We all have a thing for gold and diamonds! What if you get to see, smell and feel them every day?! I am not kidding you. There is a free zone in Dubai called Gold and Diamond Park (DGDP) that is no less than a treasure chest of everything precious and glittery. Think sumptuous bling, gemstones, precious stones and metals like diamonds, gold, silver and platinum. True to its name, the free zone offers tons of golden business opportunities, quite literally!
Setting up a company in Dubai’s Gold and Diamond Park free zone is a move you won’t regret. The dazzling free zone was launched by the government in 2011 with the aim to see the region sparkle with the world’s finest ornaments, valuable stones and their likes and high-end personal accessories. Known as the largest free zone in the UAE dedicated to gold and diamond businesses, the region is a major attraction for jewellery-loving tourists, residents and investors. With a Dubai Gold & Diamond Park business formation, you can excel in import, export and re-export activities because of the myriad free-zone-specific benefits such as strategic location, excellent connectivity, and world-class infrastructure in addition to the usual perks that free zones in the UAE offers including full business ownership, zero taxes and 100% repatriation of capital and profits. No wonder, businesses scale heights of success through Dubai Gold and Diamond Park Free Zone business setup. Read on to know the process to set up a company in Dubai Gold and Diamond Park.
What businesses can be established in Dubai Gold & Diamond Park
You will find DGDP bustling with Gold & diamond jewellery speciality shops; health & fitness providers; educational organizations; entertainment establishments; banking & financial services; supermarkets. Administered by the Jebel Ali Free Zone Authority (JAFZA), Dubai Gold and Diamond Park sits pretty on the Sheikh Zayed Road stretching Jebel Ali Free Zone. In DGDP, entrepreneurs can launch various forms of companies, viz. Free Zone Company (FZC), Free Zone Establishment (FZE) or representative/ branch office of an established company. The flamboyant free zone welcomes resident and immigrant entrepreneurs and investors to invest in all types of trading of gold, diamond and jewellery made of precious metals and stones, manufacturing of ornaments, retail businesses, professional services, eCommerce amongst others. You may also consider establishing businesses to serve the retail community in the DGDP. There are many already! And that’s what makes the free zone a complete all-in-one package. The availability of service providers that are close to service consumers makes customer support more efficient and responsive. Speaking of trade licences, one can obtain following types of trade licences to operate in Gold and Diamond Park:
- Trading or Commercial licence
- Manufacturing licence
- Retail licence
- Service or Professional licence
- E-commerce licence
- National industrial licence
- Innovation licence
- Offshore registration licence
Services Provided by Dubai Gold & Diamond Park
Businesses can make the most of the wide range of services that the free zone offers. Some of them are:
- Availability of manufacturing units
- Perfect offices to accommodate the needs of all types of businesses
- Possibilities for the retail sector to boot
- Hallmarking is to be implemented for all gold manufactured and sold
- Central air conditioning plant connections to each unit
- Centralised distribution of gas to each unit
- Healthy purpose-built work environment equipped with adequate proper ventilation systems, exhaust equipment and the supply of waste acid disposal samples for health and environmental issues
- 24X7 security personnel and high-tech video monitoring, fire alarms and fire-defence systems
- ATMs of major banks are conveniently located on the ground floor
- Transfer via shuttle between Gold and Diamond Park and 5-star beach hotels
Advantages of Dubai Gold & Diamond Park Free Zone Business Setup
- 100% foreign ownership
- No corporate taxes and personal income taxes
- Strategic location within the heart of Dubai with easy access to all areas
- 24/7 operational freedom
- Direct assistance for tenants to deal with government-related matters
- Access to full free zone benefits and facilities as JAFZA
- Hiring of expatriate workers
- Superb retail centre facilities and atmosphere, serving tourists and shoppers
Dubai Gold & Diamond Park Regulatory Requirements for Businesses
Just like any other company in the UAE, companies licenced by Gold and Diamond Park free zone also must obey specific regulations, laid out by the UAE government, such as Ultimate Beneficial Ownership (UBO), Economic Substance Regulations (ESR) and Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT). Entities are mandated to declare the details of their UBO to the regulatory authority at the time of company formation in Dubai Gold and Diamond Park free zone. They are also required to maintain a Real Beneficiary Register (RBR) and Partners or Shareholders Register (PSR). It is also important for the entities registered under DGDP that they evaluate their applicability of ESR regulations, where business setup advisors in Dubai can help. Furthermore, businesses including gold and precious metal traders should file ESR Notification and ESR Report every year and meet AML-CFT requirements likewise. Over and above, these regulations must be followed by companies under liquidation if they want to steer clear of hefty penalties and other painful consequences.
