Founded in 2011, the flagship attraction and treasure trove of some of the finest jewels in the world, Gold and Diamond Park is another free zone in Dubai city. Strategically located on Sheikh Zayed Road, Dubai Gold and Diamond Park has become an attractive spot for the residents and also for foreign tourists visiting the city. Gold and Diamond Park has a collection of the most spectacular jewelry, precious stones, gemstones, gold, silver, platinum, and many other high-end accessories & ornaments. The Gold and Diamond Park is built with an aim of providing a bundle of all the precious jewels in the world under a single roof and making it hassle-free for customers to trade in gold and diamonds. The jewelry the park consists of is worth billions of dollars.
Gold and Diamond Park Dubai caters to and fosters:
- A manufacturing block (comprising 118 manufacturing units)
- A retail center (a mixture of 37 retail units of approximately 323 square feet to 1107 square feet each, all of which have been leased out)
The construction at the Gold & Diamond Park commenced on November 21st, 1999 and was completed on July 31st, 2000 but the Gold & Diamond Park was opened officially on 29th of May 2001. Gold and Diamond Park is well supported from His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and UAE Minister of Defense, the Government of Dubai, the Department of Tourism and Commerce Marketing, the Gold and Jewellery Group, and the World Gold Council. Naturally, one can locate many gold souks and jewelry shops here.
Advantages of Business Setup in Gold and Diamond Park, Dubai
The Gold and Diamond Park Dubai caters to all the need of a business firm and also to the expansion needs of the firm. The park has all benefits that Dubai Free Zone company formation receives along with additional benefits like:
- Assistance for tenants in all government-related issues
- Total freedom for foreign ownership
- 100% repatriation of capital and profits
- No corporate tax or personal income tax
- A strategic location within the heart of Dubai with easy access to all areas
- 24/7 operational freedom
- Total freedom for hiring foreign employees
- Central air conditioning plant connections and central gas distribution system to each unit
- Healthy purpose-built work environment with proper ventilation systems, exhaust facilities, and provision of acid disposal waste collection
- 24*7 security personnel & video surveillance, fire alarms, and fire defense systems
- Hallmarking will soon be provided by the Dubai Municipality’s regular pickup services for all gold manufactured and sold from the Gold & Diamond Park
- Excellent retail center facilities and atmosphere, serving a multitude of tourists and shoppers
- Shuttle transport between the Gold & Diamond Park and 5-star beach hotels
Types of Licensing in Gold and Diamond Park, Dubai
The gold and diamond park has some of the richest companies from around the globe, for which the regulatory body of the park provides various licensing options like:
1. Trading License
The holder of a trading license is authorized to carry out any type of trading activities in the Gold and Diamond Park.
2. Manufacturing License
A manufacturing license allows an individual or a firm to carry out manufacturing activities.
3. Retail License
An individual has the liberty to open one’s retail outlet by leasing the same in the Gold and Diamond Park, Dubai.
4. Service License
A person can provide professional services in Dubai Gold and Diamond Park by acquiring a service license from the authorities.
5. E-Commerce License
E-commerce license allows the owner to sell any commodities online and provides services online through a website.
6. National Industrial License
A national industrial license grants its holder the permission to open up an industry anywhere in the free zone.
The procedure of Company Formation in Gold and Diamond Park, Dubai
Like all other free zones, even the Gold and Diamond Park Dubai Free zone follows a systematic approach towards company registration. Any type of company or firm or retailer is free to open a business in the park, for which he/she has to follow these steps:
- Obtain a lease agreement from the management authority of the Gold and Diamond Park.
- Decide on the type of license you need to obtain. Accordingly, you’ll need to fill and submit the application form along with the following documents to Jebel Ali Free Zone Authority (JAFZA) in Dubai:
- The Memorandum of Association (MOA) and Articles of Association (AOA) of the firm or partnership agreement deed (in case of a partnership firm)
- A photocopy of the lease agreement
- Proof of licensing fee payment
- After reviewing and analyzing the documents, JAFZA will issue a Certificate of Incorporation and a letter which needs to be submitted to the Bank, where the corporate bank account would be opened.
- After receiving the letter, the bank will in return issue a letter of confirmation of the deposit made in the bank account. This deposit is the minimum share capital of the company, as requested by the authorities.
- The letter of confirmation should be submitted to JAFZA personnel, after reviewing which they will issue you your business license.
Gold and Diamond Park, Dubai has a wholesome environment which provides all the necessary requirements for a business enterprise, especially in the jewelry and gemstones sector. It is an exclusive and luxurious free zone to start a jewelry souk or manufacturing unit in the UAE, and Commitbiz can assist you in starting your business in Dubai. We have a team of experts who help and cater to all your business setup needs in the Gold and Diamond Park, Dubai. Our team will handle your business registration, licensing, visa service, VAT registration, and other legalities of your company. Contact us, and we’ll be happy to assist you.