Dubai Gold & Diamond Park
Established in 2011, with the aim of becoming a treasure trove of some of the world’s finest jewellery, gemstones, precious stones, gold, silver, platinum and high-end personal accessories, Gold & Diamond Park continues to attract numerous tourists and residents alike. Conveniently located on Sheikh Zayed Road, Gold & Diamond Park offers an array of spectacular Jewellery and bullion worth millions that can be admired, reviewed and purchased everywhere you turn, and customers can even choose to have their own designs custom-made at the hands of superbly skilled and experienced artisans.
With over 90 leading retailers and brands to choose from, a truly diverse range of options is available for the asking. A unique and thoughtful combination of not merely retail space but also 118 purpose-built manufacturing blocks, Gold & Diamond Park presents an advantageous proposition to jewellers and businesspeople in search of premium commercial leasing opportunities, including 350 offices, a courtyard and a selection of cafés and restaurants.
Business benefits in Gold & Diamond Park:
- 100% foreign ownership.
- 100% foreign ownership.
- No Corporate taxes.
- No income taxes.
- Strategic location within the heart of Dubai with easy access to all areas.
- 24/7 operational freedom.
- Hiring of expatriate workers.
- Central air conditioning plant connections to each unit.
- Central gas distribution system to each unit.
- Healthy purpose-built work environment with proper ventilation systems, exhaust facilities and provision of acid disposal waste collection.
- 24 hours, 7 days a week security personnel & video surveillance, fire alarms and fire defense systems.
- Excellent retail center facilities and atmosphere, serving tourists and shoppers.
Types of licenses:
- Trading license.
- Manufacturing license.
- Retail license.
- Service license
- E-commerce license.
- National industrial license.
- Innovation license.
- Off-shore registration license.
Value Added Tax (VAT):
Value Added Tax (VAT) has been introduced across the UAE on 1 January 2018 at a standard rate of 5%.
Who should register for VAT?
A business whether situated in designated zone or non-designated zone or outside free zone should register for VAT if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000 within preceding 12 months or it is anticipated that the total value of taxable supplies exceed AED 375,000 in the next thirty 30 days. Upon registration, a tax registration number (TRN) would be issued to business by the Federal Tax Authority.
What is a designated zone?
A Designated zone is a specified fenced geographical area having security measures and customs controls in place to monitor entry and exit of individuals and the movement of goods to and from the area. Following free zones are declared as designated zones.
a. Free Trade Zone of Khalifa Port
b. Abu Dhabi Airport Free Zone
c. Khalifa Industrial Zone
d. Jebel Ali Free Zone (North-South)
e. Dubai Cars and Automative Zone (DUCAMZ)
f. Dubai Textile City
g. Free Zone Area in Al Quoz
h. Free Zone Area in Al Qusais
i. Dubai Aviation City
j. Dubai Airport Free Zone
k. Hamriyah Free Zone
l. Sharjah Airport International Free Zone
m. Ajman Free Zone
n. Umm Al Quwain Free Trade Zone in Ahmed Bin Rashid Port
o. Umm Al Quwain Free Trade Zone on Sheikh Mohammed Bin Zayed Road
p. RAK Free Trade Zone
q. RAK Maritime City Free Zone
r. RAK Airport Free Zone
s. Fujairah Free Zone
t. FOIZ (Fujairah Oil Industry Zone)
What is a non-designated zone?
Any free zone which is not declared as designated zone is a non-designated zone. In other words a non – designated zone is any geographical area within UAE which does not have any security measures and custom controls in place to monitor entry and exit of goods and individuals. Eg. DMCC, Dubai Media city, DIFC and Dubai Internet city.
What transactions are subject to VAT within Designated zones?
a) Goods transferred between designated zones shall not be subject to VAT. However goods supplied by an entity in the designated zone to entities outside the designated zone are subject to 5% VAT.
b) Services provided by an entity to other entities inside the designated zone or outside the designated
zone are subject to 5% VAT.
c) Professional fees for services are subject to VAT @ 5%.
What government/free zone fees (License/Visa/rent) are subject to VAT?
In case of designated zones the trade license fees, visa fees, lease rentals will not be subject to VAT. And in case of non-designated zones the trade license fees and visa fees are not subject to vat however rent is subject to 5% VAT.
If you need additional assistance or have any questions, please contact the following:
Tel: +971 4 343 8022