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.

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

From the Gold & Diamond Park

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.

Setting up a business is tricky work that needs to be done. All the tasks and duties need to be taken care of.

Assistance is also required to understand all the procedures and the laws. Projectfrpjsc provides all-round solution to all business setup queries whether it is an offshore, a mainland, or a free zone setup.

We are transactional banking and trade finance experts and will help you in managing your corporate bank account. We will guide you through the steps of obtaining a license with ease.

We have various packages to fit with your dream business and help to get the company that you desire to run.

New Company Formation Rules for Businesses in Dubai

On the light of recent policy changes, company/business set up dynamic has changed greatly. The new company formation rules for businesses in Dubai not only provide flexibility but efficiency and overall path to greater performance through a wider reach. Company setup or business setup in Dubai has never been easier. Let’s run down a few pointers on how the new policy reforms and changes have reflected on company formation rules for businesses in Dubai.

Dubai in demand as a Business Hub

With the recent changes, foreign companies and investors have seen a greater acceptance of flexi desk companies. It poses less of a challenge of having a physical residential address for initiating a corporate account in central banks.

Through this reforming not only have there been more company formation taking place but UAE as a region is providing a larger scope for companies to be set up in this current situation. uae free zone company formation will see a greater change of pace through this new implementation.

Business activities

Company formation in Dubai mainland is no easy feat. The ingredients to setting up a successful company not only relies on the beneficiaries but getting through and understanding various guidelines and policies. With many business ideas being brought to the table every now and then only a few are given the green signal when it comes to banking rules and other legalities.

To overcome this, companies may consult business setup consultant Dubai to run them through the process of bank approvals and other important formalities. As the market grows banks are inclined to approve companies with stronger and risk-free business ideas. However, if the right steps are taken this banking issues can be solved in no time with business consultants in Dubai.

Rules on taxes and laws

With the introduction of the Value Added Tax (VAT) in 2018, it’s safe to say that the offshore company formation in uae economy has seen a significant shift. Through VAT there has been a change in business operations and cash flow along with clientele relations. Creating greater opportunities VAT puts companies on the same page with their international partners.

As the new changes come into effect and have brought on new rules such as the 100% ownership for 122 economic activities, this creates a ripple effect of growth throughout the region. Thus, consolidating UAE as the business hub of the MENA region.

Through these changes not only will companies benefit from it but the UAE as well due to the influx of various businesses and companies wanting to set up in the booming economy such as the UAE. The current market becomes more feasible and viable for FDI and company formations thus making it the right time for you to invest in your company and change the game.

Setting up a Business in UAE

Business Setup in UAE is no easy feat and that too in the booming economy of the UAE. Many company formations in Dubai take place every year. Are you reading up on various business policies for your UAE Free Zone Company Formation? Projectfrpjsc provides solutions in regards to your company formation queries. We make your business setup in Dubai mainland dream come true. Let’s say you have done your research on the company licenses, banking policies, etc. but are still trying to find some insight on the challenges faced while doing business setup in UAE. Without further ado, let’s rundown some of the challenges faced while setting up a business in UAE.

Job Market

It’s pretty evident that in an economy like the UAE, the job market is quite competitive. This competitiveness results in versatility, which makes the market more convenient for various businesses. To survive in the UAE market you need the right footing. Understanding the ins and outs and you get an edge for your business/company.

Setting up a Company in UAE

For starting in a free zone company formation in Dubai, you must understand the regulations in regards to forming a company in the region, license formalities, banking prerequisites, visa, etc. The first step to set up your company would be to identify your business type and get an ownership license for that accordingly. Currently, the UAE offers licenses for three businesses namely, Free zone, Mainland zone, and Offshore zone. Each has its pros and cons. The general consensus seems to incline more on obtaining a mainland license renewal in Dubai since it provides much more flexible options such as tax rate, office space, doing business freely across the emirates, etc. But understand what your company needs and choose wisely.

