Business Setup in Dubai Gold and Diamond Park

Dubai Gold and Diamond Park

Dubai Gold and Diamond Park is an extension of the Jebel Ali Free Zone and is administered by the Jebel Ali Free Zone Authority (JAFZA). Since 2011 Dubai Gold and Diamond Park (DGDP) has been the largest free zone devoted to gold and diamond businesses and is considered a major hub for jewelry buyers and investors. The leading attraction in the free zone is a Visitors Retail Center (mall) specializing in gold and diamond jewelry. With almost a hundred retail businesses, over one hundred manufacturing units and space for over three hundred commercial offices the jewelry industry is well represented. A person looking for a unique example of the jeweler’s art is sure to find the right item here. There are many small and medium shops where custom pieces are designed and created.

The visual aspect of the park and surroundings make it a popular attraction for tourists. No visit to Dubai is complete without a day spent shopping the retail mall and enjoying a break in the outdoor courtyard or a meal in one of the wide selection of cafes and restaurants. All visitors receive the finest service from knowledgeable and helpful staff. The quality and selection of gold and diamond products is unmatched and there are several talented designers and craftsmen close at hand for unique custom pieces.

Benefits of doing business in Dubai Gold and Diamond Park

In the thriving gold and diamond market within the free zone investment opportunities abound. The benefits of establishing a business in a Dubai free zone are further enhanced by the common interests of businesses in Dubai Gold and Diamond Park. The opportunities for networking, cooperation and collaboration among jewelry professionals are multiplied by the proximity of similar interests. All the workshop areas are built to meet the specific requirements of jewelry manufacturing. Each workshop is provided with an independent Acid Room and washroom. Each unit also has air conditioning, gas supply, water supply, and electricity. Facilities are protected by a modern security system and fire protection. There is a ground floor prayer room and a break room in the building.

Dubai Gold and Diamond Park offers all the benefits of doing business in a UAE Free Zone combined with the fact that the park is dedicated to a relatively narrow field of business focus. With a large number of jewelry-based businesses in close proximity, the opportunities for networking, cooperation and collaboration are magnified. The business activities allowed in DGDP are: gold and diamond jewelry specialty shops; health and fitness providers; educational organizations; entertainment establishments; banking and financial services; and supermarkets. Some of the businesses will be providing services for the retail establishments and having service providers close to service consumers makes customer support more efficient and responsive. The list of free zone and DGDP benefits is:

• 100% foreign ownership – no local sponsor/partner required.
• Complete repatriation of capital and profits
• No corporate taxes
• No income tax
• No currency restrictions
• Exemptions on import duties
• Convenient location in the heart of Dubai with easy access to all areas
• 24/7 operation permitted
• Hiring of expatriate workers is easy with limited restrictions
• Central air conditioning connections to each unit
• Central gas distribution system to each unit
• Purpose built work environment with proper ventilation systems, exhaust facilities and provision of acid disposal waste collection for health and environment concerns
• Around the clock security personnel and high tech video surveillance, fire alarms and fire defense systems
• Hallmarking available from Dubai Municipality for all gold manufactured and sold from the Gold and Diamond Park
• Excellent retail center facilities and atmosphere, serving tourists and shoppers.
• Shuttle transport between the Gold and Diamond Park and 5-star beach hotels

Starting a business in Dubai Gold and Diamond Park

A new business in DGDP can take one of three types: a Free Zone Company (FZCO) has at least two shareholders and a maximum of five (one or more of these shareholders may be a corporate entity); a Free Zone Establishment (FZE) has only one owner or shareholder (this could be either an individual or a corporate entity); a Branch Office represents an existing foreign or UAE company and does business in the name of the parent company. The requirements are different for each of the business types and will be different if one or more of the owners/shareholders is a corporate entity.

Requirements for a Free Zone Establishment with a Non-corporate Applicant

Most new businesses in Dubai Free Zones are Free Zone Establishments. The documents required for a FZE with an individual (non-corporate) applicant are:

The authority may require additional documents at the time of registration. Proof of AED 100,000 (US$27,397) capital is required. License fee is AED 5,500 (US$ 1,506) and registration fee is AED 10,000 (US$ 2,739). There may be additional related fees.

