For investors, choosing the right free zone for your new business in the UAE can be an overwhelming task. There are around 45 free zones to choose from and the majority of the free zones outside the Emirate of Dubai offer comparative business activities which makes it even harder for the shareholders to decide which free zone is the most ideal for their business needs.
From our all-around comparison of these free zones, International Free Zone Authority (IFZA) is arguably a top choice for new businesses in the UAE for the following reasons:
IFZA is a unique opportunity in Dubai
As the free zone is new, investors aiming to acquire land and build their facilities may receive unique rates. These investments can generate significant long-term profit as proven by similar jurisdictions in other Emirates. Thus, if you are looking for a fast, simple, and remote business setup option, IFZA is the ideal place for you.
IFZA represents the ideal place for business activities
There are more than a thousand business activities operating in IFZA. An additional bonus is the fact that IFZA is one of the few free zones that allow you to combine consulting, services, and trading activities all in one license given they are in a related business field. For instance: IT consultancy, IT repair services, and IT equipment trading are accepted as one license with all activities listed.
Cheapest Free Zone in UAE
Since its initiation, IFZA has focused on giving the most competitive company formation packages in comparison to all other free zones. These packages are typically much lower in price considering the general pricing of issuance of licenses along with the costs of UAE residence visas. The company formation packages commonly include a maximum of three business activities selected by the shareholders.
There are five different license types offered by the free zone which are consultancy license, services license, trading license, general trading license, and holding company license. The free zone maintains a basic pricing structure for all license types making it simpler for anyone to carry out the calculations amongst all packages.
Easiest Company Formation Process
IFZA gives one of the most adaptable company formation processes available in the UAE. The entire process of the company formation can be completed remotely without the physical presence of shareholders or the individual in charge in the UAE. The application forms, memorandum, and articles of association can be signed and exchanged in scanned form. There is no requirement for any company formation documents to be submitted in original. This process makes IFZA a prime choice among shareholders who are residing outside the UAE.
Flexibility in Upgrading Licenses
IFZA company formation packages are generally split into categories ranging from zero visa allocations to six visa allocations. It offers adaptability to the shareholders to start from zero or one visa package and upgrade their license later to higher visa allocations depending upon their business and personal requirements later on.
At the time of the upgrade, the free zone charges only the difference in the government fee between the existing package and the new package.
This option gives a lot of flexibility to entrepreneurs allowing them to invest minimum costs on the company formation to launch their new business and only increase the quota for the UAE residence visas on their license if the need for such allocation arises.
IFZA Academy for Entrepreneurs
The UAE’s developing regulatory landscape may pose some barriers to entrepreneurs, so IFZA has taken the initiative to eliminate such obstacles by teaching the investors about the process of business setup in Dubai. IFZA Academy provides training to private entrepreneurs and existing companies regardless of whether they are present in the UAE or not. The training covers all significant aspects of company formation in Dubai including application, documentation, verification, licensing, visa issuing, office spaces, warehousing, and residential accommodation.
Trendy Office Space Solutions
IFZA Dubai revealed its cutting-edge facilities strategically built inside its new center at the Dubai Digital Park. The facilities are designed for entrepreneurs who are looking for energizing infrastructure to work. IFZA’s recent range of business solutions ranges from furnished Flexi Desks to customized Offices. Tenants can also profit from a selection of networking and social areas that help facilitate business relationships with other clients and companies incorporated within the free zone.
Corporate Bank Accounts
The corporate bank accounts for the companies incorporated in the free zone can be opened with any local banks in the UAE. Corporate bank accounts may be opened depending upon the personal profile of the shareholders, business activities of the company, and the UAE residence visa status of the shareholders and individuals in charge.
Access to DSO Infrastructure with IFZA License
IFZA has recently signed an agreement with DSO, which is an industry-specific free zone targeting IT companies, allowing the entrepreneurs with an IFZA license to operate from the DSO free zone. The cost of setting up a company in IFZA is lower than in DSO which gives investors business flexibility. Investors can enjoy elegant tech facilities at DSO with a cheaper trade license from IFZA.
Being one of the top capital cities to do business in, Dubai’s accomplishments continue to motivate people, making it one of the most favored destinations for global expats which now stand at more than two million. It is the choice for local and global organizations because of its strategic location, world-class infrastructures, and an assorted and easily accessible market offering low logistics and operational costs.
Company Formation in the IFZA is a quick & easy process, and our team of experts at Damalion can provide you with all the essential information, so let’s go ahead together and contact your Damalion expert to create your company in IFZA now.