Obtain and maintain the necessary documents and approvals. In the case of a local service agent for companies in the mainland zone, find a local sponsor who has a thorough knowledge of the market, tax rates, and various information that might otherwise not be available readily. You can always take assistance from consultants to make the whole process a lot smoother.

Visa and Permits

Every foreign company that decides to set up its base in the UAE needs to comply with the visa rules and regulations set forth by the General Directorate of Residency & Foreign Affairs and Ministry of Human Resource & Emiratisation. Companies employing foreign employees have to take care of the necessary visa norms diligently. Foreign workers not only require a working permit but a residential permit from the concerned authority in the UAE. This is why compliance to these jurisdictions must be followed through at all costs.

Tax Environment

Dubai is known for its tax-free economy but on the introduction of the Value Added Tax in 2018 by the Gulf Corporation Council (GCC) there has been a significant shift in how businesses have been conducted. The VAT is an indirect tax levied on consumer goods, such as food, healthcare, education, etc. at a 5% rate. Every region in the UAE and countries under the GCC are subject to this tax. Companies late on registration or not getting the VAT permit on time are fined duly for the tardiness. It is important that you understand these prerequisites, corporate and local tax may be very different. This is why you need to do your research and plan well ahead of time to avoid discrepancies.

Getting Known

You have established your life-long dream of business setup in Dubai and are feeling pretty good about it, rightfully so. But complying to all the prerequisites is not the only trouble you’ll have to go through. The legal portion is very important on its own. But making your brand stand out amongst a very lively economy is something you have to calculate quite well. Creating a name of your own in the industry is going to require a lot of engagement, collaboration, and effort. You have to play the odds for you not against. Understand the work and business culture around you and create quality relations with peers to be on the right foot.

Business Management

Managing your people and the work environment is at your hands. You steer this ship. Dubai has a diverse population with people from all over the world working, living, and, touring here. Focus your time on the work environment because a healthy work environment has an impact on productivity. Making the workplace culturally sensitive and aware allows employees to perform better. Apart from that, maintaining the workflow of your business is another crucial step. Wage Protection System (WPS) needs to be followed by employers rightfully and the payroll tax under the Ministry of Human Resource & Emiratisation.

Capital Management

Many companies in the UAE have to shill out for office supplies, space, administrative tasks, etc. this can put a damper on your capital. Capital management is without a doubt a definite challenge in any sector. Many startups fail every year due to poor capital management. Finding the right ingredient would be to find a local investor to manage company set up costs and requirements.

Time

Working days are different in the UAE compared to other countries as weekends are observed on Fridays and Saturdays. While some companies do operate on Saturdays, that doesn’t mean there is time to waste. Manage meetings, deadlines, appointments accordingly. Opening banking accounts take significantly more time, so plan it out appropriately.

These are a few of the challenges faced while Setting up a Business in UAE. However, it goes without saying that the UAE is one of the best places to set up a company. It provides ample exposure in terms of talent, culture, business prospects, etc.

Tell us what you think about the UAE as a business destination and an overall company ambience.

Trademark Registration in Abu Dhabi (UAE)

UAE provides world class company setup in Abu Dhabi infrastructure for businessmen to start their companies. This has led to an increase in competition in the market. Some companies have faced the issue of their brand name being copied, this impacted their business setup in UAE and customers. Trademark registration in Abu Dhabi (UAE) can prove useful in such situations.

What is Trademark ?

Trademarks are brand names or symbol or logo that helps in identification of goods or services that a particular company provide. A trademark can be a name, words, signature, letter, symbol, drawing, figure, inscription, image, or advertisement that distinguishes a set of products, goods and services from other similar ones provided by competitors. Benefits of trademark include protection of brand from copying and imitation.

Which trademarks can be registered in Abu Dhabi?

Certain limits have to be kept in mind when we do trademark registration in Abu Dhabi. If you want to register a United Arab Emirates trademark, it must not have any of the following:

• Offensive things
• Public symbols
• Other symbols that can be offensive
• Names of third parties
• Direct imitations of other well-known trademarks

How to register a trademark in Abu Dhabi?

