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IFZA COMPANY FORMATION - IFZA FREEZONE DUBAI

IFZA Dubai (The International Free Zone Authority) stands out as a highly competitive free zone for companies set up in Dubai. It presents an array of advantageous features, such as economical fees and clear-cut procedures, designed to facilitate the establishment of businesses for investors.

The jurisdiction is renowned for creating packages that are specifically tailored to satisfy the needs of anyone looking to incorporate a Dubai-free zone corporation at a reasonable price. 

Within IFZA, there exists a diverse selection of packages ranging from companies with no visa requirements to those offering a variety of visa options.

The company set up in IFZA is a simple process. Workstations, private offices, and office suites are just a few of the options offered by IFZA. 

REQUIREMENTS FOR IFZA COMPANY REGISTRATION

  • An FZC (Free Zone Company) or FZE (Free Zone Establishment) must have at least one director and one shareholder. The director may also be a shareholder. For company formation in IFZA, a company can have corporate shareholders.
  • There is no minimal share capital requirement for the IFZA company setup. The investor is not required to contribute a certain amount when they form the firm because it can have a nominal share capital.
  • The applicant can move forward with acquiring the required permits for the particular business activity once the company has been approved. Business setup in IFZA Dubai offers various license options, such as trading, service, and consultancy licenses.
  • If the employees need resident visas, they must provide all of the required documentation, including copies of their passports, photos, results of any required medical exams, and other required paperwork. Refer to UAE Resident Visa for more information.
  • There is no need for a local partner for IFZA company incorporation.

KEY REQUIREMENTS FOR IFZA FREEZONE COMPANY SETUP IN DUBAI

IFZA Company Formation Dubai

TIMELINE OF IFZA FREEZONE COMPANY SETUP IN DUBAI

Incorporation of a Company
6 to 10 days
Corporate Bank Account Opening
3 to 4 Weeks

LICENSES AVAILABLE FOR BUSINESSES IN IFZA

  1. Commercial licence – Organizations engaged in trading activities may submit an application for this business license, which gives them permission to import, export, store, and distribute goods. Commercial licenses also allow companies to provide a variety of services, including brokerage.
  2. Professional Licence – A professional licence is targeted at companies that provide consultancy and other expert professional services to companies and individuals in a variety of domains
  3. Industrial Licence – Industrial licenses, a specialized business license that covers manufacturing and processing business activities, also permit the importation of certain raw materials. On request, the applicant may obtain this licence.
  4. General trading licence – The applicant is given the ability to trade a wide variety of goods in different models, such as B2B, C2B, B2C and others, through this specialised commercial licence.
  5. Brand office – Foreign corporations may also register a branch at IFZA, but the proposed branch’s activity must be consistent with the services provided by the parent corporation.

DOCUMENTS REQUIRED FOR COMPANY SETUP IN IFZA

  • Passport copy in colour
  • Copy of the visa or entry stamp
  • Passport size photo
  • Complete application form
  • Detailed business plan
  • Memorandum of Association (MOA) and Articles of Association (AOA)

DIFFERENT COMPANY FACILITIES OFFERED BY IFZA DUBAI

The IFZA Dubai Free Zone Authority offers a variety of reasonably priced office facility options at the Dubai Digital Park location (A2 & A3 Building), including:

  • Flexi-desks
  • Dedicated workspace
  • Private Office
  • personalized offices as per the client’s needs.

In IFZA, dedicated office rentals are available for 18,240 AED a year. The Office packages include:

  • Wi-Fi
  • Furniture
  • Electricity
  • AC
  • Access to printer, scanner, and copy machine
  • Access to a meeting room

PROCESS OF REGISTERING A BUSINESS IN IFZA DUBAI

  • Relin consultants will help you choose a suitable business activity and select a trading name that best fits the objectives of the organization. The selected name must be original, available for registration, and meet IFZA’s naming standards.
  • Based on unique needs, IFZA offers several business licence packages and visa quotas. Our team will help the applicant select the plan that best meets the requirements, whether it be the Flexi-Office, Shared Office, or Exclusive Office, and decide how many resident visas are needed for the partners or employees.
  • Our team of experts will assist the applicant in preparing the required documents listed above. These documents should be submitted with a completely filled out application and the necessary fees.
  • The application and supporting documents will be examined by IFZA. If necessary, they may ask for clarifications or further details. After the paperwork has been examined and approved, IFZA will start the registration procedure for the business.
  •  IFZA will issue the company license following a positive review and approval, confirming the establishment of the company in the free zone. 
  • With the help of Relin Consultants, the applicant can move forward with opening a corporate bank account to simplify the business transactions once the company is registered and they have secured the required licenses and visas. 

BENEFITS OF SETTING UP A COMPANY IN IFZA

  • 100% foreign ownership – The IFZA permits 100% foreign ownership, which means that as an investor, you can run your business entirely on your own without the help of a local partner.
  • Variety of industries – IFZA provides a wide variety of business activities in different industries, giving the applicant the freedom to select the kind of activity that best suits their skills and professional objectives.
  • Worldwide connectivity – Dubai, the capital of the United Arab Emirates (UAE), is where IFZA is situated. Dubai is a significant centre for business and trade, offering access to strong infrastructure, top-notch facilities, and a dependable logistics network. Excellent connectivity to regional and worldwide markets is provided by this advantageous location.
  • Easy visa application – IFZA makes it simpler to obtain resident visas for partners, employees, and investors, which helps businesses attract and maintain talent. The visa application procedure is simplified, and businesses can gain from effective immigration services.
  • Office space availability – Office space flexibility is provided by IFZA in the form of flexible offices, shared offices, and private offices. This gives companies the option to select the best workplace layout for their needs and budget.
  • Taxation – Tax benefits include 0% corporate and personal income tax as well as 0% customs taxes on imports and exports within the free zone, all of which are provided by the IFZA. This creates a perfect environment for companies to increase their revenue.