Dubai Gold & Diamond Park Business Formation
Being one of the oldest and most reputed free zones in Dubai, UAE, JAFZA lures investors from the world over by offering a broad range of licences and best-in-class facilities that makes the company incorporation in Dubai Gold and Diamond Park an appealing prospect for expat investors. The process of business setup in Dubai Gold and Diamond Park is easy and highly flexible, and becomes a lot easier with an experienced business setup consultant in Dubai such as Adam Global. Let’s look at the steps below that you are required to take for establishing a company in Dubai Gold and Diamond Park to cater to the tourists’ and residents’ needs of gold, precious stones and jewellery:
Step1: Receive a lease agreement from the management authority.
Step2: Determine the business activity and the licence type that is needed to conduct it.
Step3: Apply for the required trade licence by submitting the application form complete with all the required details and documents to JAFZA in Dubai. These documents include, but are not limited to:
- The Memorandum of Association (MOA) and Articles of Association (AOA) or partnership agreement deed (in case of a partnership firm)
- A copy of lease agreement
- Licensing fee payment proof
- Passport & visa copies
Step4: JAFZA, after reviewing all the documents, will dispense a Certificate of Incorporation along with a letter which you will need while opening a corporate bank account in Dubai.
Step5: After accepting the letter, provide it to the bank and receive, in return, 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.
Step6: Submit this letter of confirmation to JAFZA official and collect the business licence
Doing business is exciting but setting it up is defo not! However, the tedious work can be outsourced to an experienced business formation specialist in Dubai for all good reasons. This way you may also get their assistance in understanding all the procedures and the laws. Being a one-stop-shop for all the business needs in the UAE, Adam Global is the answer to all your business setup services in Dubai, UAE, and related queries whether it is an offshore, a mainland, or a free zone setup. We also have a dedicated team of transactional banking and trade finance experts to help you manage your corporate bank account in the UAE.
Gold & Diamond Park Business Setup Consultants in Dubai
The process of business setup in JAFZA may look simple, but the investors must be capable of handling procedures such as selecting the business activity, obtaining external approvals from relevant authorities and drafting the documents. Any laxity in documentation or ignorance towards the free zone regulatory requirements may turn the process of business setup in JAFZA into a road full of bumps and pits, which you don’t want. To make your entrepreneurial journey free from these sorts of hiccups, you should consider consulting one of the best business setup consultants in Dubai, such as Adam Global. You may also seek advice from our expert finance professionals regarding the reporting and compliance requirements (UBO, ESR, AML-CFT, etc.) you have to meet once your business is up and running. Our Dubai business advisors are happy to help you adhere to the regulations.
Company formation in Dubai is a no-sweat with Adam Global Dubai business advisors, whether your preferred free zone is DMCC, DIFC or DGDP. Helping the budding and seasoned business persons fulfil their business dreams for the last two decades in Dubai and the other six emirates of the UAE, our professional experts are committed to providing you with the best solutions regarding company formation in the UAE. We will guide you through the steps of obtaining any type of trade licence with ease. Plus, our customised business setup packages will fit your requirements and budget and help you get the company to run quickly and effortlessly. Whatever your business needs, share them with us, sitting in the Gold and Diamond Park itself.
Get in touch with us any time for your first free consultancy! We are open for your enquiries, comments and suggestions 24X7, so that we can serve you in the best way.