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Business Setup In Gold & Diamond Park

The Gold & Diamond Park established in 2011. It is the destination for every jeweler and for those with a penchant for jewelry but also for savvy businessmen seeking extra amenities and features in office leasing. Conveniently located on Sheikh Sayed Road, Gold & Diamond Park is a must-see to every discerning shopper and a must-go in every tourist’s list. This specialty mall has the unrivalled selection of 90 leading retailers and recently opened another expansion that now offers 118 manufacturing blocks and commercial space for over 350 offices.

Gold & Diamond Park caters to the special needs of the gold and jewelry industry. The set-up includes workshop areas complete with the features and amenities specifically for the requirements of the jewelers. In addition, Gold & Diamond Park recently launched leasing of office spaces to other business professionals seeking more value on their investment.
The above mentioned contents was copied from the site of Gold & Diamond Park
 

Documents Required for Gold & Diamond Park Company Formation

  • Passport Copies for the shareholders.
  • Passport copies and C.V. (Resume) for the Manager.
  • Personal Information sheet for each shareholder and manager (Template will be forwarded by Farahat & Co).
  • Proof of trade name reservation (Part of the process – task of Farahat & Co).
  • Proof of initial approval for the activities (Part of the process – task of Farahat & Co.
  • Notarized Memorandum of Association (MOA), Article of Association (AOA) (Farahat & Co will draft it for you, and will assist you in order to get them notarized by a local notary Public). In case the shareholders can not appear in front of the local notary , they can appoint us ( Farahat & Co ) as a legal representative so that we will be able to act on their behalf
  • Notarized and attested Power of Attorney appointing Farahat & Co as your legal representative so that they can act on your behalf/ on behalf of the shareholders. (Template will be forwarded by Farahat & Co).
  • Lease agreement (a document). Showing a physical address for your new business. Having a physical address is mandatory for onshore business in the UAE. The minimum space required is 550 sq. ft. (around 60 sq. m). Your registration agent Farahat & Co can assist you while searching for your physical address. Clients should not enter in any lease contract before we get the initial required approvals
  • Capital – We suggest a minimum authorized capital for AED 150,000 (US$ 41,000 approximate). Capital structure as follows: 51% to be registered for the name of the local citizen “partner” and 49% to be registered for the foreign partner partners. This formula can be changed by the Ministry of Economy upon at the request of the investors , and the Ministry will look into the matter , The Ministry will assess and evaluate and  they will  agree in case of the Business / the project  will add material value to the state / country economy .  Depositing / paying the authorized capital are not mandatory in most cases.

Additional requirement applicable for corporate shareholders (Legal Pearson)

  • Board resolution to be resolute by the board of directors for your existing company/entity at place of origin expressing their intent for establishing a new setup abroad.  Must be attested by the U.A.E embassy. (Template will be forwarded by Farahat & Co)
  • Certificate of registration or   Business license or Certificate of Incorporation for your existing company/ entity at place of origin, must attested by the U.A.E embassy.
  • Memorandum of Association (MOA) for your existing company/entity at place of origin.  Must be attested by the U.A.E embassy.
  • Article of Association (AOA) – IF ANY - for your existing company/ entity at place of origin must be attested and notarized by the U.A.E embassy.

Note:

  • there are cases may require documents and other requirements may be requested by the concerned party later
  • In some business  activities ,  such as : Health Care , law firm, Education Training ,Transportation, Construction and contracting, Engineering consulting, ….. Etc. , no objection and permission will be required as mandatory requirement. If your business requires such pre approvals and or permissions, there will be an additional cost and additional professional fee for Farahat & Co.

Setup in UAE-Gold & Diamond Park
Table of estimated government cost & professional fees
Trade License option / activity Cost in US$ Cost in AED
Industrial License US$ 2,570 AED 9,375
Commercial License
Specific Trading US$ 2,570 AED 9,375
Oil & Gas US$ 3,425 AED 12,500
Real Estate US$ 5,135 AED 18,750
Aviation US$ 5,135 AED 18,750
General Trading License US$ 5,135 AED 18,750
Service License
Specific Services US$ 2,570 AED 9,375
Oil & Gas US$ 3,425 AED 12,500
Freight Forwarding US$ 2,910 AED 10,625
Real Estate US$ 5,135 AED 18,750
Aviation US$ 5,135 AED 18,750
Our Firm Professional Fees US$ 5,000 AED 18,365
 
ATTENTION - NOTE
The exact government cost will be determined by the concerned authority at the time of applying. There might be additional requirement during the process.
Our Professional fees covers consultation sessions, drafting of legal documents in English and Arabic, introducing reliable local citizen service-agent when required, supporting indocuments Notarization from the local notary public, assisting in bank account opening,and applying to the Concern authorities on your behalf.
 

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