Strategically situated in the Emirate of Dubai, the International Free Zone Authority (IFZA), is a highly attractive destination for international business owners looking to expand their operations in the Middle East.
IFZA is a top-rated free zone that offers a business-friendly environment, providing companies with access to international markets and a diverse range of business activities.
It is also co-branded with Dubai Silicon Oasis Authority, further enhancing its reputation. Additionally, being located in Dubai, it provides access to international markets and a broad range of business activities.
Also, IFZA‘s licensing solutions are flexible, and cost-effective, making it the preferred free zone for entrepreneurs in the UAE.
Benefits of establishing a company in the IFZA
IFZA is one of the leading free zones in the UAE and offers various benefits to businesses, including the following:
- IFZA provides 100% foreign ownership
- There are restrictions on currency exchange or repatriation of capital and profits
- IFZA is a cost-efficient option for business setup with limited liabilities.
- It offers a quick registration process, and the physical presence of shareholders is not mandated.
- It allows entrepreneurs to operate outside of the UAE with the opportunity to start a business with other free zone and mainland companies.
- IFZA offers up to six activities on a single license
- Its location in Dubai provides access to international markets
- A wide range of business activities are available.
- The incorporation process can be finalized remotely
- Additionally, IFZA offers a variety of office solutions, including customized office suites.
Why do foreign entrepreneurs choose to set up their company in Dubai International Free Zone Authority
In addition to the several benefits stated above, the IFZA offers the following advantages to foreign entrepreneurs:
- IFZA offers a streamlined registration process, allowing entrepreneurs to set up operations quickly and efficiently.
- IFZA is located in the city of Dubai, which is strategically positioned at the crossroads of Europe, Asia, and Africa. This advantageous location makes it an attractive destination for entrepreneurs who seek to expand their business activities across different continents.
- Foreign entrepreneurs who choose to establish their company in the IFZA can also enjoy full (100%) ownership of their business without the need for a local partner. This flexibility allows entrepreneurs to maintain full control of their operations and profits.
- Foreign Entrepreneurs who choose to register their companies with IFZA can obtain residency visas not only for themselves but also for their families, granting them the opportunity to live and work in the UAE.
- Additionally, businesses registered with IFZA are exempt from corporate and personal income taxes, as well as import and export taxes and VAT, providing a considerable cost advantage over other locations.
License options available for foreign entrepreneurs in the IFZA Free Zone
In addition to the affordability of setting up a business here, the IFZA also provides various license packages for entrepreneurs looking to set up a company. These include:
- Commercial license: this permits entrepreneurs to carry out essential business operations such as import, export, storage, and distribution processes.
- Industrial license: this license is ideal for companies looking to import raw materials and engage in the manufacturing and processing of certain designated goods.
- Professional license: this license is mandatory for consultancy businesses and service providers.
- Consultancy license: this license is for entrepreneurs seeking to offer specialized consultancy services to professionals. This license permits business owners to provide expert advice and guidance to clients within their field of expertise.
- Service license: this license allow for the production and transportation of services under the company’s name.
- General trading license: with this license, entrepreneurs gain access to a wide range of trading and service opportunities.
Office Spaces and facilities available for foreign entrepreneurs in International Free Zone Authority (IFZA)
The International Free Zone Authority (IFZA) provides various types of office spaces for foreign entrepreneurs, which include:
- Flexi desk: this is a furnished shared desk that can be used for up to ten hours per week, from Sunday to Thursday. It comes with a wifi connection, a company address at the IFZA free zone, and one hour per month of meeting room usage.
- Flexi desk+: this is also a furnished dedicated desk located within the free zone, with no time limitations on usage. It includes a wifi connection, five hours per month of meeting room access, and a parking space.
- Dedicated office: this is a shared office space measuring nine square meters and equipped with one workstation, wifi access, five hours per month of meeting room access, one hour per month of conference room usage, and a parking space.
- Private office: IFZA offers private offices equipped with an executive desk or two workstations. Entrepreneurs can access their private offices 24/7 and enjoy secondary services such as wifi connection, two hours per month of conference room usage, and a parking space.
- Personalized office: entrepreneurs can lease an unfurnished space measuring 20 square meters or more and personalize it to their liking. This office solution includes wifi access, five hours per month of conference room access, seven hours per month of meeting room access, and two parking spaces.
The Process involved in setting up a company in International Free Zone Authority
Document Requirements
If you’re planning to set up a company in the IFZA, there are specific documents that you need to submit. Here are the required documents:
For individual shareholders:
- Passport copy of the entrepreneur
- Visa and Emirates ID copy
- Phone Number and Residential address of the entrepreneur
For corporate shareholders, the documents required includes an attested copy of the board resolution, a copy of the certificate of incorporation, a copy of the memorandum of association, a copy of the articles of association, and a copy of the trade license.
Steps to follow
Once all the necessary documentation is available, the registration process which involves the following steps can then begin:
- Determine the eligible legal structure and share capital
- Submit the application for business registration
- Provide the necessary documentation
- Pay the essential license fee and obtain approvals and licenses
- Sign the e-agreement and share the capital letter
- Receive the issuance of an e-agreement from IFZA
- Open a bank account
Are you ready to set up your company in the IFZA? – Contact your Damalion expert now.
