What are free zones and what is Dubai IFZA?
Free zones are unique economic zones set up with the goal of offering tax concessions and customs duty advantages to investors and entrepreneurs. Free zones in the UAE like Dubai International Free Zone Authority (IFZA) were initially rolled out to promote international business in the UAE by offering advantages such as 100% foreign company ownership. There are presently around forty-five free zones across the UAE. Amongst these, one of the most famous free zones is International Free Zone Authority (IFZA).
International Free Zone Authority (IFZA) is One of the most cost-effective free zones in Dubai. Situated in one of the dynamic gates of the UAE. IFZA is an incredibly competitive free zone for company formation in Dubai.
For the local and global companies, Dubai IFZA provides suitable platforms, infrastructure, and locations that optimize the advantages of the UAE’s strategic geographic location, world-class infrastructure, and business-friendly atmosphere.
In the UAE, the International Free Zone Authority is quickly becoming a major investment hub. The IFZA, in alliance with the Dubai Silicon Oasis Authority, Offers a highly customized Company formation Package for entrepreneurs.
What businesses can be set up with IFZA in Dubai?
Companies with the following license types can be set up with IFZA in Dubai:
- Professional license: providing consultancy, technical and other services to business specialists across all industries.
- Commercial license: allows for the import, export, distribution, and storage of commodities specified on the license.
- Industrial license: The importation of raw materials followed by production, re-production, manufacture and packaging of products, and exporting.
- Service License: authorizes manufacturing, re-production, transformation, and delivery of services.
- Consultancy License: offering specialized and professional consultancy services for professionals.
- Trading License: allows the licensee to trade items detailed on the trade license.
- General Trading License: enables the licensee to trade a larger range of products.
- Holding License: permits the holding of independent assets or shares in other companies.
- Branch: Foreign incorporated companies may register a branch with IFZA, Dubai, and the activity of the branch should be exact to the activity of the parent company.
What are the advantages of setting up a company with IFZA in Dubai?
Some of the main benefits that IFZA offers include:
- Fast registration and license issuance.
- Capacity to incorporate holding companies.
- No requirement for physical offices.
- Broad range of business activities.
- Exceptionally competitive prices.
- Shareholder’s physical presence isn’t required to incorporate a company.
- 100% foreign ownership, and exemption from corporate and income taxes.
- Zero foreign currency limitations.
- 100% repatriation of company profits and capital.
- Several visa and non-visa packages are available.
- Do business with various global companies located in Dubai.
- IFZA offers an extensive variety of office solutions including individual desks, personal offices, and customized office suites.
Along with company setup, IFZA additionally offers the following services:
- License amendment services.
- License upgrade and downgrade services.
- Document attestation.
- Immigration services.
The steps for setting up a company with IFZA
One is expected to take the following simple steps to set up a company with IFZA:
- Placing an order
- Documentation
- Authorization and processing
- Issuance of license.
Documents Required to Obtain a Business License in IFZA free zone
Below is a rundown of documents required for the IFZA Free Zone Company Formation in Dubai:
- Copy of your passport.
- Passport size photo.
- Proof of entry or UAE visit visa
Creating your company in IFZA is a quick & simple process. If you want to set up your company in Dubai International Free Zone Authority, let’s go ahead together and contact your Damalion expert now.
