The International Free Zone Authority (IFZA) is located in the Emirate of Dubai.
As an entrepreneur or investor, if you are looking for options on how to start a business in Dubai, you may look at IFZA. IFZA is one of the most credible and cheapest free zones in Dubai, UAE. The jurisdiction is popular for offering packages modified to suit the needs of anyone looking for competitive pricing to set up a Dubai free zone company.
The advantages of setting up a free zone company in IFZA include simplified procedures and open access to major shipping routes and ports.
Being adjacent to Dubai International Airport, the IFZA provides a strategic position, with proximity to the world’s major shipping routes, ports, and airports, which makes it a perfect site for Dubai free zone company formation. Moreover, IFZA has a vast choice of packages.
IFZA facilities
International Free Zone Authority IFZA offers a wide range of office solutions, which are located in Dubai in the Silicon Oasis area. These office solutions include:
Flexi-desks
- Flexi desk & Flexi desk+: these are furnished dedicated desks located in the free zone. There is no time restriction on the usage of these desks.
Offices
- Dedicated office, Private office & Personalized office- Office packages include, WIFI, Furniture, Electricity, AC, Access to printer, scanner, and copy machine, and Usage of a meeting room
IFZA activities
IFZA provides a wide range of business activities for business owners. Also, IFZA allows up to 7 activities under one license. The licenses issued by the IFZA are as follows:
- Consultancy license
- General trading license
- Service license
- Trading license
- Industrial license
- Holding license
IFZA also allows for activities from different categories to be mixed.
Although IFZA does not recognize e-commerce as a separate activity, one can still sell goods on online platforms with an IFZA general trading license. All business activities authorized in IFZA are taken from the Dubai Department of Economic Development (DED).
IFZA License
IFZA license costs are highly reasonable. The business setup cost in IFZA starts from AED 13,900 for the nonvisa package, and these packages range from zero visa packages to 6 visa packages.
- License renewal in IFZA
The renewal process of businesses in IFZA is easy and straightforward. In order to finalize the process of renewal for your company in IFZA, you will need to pay the renewal fee which is the same price as the first-year license registration cost, and submit the signed lease agreement for your facility. Also, if you want to make any changes in your company during the renewal, there are no amendment charges. This license renewal process can be done through an agent without being present in the UAE.
Company formation in the IFZA
Company formation in IFZA is fast and straightforward and can be completed within a few days.
The required documents for setting up a company in the IFZA are as follows:
- Passport copy of the owner
- Visa copy
- Emirates ID copy
- Two colored passport sized photographs with white background
- Residential address and phone number
IFZA business setup step-by-step process
The process of setting up your company in Dubai International Free Zone Authority involves the following steps:
- Placing an order.
- Documentation
- Authorization and processing
- Issuance of license.
After registration, the documents provided are the Trade License, Certificate of incorporation, Memorandum of Association, Articles of Association, and Lease Agreement.
The business setup process in IFZA can be done remotely, personal presence is not mandated for the company formation.
IFZA Visa features
- IFZA visa costs start from AED 3750.
- IFZA visa processing is quite simple and can be processed remotely.
- The visa processing in IFZA does not require health insurance, and the visas of company owners and employees are valid for 3 years.
- Citizens from high-risk countries can set up their businesses in Dubai because immigration restrictions in the UAE are minimal.
- For individuals who want to bring his/her family to the UAE and open dependent visas for them, there are some specific requirements to satisfy.
The IFZA is constantly coming up with promotions and with improved pricing to help investors looking to get started with company formation, so this jurisdiction is highly beneficial for entrepreneurs and investors.
Company amendments in the IFZA
In the IFZA, if company amendment is done outside of the renewal process, a fee will be charged. But, customers have the benefit of making as many changes as they want.
Minor changes can be done just by sending an email from the registered address. But for major changes, a Board Resolution is mandated.
Liquidation of IFZA company
Company liquidation in the IFZA does not require the physical presence of the owner and can be done through an agent. A government fee is required to complete the liquidation process. Also, investors are required to submit a detailed audit report at the time of license liquidation to the International Free Zone Authority.
Why established a company in the IFZA?
IFZA is considered a suitable location for businesses to establish their presence in the UAE. IFZA offers low prices, easy-to-follow processes, and minimum requirements to investors and entrepreneurs who wish to establish their businesses in the UAE.
Other benefits of Company Formation with IFZA include the following:
- IFZA offers an all-perfect balance of work, life, and business.
- It offers a variety of business activities and 6 activities in one license
- Fully remote incorporation
- IFZA free zone companies have limited liability.
- 100% repatriation of capital and profits.
- 100% foreign ownership authorized.
- 0% corporate or personal income tax.
- No minimum paid-up capital requirement.
- Quick company formation process.
- IFZA companies can also run outside of UAE.
- Setting up a company in the IFZA saves you the cost of capital requirements and annual audits
If you are considering establishing a Free Zone company in IFZA, let’s go ahead and contact your Damalion expert now and let us help.