Requirements for a Free Zone Establishment with a Corporate Applicant

The documents required for a FZE with a corporate owner/ applicant are:

• A trade name must be registered and proof of registration provided. Our firm (Push Digits) can arrange this for you.
• There must be initial approval from the authority before business formation activities begin. We* can help you apply for the initial approval and get the required document.
• Manager must provide a passport copy and a C.V. (resume)
• Personal Information Sheets are required for each shareholder and manager. We* can provide a template.
• A suitable business/office space must be leased and proof of the lease provided with the application. We* will locate suitable space for your business and provide the required documents.
• A Memorandum of Association or Articles of Association for the corporate applicant, notarized by the UAE Embassy in the origin country.
• A resolution from the board of directors of the corporate applicant indicating the intent to establish a company in Dubai. This must be notarized by the UAE Embassy in the origin country.
• A Certificate of registration, business license, or certificate of incorporation for the existing company. This must be notarized by the UAE Embassy in the origin country.
• Document establishing a physical address for the parent business.
• If you use a local agent (our firm*) to assist you with the process, the local agent must have a notarized Power of Attorney.

Requirements for a Free Zone Company (FZCO)

Applicants for a FZCO must provide below documents:

• A trade name must be registered and proof of registration provided. Our firm (Push Digits) can arrange this for you.
• There must be initial approval from the authority before business formation activities begin. We* can help you apply for the initial approval and get the required document.
• Manager must provide a passport copy and a C.V. (resume)
• Personal Information Sheets are required for each shareholder and manager. We* can provide a template.
• A suitable business/office space must be leased and proof of the lease provided with the application. We* will locate suitable space for your business and provide the required documents.
• If one or more shareholders is a corporate entity a Memorandum of Association or Articles of Association for the corporate shareholder, notarized by the UAE Embassy in the origin country must be provided
• If one or more shareholders is a corporate entity a resolution from the board of directors of the corporate shareholder indicating the intent to establish a company in Dubai. This must be notarized by the UAE Embassy in the origin country.
• If one or more shareholders is a corporate entity a Certificate of registration, business license, or certificate of incorporation for the existing company. This must be notarized by the UAE Embassy in the origin country.
• Document establishing a physical address for the parent business.
• If you use a local agent (our firm*) to assist you with the process, the local agent must have a notarized Power of Attorney.

The authority may require additional documents at the time of registration. Proof of AED 50,000 (US$13,968) capital is required for each shareholder. License fee is AED 5,500 (US$ 1,506) and registration fee is AED 15,000 (US$ 4,109). There may be additional related fees.

Requirements for a Branch of a Foreign Company with an Individual Applicant

Setting up a branch of a foreign company requires these documents:

Additional documents may be requested by the authority at the time of registration. There is no capital requirement for a branch office. The license fee is AED 5,500 (US$ 1,506) per year. There is a one time registration fee of AED 5,000 (US$ 1,369). There may be additional related fees.

Requirements for a Branch of a Foreign Company with a Corporate Applicant

Setting up a branch of a foreign company requires below documents:

• A trade name must be registered for the new branch and proof of registration provided. Our firm (Push Digits) can arrange this for you.
• There must be initial approval from the authority before business formation activities begin. We* can help you apply for the initial approval and get the required document.
• Passport copies for the shareholders
• Managers must provide passport copies and C.V. (resume). The managers must have a university degree.
• A Personal Information Sheet must be completed for each shareholder and manager. We* can provide a template.
• A Memorandum of Association for the parent company (main branch) notarized by the UAE Embassy in the origin country.
• Articles of Association for the parent company (main branch) notarized by the UAE Embassy in the origin country.
• A resolution from the board of directors of the parent company indicating the intent to establish a branch office in Dubai notarized by the UAE Embassy in the origin country.
• A valid certificate of registration or trade license for the parent company from the appropriate authority in the origin country.
• A valid Chamber of Commerce certificate for the parent company
• A company profile of the parent company
• A suitable business/office space must be leased and proof of the lease provided with the application. We* will locate suitable space for your branch office and provide the required documents.
• Document establishing a physical address for the parent business.
• If you use a local agent (our firm*) to assist you with the process, the local agent must have a notarized Power of Attorney.

Required Documents for a Branch Office of an existing UAE Company

• Each shareholder must provide a passport copy
• The designated manager must provide a passport copy and a C.V.(resume) and have a university degree
• A Personal Information Sheet for each shareholder and manager. We* can provide a template.
• A trade name for the new branch must be registered and proof of registration submitted. We* can get this done for you.
• Before starting branch office formation activities you must obtain initial approval. We* can arrange this initial approval for you.
• The parent company must provide a Memorandum of Association and/or Articles of Association notarized by the UAE Notary Public.
• You must have a lease document specifying a suitable minimum office space for your new branch. We* can locate suitable office space and obtain required lease documents
• If you utilize the services of a local agent* to help you, that agent must have a notarized power of attorney
• A certificate of registration or trade license for the parent company. This must be notarized by the UAE Notary Public.
• A valid Chamber of Commerce certificate for the parent company.
• A company profile for the parent company. We* can help with this
• Physical address of the parent company

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