Dubai is the most business-friendly emirate in UAE. It achieved this status especially with the extensive use of free zones that provide complete foreign ownership and tax-free environment to foreign investors. Dubai is currently holding 27 free zones out of a total 45 in the UAE. Few of these free zones in Dubai accommodate a wide range of businesses while others are exclusive to a single type of business. One such free zone is the Dubai Gold & Diamond Park which is exclusive for companies related to jewelry and gemstones.
Dubai is known as a city of gold due to the presence of Dubai gold souk. But the business of gold and jewelry in Dubai is not limited to this souk. It is very famous and one of the oldest jewelry markets in the Middle East. Foreign entrepreneurs related to gold, diamond, gemstones and jewelry business can get maximum benefit by shifting their business to related free zone, Dubai Gold & Diamond Park.
The Dubai Gold & Diamond Park was established in 2011 and is located at Sheikh Zayed Road. The park has 118 purpose-built manufacturing blocks that also include 350 offices and many more retailer shops for entrepreneurs, and jewelers.
Benefits of company formation in Dubai Gold & Diamond Park
Following are few important benefits available in the specific free zone that makes it a favorite destination for entrepreneurs and traders related to gold and jewelry business around the world.
- Dubai Gold & Diamond Park is, in fact, an extension of the world’s largest free zone, JAFZA. It provides same facilities to Gold and Diamond Park that are available in JAFZA. Visa application and processing for persons related to Dubai Gold is also assisted by JAFZA.
- Like other free zones, there is 100% foreign ownership allowed along with complete repatriation of profits for company owners and workers.
- Dubai Gold is unfortunately not exempted from the recently introduced VAT (value-added tax) but there is no other tax applied on this specific free zone.
- Company owners are allowed to hire expatriate workers for cost-efficient running of their businesses.
- Dubai Gold is located at a strategic location at Sheikh Zayed Road in the proximity of Dubai International Airport and Jebel Ali Port.
Types of licenses available in Dubai Gold & Diamond Park
- Trading license
- National Industrial License
- E-Commerce License
- Manufacturing License
- Service License
- Retail License
These are few important reasons that distinguish Dubai Gold & Diamond Park from other jewelry markets including the traditional gold souk (market) in Dubai. Apart from the existing space, the work is underway for expansion of the said free zone after which several more entrepreneurs from around the world will be able to take advantage of the Dubai Gold & Diamond Park.
If you want to start a business in Gold & Diamond Park, then you need to submit various documents in respective authorities. In order to complete this whole procedure conveniently, you can contact Riz & Mona Consultancy via WhatsApp # 971-56-9971225 for complete assistance in establishment of your business.
Dubai Gold & Diamond Park is an exclusive free zone for the traders and entrepreneurs of gold, diamond and jewelry market. It is important due to free zone benefits
