the Security Industry Regulatory Agency (SIRA). After obtaining approval and reservation of the company name, it is possible to apply for a licence for the specified activities of the future organisation.

Investing in setting up a business in the UAE entitles the founder to a resident visa for a period of two years. The founder will have to undergo a medical examination for absence of serious diseases and biometrics procedure.

The final stage of registration will be the opening of a corporate account for all financial transactions. Given the seriousness of the business, it is worth preparing as many documents as possible, confirming the good reputation and solvency of the founders.

By enlisting the support of competent legal professionals, you will ensure a successful start for any enterprise. Sign up for a free consultation with a lawyer from the Makebiz team and find out more about how to open a diamond trading company in Dubai.

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