IFZA Free Zone (or IFZA) is one of the recent additions to the free zones in the UAE. It is governed and regulated by the government regulatory body known as the International Free Zone Authority.
IFZA gained an outstanding reputation among entrepreneurs and new businesses being established in the UAE and quickly emerges as one of the most reliable and cheapest free zones in Dubai. The jurisdiction is known for offering packages adapted to suit the necessities of anyone looking for competitive pricing to set up a Dubai free zone company. Besides the pricing aspect, IFZA provides Dubai free zone company formation with the highest criterion.
IFZA offers flexibility to foreign investors and non residents
IFZA doesn’t require the shareholders to travel to its offices for signing any application forms or the memorandum and articles of association for the incorporation of the company. The whole process of company formation can be completed remotely irrespective of the location of the shareholders, and the free zone company formation with IFZA can be completed within 3 working days.
With a range of advantages to offer, it is all set to become a leading, best-in-class investment hub that is sure to help the UAE economy flourish further.
The free zone is strategically located to offer easy access to the flourishing markets. Additional benefits of setting up a free zone company here include simplified procedures and open access to major shipping routes and ports.
The free zone has set up a thorough process to guarantee that it takes care of the end-to-end process for the company formation as well as the issuance of residence visas in a seamless manner. There is no requirement for a paid-up capital to be deposited into a bank account for setting up the company in this free zone, and bank accounts for IFZA free zone companies can be opened with almost all banks in the UAE.
Additionally, IFZA offers flexible workspace options in the form of desks, private offices, and office suites. IFZA is located in the Emirate of Dubai with offices in Dubai.
International Free Zone Authority: Dubai’s rising star in free zones
What are free zones and what is IFZA?
Free zones are important economic zones set up with the objective of offering tax concessions and customs duty benefits to entrepreneurs and business owners. Free zones in the UAE were initially rolled out to improve global business in the UAE by offering various benefits, e.g 100% foreign company ownership. There are presently around forty-five free zones across the UAE, and amongst these, one of the most prominent free zones is International Free Zone Authority (IFZA).
Founded in Fujairah, IFZA has always been on track to become a central investment hub for both international and local business owners.
IFZA has partnered with Dubai Silicon Oasis Authority, which governs the Dubai Silicon Oasis technology free zone. Under the terms of the agreement, IFZA companies can operate out of the Dubai Silicon Oasis, providing for a greater alliance with technology companies in the UAE.
IFZA encompasses service standards on a global level guaranteeing that each client has the best company set up and aftercare services conceivable.
IFZA in Dubai
The purpose of IFZA Dubai is to guarantee that global entrepreneurs find a place they can call home. It gives an innovation-focused ecosystem and is part of Dubai’s plans to become the capital city of the world.
Dubai offers a multitude of advantages to international investors. Dubai is home to 3.4 million residents, and over 60% of the world’s population is accessible within 8 hours or less by flight from the Dubai International Airport. As the majority of the UAE’s population consists of expatriates, you will be in very good company. Thus, the UAE is the most ideal place to set up a business, and IFZA Dubai provides the proper location for your business.
What businesses can be set up with IFZA in Dubai?
Companies with the subsequent license types can be set up with IFZA in Dubai:
- Professional license: it provides consultancy, technical and other services to business professionals across all industries.
- Commercial license: it allows the import, export, distribution, and storage of items specified on the license.
- Industrial license: for the import of raw materials followed by production, re-production, manufacture and packaging of products, and export.
At IFZA Dubai, you can also register a branch of your company if it has been previously incorporated outside the UAE. The only condition is that the business activity undertaken by the branch must correspond with the business activity of the parent company.
What are the benefits of setting up a company with IFZA in Dubai
- Strategic Location in Dubai Providing World-Class Access to Global Markets
- Business License Assured
- Commercial, Professional, and Industrial Activities under a single IFZA Business License
- Competitive General Trading License Available
- Setup IFZA Company with Fast and Efficient Company Incorporation Procedures
- Ability to incorporate holding companies.