Relin Consultants Have a team of experts providing IFZA business setup services who are well aware of the rules and regulations related to business registration in IFZA. Our team will help you prepare the documents and guide you throughout the process, saving you a lot of time. We will also help you open a corporate bank account in a reputable bank that is the most suitable for your business in IFZA. Reach out to us at Relin Consultants for further assistance with your company registration in IFZA.

FAQs

How do I set up an IFZA company?

Follow the following steps for IFZA company formation:

  • Select the specific business activity that you would like to conduct within the IFZA.
  • After deciding on a unique company name, apply for IFZA’s initial approval.
  • Send in all necessary documentation as part of the registration process.
  • Obtain the required business license once the documentation has been examined.
  • If required, finish the VAT registration procedure.

When was IFZA established?

Dubai Silicon Oasis established the International Free Zone Authority (IFZA) in Fujairah in August 2018.

Is it necessary to have a physical office to register with IFZA?

No, it is not necessary to have a physical office to register with IFZA. A company can use a flexi desk for company registration purposes.

Is it possible for my business to be 100% foreign owned in the IFZA?

Yes, the IFZA allows for 100 per cent foreign ownership, which enables you to control and own all of your business without the aid of a local partner.

What are the tax advantages of setting up a business in the IFZA?

Companies that are IFZA members pay no corporation or individual income tax. Additionally, imports and exports within the free zone are not subject to customs taxes.

What commercial ventures am I allowed to conduct within IFZA?

The IFZA provides a wide range of commercial operations in industries like manufacturing, trading, consultancy, and more. You can select an activity that supports your corporate goals.

What is the time frame for registering a corporation with IFZA?

Depending on the accuracy of documentation and the approval timeline, the company registration process in IFZA normally takes 6-7 days.

What is the Process of Company Liquidation in IFZA?

The following process should be followed at the time of company liquidation:

  • The investor must present the board resolution confirming that all shareholders have accepted the company’s liquidation procedure.
  • At least one month before the trade license cancellation, the Free Zone must receive the request to close the business.
  • The Free Zone must receive the Board resolution and corporate documentation to begin the company cancellation process.
  • The investor must cancel all pending staff visas and pay any outstanding fees owed to the free zones and other third parties.
  • Before terminating the business, all accounts with suppliers and other partners must be settled.
  • To obtain the Trade License Cancellation Certificate, the IFZA must have the auditor liquidation certificate. The Trade license cancellation form requires payment. Additionally, the Free Zone must receive the refund request form before issuing any returns.
  • Obtain the Trade License Cancellation certificate from the IFZA Free Zone and the refund from the Free Zone in accordance.

What are some of the industries that are experiencing significant growth in IFZA?

Green Building Materials Business

The UAE has been putting an increasing amount of emphasis on sustainability and green projects. As the need for environmentally friendly construction materials and technologies rises, businesses in the green building sector may prosper.

Event Management Company

The UAE is recognized for holding a wide range of events, from business conferences and trade exhibits to entertainment and cultural festivals. The need for event planning and execution services is growing, especially in the region’s tourism and hospitality sectors. 

E-Commerce Business

The global e-commerce market has expanded tremendously, and the UAE is no exception. For e-commerce businesses looking to establish and take advantage of the region’s robust economy and growing online shopping trends, the IFZA may provide a suitable location.

Human Resources Consultancy Services

As businesses in the United Arab Emirates grow, it is essential to manage human resources effectively and legally. The welcoming environment at IFZA may draw HR consulting firms looking to collaborate with the diverse range of enterprises in the region.

IT Solutions Company

The UAE’s efforts to position itself as a technology centre have opened up opportunities for IT solutions firms.

What advantages do shareholders and workers of an IFZA have access to in terms of resident visas?

IFZA-incorporated businesses have the benefit of applying for a number of Dubai residency permits for both shareholders and employees. These visas give your staff more ease and flexibility because they have a maximum 3-year validity period.

What differences exist between businesses incorporated in the IFZA and those registered on Dubai's mainland regarding the visa application process?

IFZA-based businesses benefit from a quicker application process for resident visas, but mainland Dubai-based businesses are subject to stricter guidelines. The IFZA process provides a quicker way to obtain the team’s visas.

Could you elaborate on the duration of the resident permits that IFZA offers?

Shareholders and employees who acquire work visas from IFZA may keep them for a maximum of three years. This extended validity period ensures long-term stability and ease for your staff members.

What makes IFZA unique as a provider of resident visas?

IFZA’s unique selling point is its ability to offer a flexible number of Dubai resident visas to both shareholders and employees. In contrast, businesses on Dubai’s mainland must adhere to stricter regulations in order to obtain residence visas.

Do IFZA-incorporated businesses have to meet any requirements in order to be eligible for these visas?

The application process for visas with the IFZA is designed to be swift and adaptable. There are certain regulations, although they are sometimes easier than the limitations imposed on businesses founded on Dubai’s mainland.

How can I learn more about the visa options that IFZA provides for my business?

If you’re interested in learning more about the immigration options open to IFZA shareholders and workers, please get in touch with our team at Relin Consultants.

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