20 May, 2021
Gold and Diamond Park is a free zone in DUBAI city that was founded in 2011. It is located on Sheikh Zayed Road. DUBAI Gold and Diamond Park is one of the popular tourist spots. Gold and Diamond Park has a collection of jewelry, precious stones, gemstones, gold, silver, platinum, and many other accessories & ornaments. It was built to provide a set of all the precious jewels in the world in a single room.
It is an Exclusive and luxurious place that provides all the necessary requirements for a business enterprise, especially in the jewelry and gemstones sector.
The Gold and Diamond Park DUBAI provides for all the needs of a business firm. The park has all the benefits like total freedom for foreign ownership, 100% repatriation of capital and profits, no corporate tax or personal income tax, A good location within the heart of DUBAI with easy access to all areas, 24/7 operational freedom, and many others.
The regulatory body of the park provides various licensing options like:
1. Trading License– The owner is authorized to carry out any type of trading activity in the Gold and Diamond Park.
2. Manufacturing License– The owner is allowed to carry out manufacturing activities.
3. Retail License- The owner is allowed to open a retail outlet by leasing the same in the Gold and Diamond Park, DUBAI.
4. Service License- Allows a person to provide professional services in DUBAI Gold and Diamond Park
5. E-Commerce License- Allows the owner to sell any commodities online and provides services online through a website.
6. National Industrial License- Allows the owner to open up an industry anywhere in the free zone.
There is a wide range of services offered by Gold and Diamond Park. Some of them are mentioned as under-
· Manufacturing units are available
· Presentable offices for all types of businesses
· Options for the retail sector as well
· Hallmarking will soon be implemented for all gold manufactured and sold
The Gold and Diamond Park DUBAI Free zone follows a systematic approach towards company registration. Any type of company or firm is free to open a business in the park by following a few steps:
1. Obtain a lease agreement from the management authority.
2. Decide on the type of license needed. An application form needs to be submitted along with the following documents to JAFZA in DUBAI:
· The Memorandum of Association (MOA) and Articles of Association (AOA) or partnership agreement deed (in case of a partnership firm)
· Photocopied lease agreement
· Licensing fee payment proof
3. Certificate of Incorporation and a letter which while setting up any business need to be submitted to the Bank are issued by JAFZA. These are needed to open a corporate bank account.
4. 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.
5. The letter of confirmation should be submitted to JAFZA personnel and a business license will be issued.
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