Gold and Diamond Park was launched in 2011 and is the largest free zone dedicated to gold and diamond jewelers in Dubai. The park is also among the largest business hubs in the Middle East dedicated to jewelry buyers and investors. Some of the most renowned jewel manufactures are operating in the Dubai Gold and Diamond Park at the moment. The Gold and Diamond Park has benefitted from the Dubai Government, Ministry of Defense and the Department of Tourism and Commerce’s support from its establishment. There are over 90 jewelry shops and over 100 manufacturing facilities operating in the Dubai Gold and Diamond Park at the moment.
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Operating in the Dubai Gold and Diamond Park
Foreign investors may operate as manufacturers, retailers or traders in the Gold and Diamond Park in Dubai. No matter the type of business they decide to set up, there are two common steps required for all types of operations:
- obtaining a lease agreement from the management of the Dubai Gold and Diamond Park,
- applying for a business license with the Jebel Ali Free Zone Authority (JAFAZA) in Dubai.
In order to start the business operations in the Dubai Gold and Diamond Park, the following documents must be submitted with the JAFAZA:
- the partnership agreement or memorandum and articles of association of the Dubai company,
- the copy of the lease agreement,
- proof of licensing fee payment.
Based on these documents, JAFAZA will release the certification of incorporation for the company and a letter to be submitted to the Dubai bank, where the corporate account will be opened. After that, the bank will issue a letter confirming the deposition of the required share capital. Based on the letter, JAFAZA will issue the free zone license.
For information about the required share capital for setting up a company in Gold and Diamond Park, you may ask our company incorporation agents in Dubai.
Why open a company in Dubai Gold and Diamond Park?
Among the advantages foreign investors will benefit from, when registering a company in the Dubai Gold and Diamond Park, are:
- full foreign ownership is allowed,
- no income or corporate taxes under specific conditions,
- full repatriation of profits,
- easy access to all other areas in Dubai,
- the possibility to hire foreign personnel.
For complete information about the facilities provided to foreign businessmen in Gold and Diamond Park, you can contact our agents in Dubai.