To register a trademark in Abu Dhabi, one needs to follow the simple yet important procedure online through the ministry of economy website.

VAT in Abu Dhabi, other parts of UAE stands for value added tax and was introduced in UAE on 1st January 2018. The rate is 5 percent. It is considered a new source of income for the UAE. It will be utilized to provide high quality services to the public. It reduces the dependence of revenue on oil and other hydrocarbons.

Requirements for VAT Registration in Abu Dhabi and other Parts

Registration for VAT in Abu Dhabi and other parts of the UAE is compulsory if the taxable goods and other imports cross AED 375000 per annum. Registration for business setup service with imports and supplies exceeding AED 187500 per annum is optional.

How to Register for VAT in Abu Dhabi?

VAT Registration in Abu Dhabi can be done on the eServices section on the FTA website by creating an account first. VAT Registration User Guide provides detailed information on the same.

How is VAT collected?

Businesses registered with VAT collect the tax on behalf of the government. A 5 % increase in the cost of the goods is the VAT that the customers bear on the taxable goods in Abu Dhabi and other parts of the UAE as well. VAT registered company setup in Abu Dhabi pay 5 percent on supply of goods and services at every step of the supply chain. Tourists of Abu Dhabi are also required to pay VAT.

On which businesses VAT in Abu Dhabi apply?

VAT is applied on tax related businesses in Abu Dhabi Mainland or Abu Dhabi free zones. Goods transfer between the designated zones are tax free.

Filing a return for VAT

VAT registered business setup in UAE and people have to submit a ‘VAT Return’ to Federal Tax Authority at the end of each tax period. It summarizes the purchases made and show’s the person’s VAT liability.

Liability of VAT

Liability of VAT is the difference between the VAT charged and the VAT incurred on purchases in the same tax period. The former value is known as the output tax and the later as the input tax.

When the Input tax exceeds the output tax the person is entitled to set the excess tax recovered off against subsequent payment due to FTA. In case the opposite happens, the difference has to be paid to FTA.

How to file a VAT return?

A person or business needs to meet all the requirements for tax returns before filling the VAT return by filling the form. The form needs to be filled at the FTA portal online.

When do businesses need to file VAT returns?

Taxable businesses need to file for VAT returns within 28 days of the end of the tax period. The tax period defined for each type of business is different and according to the VAT that needs to be paid.

VAT return needs to be filled quarterly for businesses that have below AED150 million turn over per annum VAT return needs to be filled monthly for businesses that have AED150 million or above turn over per annum The FTA can allot a different tax period according to its choice for a certain type of business.

Not being able to file the VAT in a given time period is an offense and can lead to heavy penalties.

Implications of VAT

There are implications of VAT on individuals as the cost of living has increased depending on an individual’s lifestyle.

The implication on company registration in UAE is that it is now necessary to document every cost related to VAT charges. They must charge VAT on taxable services provided by them regularly.

This amount must be reported and paid to the government regularly. The reporting for the same is done in online mode.

On the light of recent policy changes, company/business set up dynamic has changed greatly. The new company formation in Dubai rules not only provides flexibility but efficiency and overall path to greater performance through a wider reach. Company setup or business setup in Dubai has never been easier. Let’s run down a few pointers on how the new policy reforms and changes have reflected on company formation rules for businesses in Dubai.

Dubai in demand as a business hub

With the recent changes, foreign companies and investors have seen a greater acceptance of flexi desk companies. It poses less of a challenge of having a physical residential address for initiating a corporate account in central banks. Through this reforming not only have there been more business setup in Dubai mainland taking place but UAE as a region is providing a larger scope for companies to be set up in this current situation. Company setup in UAE will see a greater change of pace through this new implementation.

