Dubai is famous not only for its luxurious lifestyle and its renowned infrastructure but also for its gold. It has upscale jewellery shops and is known for exporting gold and other gems to several countries.
The Dubai jewellery market is booming, with a promising compound annual growth rate (CAGR) and good revenue generation. The bullion market will continue to flourish over the years.
The Dubai Gold and Diamond Park (DGDP) is an extension of the prominent Jebel Ali Freezone (JAFZA). It is often mistaken as an entirely separate freezone. The park is designed to attract gold, diamond, and other precious stone traders to set up facilities, making it the perfect spot to start your jewellery business.
Facilities and Benefits Provided by Gold and Diamond Park – Dubai
Starting your business in the DGDP, for retail or wholesale activities, is beneficial, especially as it has become the focal point of gold trading in Dubai.
Let us look at a few benefits and facilities provided by the Dubai Gold and Diamond Park
Diverse Commercial Infrastructure
The Gold and Diamond Park in the JAFZA provides you with a wide range of spaces, from manufacturing blocks and office spaces to retail areas to meet the needs of your commercial activities.
Strategic Location
The DGDP is located at the heart of Dubai, providing connectivity to all major city hubs. It also provides shuttle services to nearby 5-star beach hotels, making it lucrative for your clients.
Free Zone Benefits
Setting up your business in the Dubai Gold and Diamond Park allows you complete autonomy and control over your capital and profits. It also offers full ownership and tax exemption on personal and corporate taxes for 50 years, making it a highly lucrative business prospect.
Premium Amenities
Each unit within the DGDP has modern amenities like a central gas distribution system, a high-quality ventilation system with exhaust, and an acid disposal collection. These facilities are specifically designed for jewellery manufacturing and other businesses connected directly to jewellery.
High Security
DGDP provides your business with 24/7 security, continuous video surveillance, and comprehensive fire safety systems. This ensures a secure working and shopping environment for you and your clients.
Luxury and Convenience
The park's luxury furnished office space and well-maintained courtyard with cafes and restaurants provide a comprehensive experience. This atmosphere of luxury appeals to tourists, shoppers and other business professionals alike.
Friendly Business Environment
The DGDP allows 24/7 operational freedom and hiring of expatriate workers. It also provides extensive support for all government-related issues. Businesses can function in the park with minimum administrative hurdles, allowing you to focus on growth and development.
Types of Licensing in Dubai Gold and Diamond Park
The Gold and Diamond Park in Dubai is home to some of the wealthiest companies from around the world. The regulatory body of the park offers various licensing options to enable businesses to operate within the park. The licensing options available are:
Trading License
The general trading license authorises the holder to conduct trading activities within the DGDP.
Manufacturing License
This license allows an individual or a firm to carry out manufacturing activities within the park.
Retail License
You can obtain a license to lease spaces for opening a retail outlet in the DGDP.
Service License
To provide professional services at Gold and Diamond Park, you must obtain a service license from the authorities.
E-Commerce License
An E-commerce license allows you to sell commodities online and provide services through a website.
National Industrial License:
A national industrial license permits you to open an industry anywhere within the free zone.
Company Registration in the Dubai Gold and Diamond Park
Let us look at the steps to establish your business operation in the DGDP:
Trade Name
Choose a trade name for your company and ensure it does not infringe existing trademarks, but also isn't offensive in any way.
Lease Agreement
A lease agreement is an important document that validates the physical presence of your business operations. This is then needed for several other processes, such as visa application and opening of bank accounts in Gold and Diamond Park.
License Application
Apply for the appropriate license that aligns with your business objective through the Jebel Ali Free Zone Authority (JAFZA).
Documentation
To review your application, the JAFZA authorities require you to provide the following documents such as the Memorandum of Association (MoA) and Article of Association (AoA) or the Partnership agreement, a photocopy of the signed lease agreement, and the receipt for the license fee payment.
Review and Approval
The JAFZA authorities will review the submitted documents and verify their compliance with the proposed business operations with the local regulations.
Registration Certificate and Bank Letter
After receiving the initial approval, you must obtain a registration certificate and a letter from JAFZA, about opening a corporate bank account.
Bank Account and Capital Deposit
After opening your corporate bank account, you need to deposit the required authorised capital as mentioned by the authorities. Provide the bank deposit confirmation to the JAFZA.
Final Licensing
Submit the bank's confirmation letter to JAFZA staff for the final verification. Upon receiving their positive response, you can commence your business operations.
Why Commitbiz LLC?
If you are looking for a business setup in Dubai, Commitbiz LLC can provide the necessary guidance and support for company registration and related requirements. Our team of experts can assist you with accounting, taxation, documentation, company registration, and PRO requirements for setting up a business in the Dubai Gold and Diamond Park.
Don't let the complexities of company registration stress you out. Contact us now and let us help ease the process for you.
What are some of the business entities allowed to register in the Dubai Gold and Diamond Park?
Freezone establishment (FZE), Freezone company (FZCO), and Branch office are the most common business entities in the Dubai Gold and Diamond Park.
How many retail outlets are operational in Gold and Diamond Park in Dubai?
As of now, 90 outlets are operating in the DGDP.
Is Value Added Tax (VAT) applicable in Dubai Gold and Diamond Park (DGDP) Free Zone?
Yes, VAT of 5 per cent applies for businesses and consumers in the Dubai Gold and Diamond Park.
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