Gold refinery in DXB

[leoncelli]

Hello all,

We have a gold refinery in Arezzo, Italy.

We would like to set up a gold refinery in Dubai.

I've already visited the emirate many times and I'm sure we could be successful over there.

From what I've checked on the internet: most refineries have their factories in free zones (SAIF Zone and DMCC). Is there any particular reason for this? Exemption on duty?
We also would like to rent an office in Gold Souq, Deira. You cannot rent an office in Deira with a free zone company.

We will have 1/2 shareholders and 3/4 employees.

Can anybody shed some light on this? What would be the ideal set-up ?

Best regards,
Leo

 

[maxmoney]

You want to speak with @Fred he is the guy to help you with the setup in Dubai!

 

[Au999]

Interested in this too - as it's something I'm considering in longer term.

I'd assume they're in fz due to the tax advantages on profits and personal earnings. There's no vat or import duty on investment grade bullion or at least it's zero rated. See VAT Faqs » Dubai Gold & Commodities Exchange

To sell locally in souk you'd need I think a local LLC owned by the FZCO

 

[Marc Rich]

Gold companies are mostly in DMCC as that is the main freezone for 'commodity trading'. DMCC is also one of the freezones where you can obtain a gold trading license, however it is always very difficult to get banking options with gold trading license. Sometime's it is easier to just buy one outright, with already existing bank account.

To rent in Deira with freezone license is possible, you will need to get an NOC from DMCC every few months or so for this.