Business activities

Dubai offshore company setup is no easy feat. The ingredients to setting up a successful company not only relies on the beneficiaries but getting through and understanding various guidelines and policies. With many business ideas being brought to the table every now and then only a few are given the green signal when it comes to banking rules and other legalities.

To overcome this, companies may consult business setup consultant Dubai to run them through the process of bank approvals and other important formalities. As the market grows banks are inclined to approve companies with stronger and risk-free business ideas. However, if the right steps are taken this banking issues can be solved in no time with Projectfrpjsc.

Rules on taxes and laws

With the introduction of the Value Added Tax (VAT) in 2018, it’s safe to say that the UAE business economy has seen a significant shift. Through VAT there has been a change in business operations and cash flow along with clientele relations. Creating greater opportunities VAT puts companies on the same page with their international partners.

As the new changes come into effect and have brought on new rules such as the 100% ownership for 122 economic activities, this creates a ripple effect of growth throughout the region. Thus, consolidating UAE as the business hub of the MENA region. 

Through these changes not only will companies benefit from it but the UAE as well due to the influx of various businesses and companies wanting company formation consultants in Dubai in the booming economy such as the UAE. The current market becomes more feasible and viable for FDI and company formations thus making it the right time for you to invest in your company and change the game. 

Projectfrpjsc

Having the right brain and team behind your company is a vital part of company setup. You might be new to it or need to know the current market status to take the right steps to ensure absolute success, that’s where Projectfrpjsc comes into play. Projectfrpjsc provides the right tools to ensure you the best choice for business setup in UAE. Having successfully assisted in setting up 1000+ companies Projectfrpjsc is the right place for your business needs and your wish to starting a business in Dubai.

Free zone

Free zone companies are those which are licensed to practice in the same free zone or internationally. Mainly used for imports/re-exports, free zone companies must follow special jurisdictions issued by the authorities concerned. The free zone is one of the preferred ways for expatriates to do business setup in Dubai.

Offshore zone

Offshore business setup in Dubai enjoy a majority of the perks of the free zone but the significant difference between the two is anonymity. Offshore companies enjoy a much more flexible structure as it allows them to keep details anonymous, unlike free zone. They also enjoy similar perks of ownership, like freezone. They are generally used as an asset for other companies working in or outside UAE.

Difference between free zone & offshore

The difference between free zone & offshore are as follows:-

 

	FREE ZONE	OFFSHORE ZONE
Scope of business	Does not allow direct trade in the local market however in case one does wish, they are required to pay 5% duty for the local market invoices. Apart from that free zone companies may do business in the same free zone or internationally.	Offshore companies are also registered under free zone however they must not be substituted for free zone. Offshore companies enjoy many benefits of the free zone except for the fact that offshore companies may conduct their business activities externally and not inside the country.
Ownership	Free zone companies enjoy 100% ownership	Offshore companies also enjoy 100% ownership over their business
Office space	Depending on the needs a company may or may not decide on leasing an office space. Companies can remain active through Flexi desks/smart offices.	Companies under the offshore zone are not allowed the option of renting an office space as is the address of the company
Visa Facility	In general free zone companies are issued 2 visas with 3-6 being issued as well. However, an office space must be leased to avail more visas	No visas are issued for companies under this zone. Neither are letter of credits.

Why Projectfrpjsc is the best choice for free zone & offshore company registration

Projectfrpjsc is the best choice for your new company formation in Dubai because

• We assist our clients with all the nitty-gritty details of company administration. We help you with your business formation in Dubai.
• We provide the best resources to help you determine the right solutions for your business needs. We are your one-stop solution to setting up your business in the UAE.
• We provide solutions for PRO services, VAT, auditing, accounting, etc.
• We help our clients to choose the right bank for their everyday transactions. Aiming to make them more flexible and quicker for your Dubai business setup procedures.
• We have great consultants that help our clients budget their options in the most effective way to set up and operate their offshore company formation in UAE on the right foot with the right financial foothold.
• We also focus on website designing, and digital marketing as we choose the right tool for your business growth.