Company in the UAE with a License for Diamond and Gold Trading

It is no secret that in a wealthy country like the United Arab Emirates, the trade of precious metals, as well as any exchange-traded goods such as gold and diamonds, is very widespread. For smooth operations, it is recommended to register a company in the free economic zone (FEZ) of Dubai, Dubai Multi Commodities Centre (DMCC). Of course, it can also be done in an offshore zone, which is significantly cheaper, but there is one caveat… There is a very high probability (about 100%) that you will not be able to open an account in a local bank, as offshore accounts are no longer opened in UAE banks. So, there are a few options left:

1. Register a company in the UAE outside the offshore zone and open an account in a local bank – a rather expensive option,
2. Register an offshore company in the UAE and open an account in another country and/or payment system, which will significantly reduce the cost of the company.

The cost of a company in the UAE with the above-mentioned license depends on many factors, such as:

1. office rental location,
2. number of employees,
3. what exactly and what types of products the company will trade in,
4. where the accounts are planned to be opened, and if there are several, how many and where,
5. whether products will be imported into the UAE or not,
6. whether the company will conduct activities in the UAE or not,
7. the necessary number of resident visas issued to company employees for three years if they are employed.

It is worth noting that one company in the United Arab Emirates can have several licenses.
Important! When registering a company in the UAE and opening an account for it, the presence of shareholders for one working day will be required.

When registering a company in the UAE, you need to:

1. Describe to our employees as thoroughly as possible what the company will specifically do,
2. And whether it will do so in the UAE or not,
3. What size office is needed, for how many employees, the level of prestige of the shopping center or office building,
4. Whether a company website is needed (we also provide this service),
5. Provide information about shareholders and directors,
6. If directors need to be selected – specify the criteria for selection,
7. It is very advisable to immediately indicate the approximate budgets for creating a company with a license in the UAE, as they vary greatly depending on whether it is an offshore or not, and calculating this takes considerable time for both us and the client.

It is important to understand that the company name can be reserved and the most suitable one, which is not yet in the register, can be chosen. Also, note that directors and shareholders of the company in the UAE will be checked for criminal records. If there are any offenses, we will provide recommendations regarding further actions to ensure the successful registration of the company, obtaining the license, and opening an account.

Banks in the UAE where it is possible (recommended) to open accounts for a company with such a license:

1. Abu Dhabi Islamic Bank,
2. Noor Bank,
3. Mashreq Bank.

If this is not crucial and you want to spend less money on a company with an account in the UAE – we can suggest opening an account in a payment system (cheap, quick, fully remote) that supports: SWIFT, as well as currencies such as: dollars, rubles, euros, pounds.

Company in the UAE (Dubai) with a Manufacturing License

Obtaining a manufacturing license in Dubai is a mandatory criterion for a company planning manufacturing activities in the city.

Steps for registering a company in Dubai with a manufacturing license:

1. Agree on and reserve the company name.
2. Obtain all types of registration permits: from the municipality and all departments.
3. It is important to note that for registering a company with a manufacturing license, the following is required:
   1. At least 10 employees,
   2. Mandatory share capital (about 250,000 dirhams – 68,000 dollars),
   3. Availability of a business plan.
4. One of the important steps is finding a premises, which involves: signing a one-year lease agreement, registering it with the land committee, and paying 5% of the value of such a contract. The license registration will be based on this contract.
5. It is important to note that 51% of the shares must be owned by a UAE national, who is usually a nominee, and relevant documents (memorandum) are signed in the Dubai court.
6. Register the company with the Chamber of Commerce and obtain the license.
7. Register the company with the Immigration Department and the Ministry of Labor. This step is necessary to obtain visas.
8. Submit a brief description of the production and its capacities, which is usually included in the business plan.

As you can see, the requirements for companies with licenses that will operate in the UAE are quite stringent, and this involves corresponding costs. However, if you do not plan such activities there, you can register an offshore in the UAE with an account in a payment system – it will be much cheaper.