How to start a metal trading business in Dubai?
Start your metal trading business in the UAE
Have you heard the storyline that if you have business skills, you make millions out of it? A metal trading business will surge in profit in Dubai. The UAE is a flexible place to attempt any experiments because of its business-friendly nature. With open arms, Dubai welcomes new business ideas.
Anybody can start a business in the UAE. But, with exceptional financial stability and market research. The magnificent business infrastructure, ease of doing business, and many other features attract entrepreneurs from all over the world. When you consult the Flybiz business setup team, it’s easy to start a company without any hassle.
The benefits of the metal trading business in Dubai
With enough technical knowledge, anyone can start a business in the UAE. The right skills and expertise grow a metal business and make it profitable in the long run.
Few benefits of starting a metal trading business in Dubai,
Aluminum products save energy. A recycled aluminum product saves energy to power a 60W bulb for up to 5 hours. If you could recycle hundreds of aluminum products, it saves a lot of energy. The US environment agency justifies the above statement.
The metal trading business has numerous advantages. Recycling metal creates more job opportunities in transporting and dumping the same into an incinerator.
Easy to import and export
Dubai is a global economic hub. Thus, importing and exporting businesses have grown in Dubai. Stable trade and commercial relations support free trade worldwide. So, it’s easy to launch the metal trading business in the UAE. Moreover, if you work with Flybiz business setup consultants, it’s easy to obtain a metal trading license.
Steps to Start a metal trading company in Dubai
Strategic business plan
Defining an effective business strategy is the first step in launching a metal trading firm. You have to submit a detailed plan including every aspect of the business. The market conditions, company operations, future services, and more. Similarly, the required capital investment, business activities, and marketing strategies. If you run into difficulties, Flybiz can assist you in preparing a complete business plan.
Metal trading – business activity
Select general trade as your business activity. It’s strongly advised to consider business formation experts for novice entrepreneurs.
Select a company name and share the license application
When naming a company, it’s essential to comply with the naming rules of the UAE government. Avoid forbidden or religious names. Then, submit your trade license application as soon as you get the name approval. The process may take a few days.
Find a location
To start a metal trading company in the UAE, you need a specific location. The UAE business jurisdiction is divided into Freezone, mainland, and offshore. The location ultimately decides your success rate. Based on the type of metal, consider an apt location.
Find an office and warehouse
Since you’re trading physical items, it’s essential to set up a warehouse facility. Entrepreneurs should set up a warehouse on their own or consider a third-party agent who already owns a warehouse.
An entrepreneur should apply for an import code from the UAE customs. The import code allows users to import products from other countries. You should pay the necessary import fee.
Pay the license fee
After the above steps, an entrepreneur should submit all the documents and pay the license fees.
Once you submit the application, the necessary documents, and fees. The government authorities examine and confirm the application. Finally, they provide the approval letter to start your business.
Documents required to start a metal trading company
The documents include,
LLC agreement attested
Certificate of initial approval
EJARI registration document
Approval from an external department
Name reservation certificate
Certification from the finance & industry ministry
Certification from the Economy & Commerce Ministry
Registration in the Dubai Chamber of Commerce & Industry.
Metal trading license – cost
Dubai offers several opportunities to establish a metal business. Moreover, people can purchase warehouses and trade metals. The business owner can focus on specific metal types and recycle them. Metal trading is a profitable investment in Dubai.
The capital investment may differ. The license costs around AED 21 395 and AED 26 000. The license cost varies according to the metal types.
Precious metal trading in Dubai
Precious metal trading is a lucrative business idea in the UAE. Dubai is given a top ranking for trading gold and precious metals.
If you’re setting up a business on the mainland, you have to approach the DED or the Department of economic development. They regulate the processes to obtain precious metal trading licenses.
DED issues the non-manufactured precious metal trading license to trade precious metals. The commercial license authorizes reselling of silver, gold, and platinum.
How to get a precious metal trading license in the UAE?
To obtain a trading license, you have to follow certain standard procedures. The foreign investor may find it challenging but Flybiz consultants speed up the process.
Follow the below steps to obtain a precious metal trading license,
Select business activity
Decide the company name
Decide the legal structure
Get initial approval from DED
Draft ad sign MoA
Get a space for the company and the Ejari-attested rental contract
Submit the necessary documents
Collect the license from DED
Additionally, you have to get approval from the SIRA or security industry regulatory agency. The approval ensures that the business meets all the security measures. Moreover, you need permission from Dubai police to install security systems.
Flybiz business setup consultants in the UAE
The business setup process involves different steps and procedures. Therefore, it’s advisable to consider business setup experts before applying for the license. With Flybiz consultants, foreign investors get insights into quick and hassle-free business setups.
Flybiz business setup experts are well-versed in UAE business setup laws. We help entrepreneurs and foreign investors to secure their metal trading licenses effortlessly. Not only do the licensing process, but we also assist in a complete business setup. Our proficient team members handle all the formalities and offer the best business setup services in Dubai!