IN GOLD AND
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The process of business setup in Dubai free zones is preferred by foreign investors due to factors such as 100% foreign ownership, tax-free environment, easy incorporation procedures etc. Another highlight is that Dubai operates more than 30 free zones out of the 45 free zones in the UAE. And some of them attracts investors from a particular industry or sector. Dubai Gold and Diamond Park is such a sector-specific free zone that caters to the needs of the Gold, Precious Stones and Jewellery sector.
The process of business setup in Dubai Gold and Diamond Park is highly flexible and offers benefits including strategic location, excellent connectivity, and world-class infrastructure. Entrepreneurs investing in starting a company in Dubai Gold and Diamond Park can excel in import, export and re-export activities due to these benefits. Nowadays, it is easier to start a company in free zones as business setup consultants in Dubai can offer robust advice.
However, foreign investors must understand certain specifics about the free zone before applying for a trade license. Such specifics are detailed in this article. Read ahead.
A Guide to Business Setup in Dubai Gold and Diamond Park
Dubai Gold and Diamond Park are strategically located in Sheikh Zayed Road, which is one of the most dynamic highways in the UAE connecting all the major trade hubs in the country. The free zone was established in 2011 to make Dubai a trade hub of the world’s finest jewellery, gemstones, precious stones, gold, silver, platinum, and high-end personal accessories.
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Over the years, Dubai Gold and Diamond Park have continued to attract both investors and tourists alike as the free zone is home to more than 90 leading retailers and brands. The free zone is an extension of the Jebel Ali Free Zone (JAFZA), which issues trade licenses to investors in Dubai Gold and Diamond Park. Consult with business setup consultants in Dubai for further information.
Types of Licenses in Dubai Gold and Diamond Park
A trade license is mandatory to carry out business activities in Dubai. The same requirement applies to free zones as well. In line with this crucial requirement, investors are required to apply for a trade license before setting up a business in Dubai Gold and Diamond Park. The license can be obtained from JAFZA to carry out business activities in Dubai Gold and Diamond Park. Business set up consultants in Dubai can advise the investors on how to obtain a business license. The following licenses are issued by Dubai Gold and Diamond Park:
- Trading license.
- Manufacturing license
- Retail license
- Service license
- E-commerce license
- National industrial license
- Innovation license
- Off-shore registration license
Facilities in Dubai Gold and Diamond Park
The core target sector of the Dubai Gold & Diamond Park free zone is the Gold, Diamond, and other precious stone traders. Taking this into consideration, the Gold & Diamond Park authority has designed facilities to help investors to have a physical presence in the UAE by opening offices and retail stores. The free zone houses a wide range of retail stores for trading precious metals, gold, diamonds, and other precious stones. The free zone also has a robust workshop and manufacturing facility to help the jewellers meet the customers’ demands effectively. The free zone consists of an enclosed air-conditioned ground floor retail facility housing 37 retail shops that are available for leasing out.
Other facilities include a manufacturing block (G+2) and a Retail Center (G). There are 37 retail outlets and 118 manufacturing units are operational. The Retail Centre in Gold & Diamond Park is a combination of 37 retail units of approximately 323 square feet to 1107 square feet each. Hire the best business setup consultants in Dubai to accurately select the facilities in Dubai Gold & Diamond Park free zone.
Benefits of Business Set up in Dubai Gold and Diamond Park
Dubai Gold and Diamond Park free zone enjoy direct support from His Highness Sheikh Mohammed Bin Rashid Al Maktoum, and other entities such as the Government of Dubai, the Department of Tourism and Commerce Marketing, the Gold and Jewellery Group, and the World Gold Council.
Other benefits include the following:
- Direct assistance for tenants to deal with government-related matters
- Access to full free zone benefits and facilities as JAFZA.
- 100% foreign ownership
- 100% repatriation of capital and profits
- 0% Corporate taxes
- 0% income tax
- Located strategically at the heart of Dubai with smooth access to all areas
- 24/7 operational freedom
- Freedom to recruit expatriate workers
- Each unit is equipped with central air conditioning plant connections
- Each unit has a central gas distribution system
- Purpose-built work environment
- 24/7 security with security personnel & video surveillance etc.
- Hallmarking provided by the Dubai Municipality
- Robust retail centre for serving tourists and shoppers
- Shuttle transport between the Gold & Diamond Park and 5-star beach hotels
Compliance Requirements in Dubai Gold & Diamond Park
Companies operating in the UAE are subject to certain regulatory requirements that are implemented to curb bar erosion & profit shifting and money laundering & terrorism financing. Such regulations include Ultimate Beneficial Ownership (UBO), Economic Substance Regulations (ESR) and Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT). In line with this, entities licensed by Gold and Diamond Park free zone are also subject to UBO! AML-CFT and ESR requirements. Companies must disclose the details of their UBO to the regulatory authority during company incorporation in Dubai Gold and Diamond Park free zone.
They should also maintain a Real Beneficiary Register (RBR) and Partners or Shareholders Register (PSR). Companies should also assess their applicability of ESR regulations with the help of business setup constants in Dubai. If they fall within ESR, they should annually file ESR Notification and ESR Report. Business owners should also meet AML-CFT requirements as gold and precious metal traders come within the scope of this law. Companies under liquidation are also subject to these regulations. Noncompliance will lead to hefty penalties and other severe consequences.
Best Business Setup Services in Dubai, UAE
Foreign investors interested in the landscape of business setup in Dubai can consider Gold and Diamond park as a viable option. The environment of business setup in Dubai Gold and Diamond Park free zone is highly conducive for trade in gold and precious metals. However, it is better to apply for a license through business setup consultants who provide the best business setup service in Dubai. Business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can simplify the process of company formation for foreign investors.
JBC helps the investors to select the business activities, choose the right legal structure, and other services like bank account opening and visa processing. JBC’s business setup services in Dubai include advice on ESR, UBO, AML-CFT etc. We also provide value-added services such as audit, accounting, trademark registration etc. Consult with JBC today to start a business in Dubai without any hassle.