Foreign investors like the ease of formation procedures, tax-free environment, and 100% foreign ownership of businesses established in Dubai free zones. Among the 45 free zones in the United Arab Emirates, Dubai manages over thirty of them. This is another noteworthy fact. Additionally, a few of them draw investors from a certain area or business. One such industry-specific free zone that meets the needs of the gold, precious stone, and jewellery industries in Dubai Gold and Diamond Park.
The procedure of setting up a business in Dubai Gold and Diamond Park is quite flexible and has several advantages, such as a prime location, first-rate connectivity, and top-notch infrastructure. Investors wanting to launch a business in Dubai These advantages allow Gold and Diamond Park to succeed in import, export, and re-export operations. These days, it is simpler to establish a firm in a free zone because Dubai business setup specialists can provide sound guidance.
What Business Can be Established in Gold and Diamond Park, UAE?
The DGDP is teeming with specialty stores selling gold and diamond jewellery, health and fitness centres, educational institutions, theatres, banks and financial services, and supermarkets. Dubai Gold and Diamond Park, which is managed by the Jebel Ali Free Zone Authority (JAFZA), is situated nicely along the Sheikh Zayed Road that runs through the Jebel Ali Free Zone. Entrepreneurs can establish a Free Zone Company (FZC), a Free Zone Establishment (FZE), or a representative or branch office of an existing company under the DGDP.
The free zone invites local and foreign business owners and investors to participate in a variety of ventures, including the manufacturing of jewellery, retail establishments, eCommerce, professional services, and the selling of gold, diamonds, and jewellery made of precious metals and stones. You might also think about starting companies to cater to the retail community in DGDP. And for that reason, the free zone is an all-inclusive bundle.
Customer service is more effective and responsive when service providers are located close to their customers. In relation to trade licences, the following kinds of licences are available for use in Gold and Diamond Park –
- Innovation licence
- Manufacturing icences
- Licence for e-commerce
- Licence for offshore registration
- Industrial licencing at the national level
- Service or professional licence retail licence
Facilities in Dubai Gold and Diamond Park
The traders of gold, diamonds, and other precious stones are the main target market for the Dubai Gold & Diamond Park free zone. The Gold & Diamond Park administration has created facilities to assist investors in establishing physical presence in the UAE through the opening of offices and retail outlets, taking this into account. Numerous retail establishments offering precious metals, gold, diamonds, and other valuable stones for trade are located within the free zone.
To enable the jewellers to efficiently satisfy the expectations of the customers, the free zone also features a strong workshop and manufacturing facility. Within the free zone is a ground floor retail block that is enclosed and air-conditioned, with 37 retail stores that can be leased.
Registration Process of Business Set Up in Gold and Diamond Park
Here’s the process of setting up business in DGDP –
Request a Lease
Issuing a lease agreement is the first step in starting the firm setup process in Dubai Free Zone Park. After the lease agreement is signed, this step is required to receive the business licence.
Obtain the Necessary Authorisations and Licences
Depending on the nature of your firm and its operations, apply for the necessary licences and licences. The Jebel Ali Free Zone Authority (JAFZA) is the regulatory body.
Submit in the Necessary Paperwork
- The list of required documents is as follows:
- The receipt for the licence fee payment
- The leasing agreement in photocopy form
- The company’s or partnership’s Memorandum and Articles of Association (MOA)
Open a Bank Account
The process of opening a bank account is the next stage after submitting the paperwork. You have to give the authority a confirmation letter and deposit the authorised capital.
Grant the visa
Getting the necessary visa to establish a business in the Dubai Gold and Diamond Park free zone is the last and final stage. For more information on the visa requirements for forming a company, get in touch with AIMS UAE – the most experienced business establishment advisors in Dubai.
How AIMS UAE Can Help You Set Up Your Business in DGDP?
As the best consultants for business in UAE – AIMS UAE help you set up a firm in UAE. We take care of your business requirements, including document preparation and submission, licence application, bank account opening, and other necessary approval processes, which will be handled by our knowledgeable business experts. Get in touch with us at any time to easily utilise our services.
Frequently Asked Question
The advantages of establishing a business in the Diamond Park and Dubai Gold Free Zone -
- Minimal corporation tax
- Enough top-notch facilities
- Income tax exemption location
- 24-hour operational independence
- Modern infrastructure, owned entirely by foreigners
Here are some of the documents required to set up business in DGDP -
- Business plan
- Board resolution
- Copy of business activities
- Passport copies of shareholders and managers
- Company’s Memorandum of Association and Article of Association
Yes, businesses operating in Gold and Diamond Park can benefit from tax exemptions on corporate and personal income tax, as well as customs duty exemptions on imports and exports within the free zone.