- No requirement for physical offices.
- Extensive range of business activities.
- Very competitive prices.
- No Need of Paid-Up Share Capital
- Shareholders’ physical presence isn’t required to incorporate a company.
- Zero foreign currency restrictions.
- 100% repatriation of company profits.
- Various visa and non-visa packages are available.
- IFZA offers a range of office solutions including individual desks, private offices, and customized office suites.
What are the steps for setting up a company with IFZA?
One is obliged to take the following simple steps to set up your company with IFZA:
- Your Damalion expert introduces your request
- Documentation
- Authorization and processing
- Issuance of license.
Documents Needed to Procure a Business License in IFZA free zone
Following is a list of documents required for the IFZA Free Zone Company Formation in Dubai:
- A duplicate of your passport.
- Passport size photo.
- Evidence of entry or UAE visit visa
Other initiatives of IFZA
IFZA aspires to become an environmentally conscious free zone and operates responsibly regarding carbon footprints to pose a minimal detrimental effect on the environment. To do this, IFZA is presently focusing on five initiatives, including the use of wind energy, the use of solar energy, effective insulation of buildings, the introduction of a paperless system, and only using suppliers with a well-established carbon footprint.
Main Advantages of IFZA Free Zone
Here are some of the central benefits of setting-up free zone companies with IFZA, Dubai, UAE:
- Exclusion from corporate and income taxes.
- 100% foreign ownership allowed.
- No requirement for an annual audit report.
- License modification services.
- License upgrade and downgrade services.
- Document attestation.
- Immigration services.
- Holding company structures available with reasonable formation cost.
- Three years UAE residency visas for shareholders and employees.
- Effortless bank account opening with UAE banks.
- Minimum documentation required for company formation.
- No requirement for guarantee deposit for employee visas.
- Liabilities are limited for company setup in IFZA Dubai.
- Grants opportunities to initiate business with other free zone and mainland companies.
- Avail of 0% income tax.
- Deposit is not mandatory for an employment visa.
- Remote registration of the company
- Convenient world time zone: GMT+4
Compared with other free zones, IFZA is one of the cheapest free zones in the UAE.
IFZA Free Zone License Types
International Free Zone Authority, Dubai offers over 1,000 business activities to the companies incorporated in the free zone. These license activities can successfully serve small start-ups to large multinational companies.
The types of licenses offered by the free zone include the following:
- Commercial license
A commercial license provides you with the essential legal rights to initiate import, export, storage, and distribution processes.
- Industrial license
An industrial license is relevant for those companies who wish to import raw materials in their vicinity. It enables you to start a business in the manufacturing and processing of a few assigned goods.
- Professional license
Consultancy businesses and service providers are required to have professional license issues for them.
- Consultancy license
To give expert consultancy services to professionals you must have a consultancy license in IFZA.
- Service license
Production and transportation of services are the main activities authorized for those who have service licenses issued under their company’s name.
- General trading license
A broad range of services and trading opportunities become available to you if you own an IFZA general trading license.
Setting up Company with IFZA Free Zone: Entrepreneurs’ choice
Entrepreneurs are the top classification of investors who set up new ventures to bring new ideas to life with various products and services through a creative approach. They take calculated risks and look to set up companies with low incorporation and maintenance costs to minimize the initial investment, and if the new venture becomes successful, they initiate an effective method to expand the business.
IFZA Free Zone is the most popular option among entrepreneurs given the cheapest company formation packages offered. Entrepreneurs set up businesses with IFZA and then gradually improve their formation packages to increase the number of visa allocations keeping in view their employee count. These businesses often expand to companies in mainland areas in Dubai and other Emirates to meet growing customer demand.
Situated in the heart of Dubai, the IFZA is soon set to become a fundamental investment hub within the developing economy of the UAE presenting a highly tailored approach combined with beneficial international service standards and cost-effective solutions for entrepreneurs.
Ready to incorporate your company in the IFZA?- Let’s go ahead together and contact your Damalion expert now to setup your company in Dubai IFZA Free zone.
