All You Need to Know About Dubai Gold and Diamond Park

by Zaara 25, Feb 2020

The Gold and Diamond Park is a free zone in Dubai. When we talk about a free zone or refer to a free trade zone, we mean that they are special free zones which have been granted various concessions on tax and customs duties. In a free zone, goods can be received, retailed or manufactured without the intervention of customs authorities. There are more than 30 free zones in Dubai operating currently. Gold and the Diamond park was set up in the year 2011 it is located on Sheikh Zayed Road, and the park is an extension of the Jebel AlFree Zone. It caters to almost 90 retailers with immense amenities providing air-conditioned multistories, dealing in retailing and manufacturing units under one roof with hassle-free conditions. The Gold and Diamond Park is surrounded by many other free zones, which helps to boost the business.

Why Set up a Business in Gold and Diamond Park?

Dubai is a popular place for foreign traders, with a leading trade market in gold and diamond which attracts people worldwide to set up a business in Dubai. The Government provides various benefits to businesses in free zones, which include

  • 100% business ownership
  • Modern infrastructure
  • Well balanced Security
  • Total repatriation of profits
  • No taxation
  • Easy accessible free zones

What License is Provided by the Gold and Diamond Park FreeZone?

Gold and Diamond FreeZone Park provides various licenses to the foreign investors who are keen to set up a business here, such as

  • Trading License
  • Manufacturing License
  • Retail License
  • Service License
  • Innovation license

What Are the Documents Required for Registration in the FreeZone of Gold and Diamond Park?

To set up your business in Dubai, in the free zone of Gold and Diamond Park, you require all the following documents:

  • Passport Copies
  • Proof of business handle
  • Lease Agreement
  • Notarized MOA and AOA
  • Details of Business Plan

What Are the Steps to Set-Up a Business in Gold and Diamond Park?

In every free zone, there are certain steps which need to be taken to set up a business in these free zones and those steps are :

  1. The first and foremost requirement is reaching for a lease agreement from the authorised person.
  2. As mentioned above, decide on what license is suitable for your business and fill the application with Jebel Ali Free Zone Authority (JAFZA), then follow-up with providing the required proof for lease and license fee payment as per your business.
  3. After analysing all the documents, JAFZA will be issuing a Certificate of Incorporation.
  4. The next follow-up step is to submit the certificate to the Bank, where a corporate account will be opened.
  5. The bank after receiving the follow-up documents a letter for the confirmation of deposit will send a confirmation.
  6. The confirmation needs to be given to JAFZA, to obtain your license.   

With the world keeping an eye on the booming business in Dubai, everyone is trying to get their hands on businesses here. Gold happens to be one of the most lucrative businesses they have, offering tremendous benefits for every foreign investor. So, getting and incorporating your business in Dubai will involve various procedures and at Commitbiz we can help you with the whole process. From licensing, documentation, legalities and other services, we have an experienced team ready to assist you with all your needs. For more details, please do not hesitate to contact us.