20 May, 2021

Simple Steps to Start Business in Dubai Gold and Diamond Park

dubai gold and diamond park business setup

DUBAI GOLD AND DIAMOND PARK

Diamond, and other precious stone traders to set up facilities and open office and retail stores to have a physical presence in the UAE. The Dubai Gold & Diamond Park is in the list of every tourist must-visit places in Dubai to buy gold. It houses a wide range of retail stores trading various metals, gold, diamonds, and other precious stones. Also, there is an extensive workshop and manufacturing facility to fulfill the requirements of the jewelers and meet customer demand effectively. The Gold and Diamond Park consists of an enclosed air-conditioned ground floor retail facility housing 37 retail shops that have all been leased out.

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.

HOW TO OBTAIN A GOLD TRADING LICENSE IN THE DUBAI GOLD & DIAMOND PARK?

To secure the necessary license for engaging in manufacturing, retail, eCommerce, professional services, or trading activities in Gold & Precious Metals within the Dubai Gold & Diamond Park, investors must adhere to the following steps:

  1. Obtain a Contract Agreement: Initiate the process by acquiring a Contract Agreement directly from the Gold and Diamond Park.
  2. Pay the Required Fees: Complete the necessary fee payment for leasing the physical unit, whether it’s an office space or a retail store.
  3. Apply for the Gold Trading License: Upon obtaining the lease agreement, proceed to apply for the Gold Trading License from the Jebel Ali Free Zone. It’s important to note that the Jebel Ali Free Zone serves as the governing authority responsible for issuing the Gold Trading License specifically for the Dubai Gold & Diamond Park.

By following these steps diligently, investors can obtain the essential license to operate within the Gold & Diamond Park, ensuring compliance with regulatory requirements and facilitating smooth business operations in the gold and precious metals industry.

Advantages of Business Setup in Dubai – Gold and Diamond Park

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.

Types of Licensing in Gold and Diamond Park

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.

Services Offered by DUBAI Gold and Diamond Park

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

Documents to Start a Business Gold & Diamond Park?

Starting a new business in the Dubai Gold and Diamond Park (DGDP) entails various types, each with its specific requirements. Here’s a breakdown of the essential documents and steps needed for each business type:

  1. Free Zone Establishment (FZE) with a Non-Corporate Applicant:

    • Register a trade name and obtain initial approval from the authority.
    • Provide passport copy of the owner/applicant and, if applicable, the manager.
    • Submit a completed Personal Information Sheet.
    • Lease a suitable business/office space.
    • Ensure a local agent has a notarized Power of Attorney.
    • Capital requirement: AED 100,000.
    • License fee: AED 5,500.
    • Registration fee: AED 10,000.
  2. Free Zone Establishment (FZE) with a Corporate Applicant:

    • Complete similar steps as above.
    • Additionally, provide a Memorandum of Association, Articles of Association, and other corporate documents.
    • Capital requirement: AED 100,000.
    • License fee: AED 5,500.
    • Registration fee: AED 10,000.
  3. Free Zone Company (FZCO):

    • Follow similar procedures as above.
    • Submit corporate documents if applicable.
    • Capital requirement: AED 50,000 per shareholder.
    • License fee: AED 5,500.
    • Registration fee: AED 15,000.
  4. Branch of a Foreign Company with an Individual Applicant:

    • Register a trade name and obtain initial approval.
    • Provide passport copies and CVs of the shareholder/applicant and manager.
    • Lease a suitable business/office space.
    • Capital requirement: None.
    • License fee: AED 5,500.
    • Registration fee: AED 5,000.
  5. Branch of a Foreign Company with a Corporate Applicant:

    • Complete similar steps as above.
    • Additionally, provide corporate documents of the parent company.
    • Capital requirement: None.
    • License fee: AED 5,500.
    • Registration fee: AED 5,000.

Required Documents for a Branch Office of an Existing UAE Company:

  • Passport copies and CVs of shareholders and manager.
  • Register a trade name and obtain initial approval.
  • Provide corporate documents of the parent company.
  • Lease a suitable business/office space.
  • Ensure the local agent has a notarized Power of Attorney.
  • Capital requirement: None.
  • License fee: AED 5,500.
  • Registration fee: AED 5,000.

These documents and steps are essential for setting up various types of businesses in the Dubai Gold and Diamond Park.

Are you ready to setup a business in Dubai with RadiantBiz – Business Setup Consultants in UAE? If you want to learn about starting business in UAE, you can contact us by calling +971 50 797 4832 or sending a WhatsApp message to +971 50 777 5554.