In recent times, the International Free Zone Authority (IFZA) has emerged as a game-changer in the world of business, providing a unique platform for entrepreneurs looking to establish their presence in the heart of Dubai. The IFZA Dubai Free Zone offers an array of enticing company formation packages that have swiftly garnered attention from investors worldwide. This comprehensive guide will walk you through the intricacies of IFZA Dubai Free Zone Company Formation, highlighting the key aspects that make it a compelling choice for your business endeavours.
Procedure for Company Formation in the IFZA Dubai Free Zone
The process of setting up a company in the IFZA Dubai Free Zone is remarkably straightforward, making it an appealing choice for entrepreneurs. Here’s are the procedure for company formation in the IFZA Dubai Free Zone
Decide on the Ideal Company Structure: Choose a company structure that is compatible with your organisation’s aims and objectives.
Apply for Business Registration: Begin the registration procedure for your firm by providing the required paperwork.
Submission of All Required Documents: Ensure all required documents are submitted promptly.
Pay the Required License Fee: Fulfill the necessary financial obligations for your chosen license package.
Issuance of E-Agreement from IFZA: Await the issuance of the electronic agreement from IFZA.
Sign E-Agreement and Share Capital Letter (Applicable for FZE & FZCO): If you’re establishing a Free Zone Establishment (FZE) or Free Zone Company (FZCO), sign the e-agreement and share capital letter.
Issuance of E-License: Once the process is complete, the International Free Zone Authority (IFZA) will issue your E-License.
Types of Licenses for the IFZA Dubai Free Zone
IFZA provides a variety of licences to meet the demands of diverse businesses. These licences are as follows:
- Commercial License: This license empowers you to engage in import, export, storage, and distribution activities.
- General Trading License: Offering a broad spectrum of services and trading opportunities, encompassing B2B, B2C, and C2B models.
- Professional License: Aimed at consultancy firms and service providers.
- Consultancy License: Necessary for offering expert consultancy services.
- Industrial License: Ideal for businesses involved in manufacturing and processing, allowing the import of raw materials nearby.
- Service License: Facilitating production and service transportation.
Advantages of company registration in the IFZA Dubai Free Zone
- Prime Location: Strategically located in the heart of Dubai, IFZA offers easy access to major business hubs and international transportation links, making it an ideal choice for businesses requiring global connectivity.
- Tax Exemption: IFZA provides a 0% corporate and personal tax rate, along with an exemption from the 5% VAT, offering significant tax benefits.
- Business Diversity: IFZA permits businesses to operate across a wide range of sectors, ensuring flexibility and opportunities for businesses to thrive in their chosen areas of expertise.
- Networking Opportunities: IFZA fosters a conducive environment for entrepreneurs to network and learn from each other’s experiences, which can be invaluable when starting your venture.
- Continuous Support: The UAE government bodies provide round-the-clock assistance, ensuring that new entrepreneurs receive the guidance they need to navigate the business landscape.
- 100% Foreign Ownership: IFZA allows for 100% foreign ownership, giving entrepreneurs entire control over their businesses without the requirement for a local sponsor.
- LLC Company Option: IFZA stands out by offering the option to open an LLC company, allowing business owners to separate personal finances from company liabilities for enhanced financial security.
Obtaining a UAE Residence Visa Through IFZA
Once you’ve secured your business license with IFZA, the process of obtaining a UAE residence visa is straightforward:
- Within 5-7 days, apply for your company’s establishment card.
- Complete the application form and pay the applicable fees.
- Obtain visa confirmation.
- Undergo a medical examination (which is normally done within 2-3 working days).
- Request your Emirates ID.
- Go through the Emirates biometric scanning process.
- Collect your Emirates ID and Visa in approximately 9-10 days.
Document required for Company Setup in the IFZA Dubai Free Zone
When setting up a company in IFZA Dubai, you’ll need to submit the following documents:
- Passport copy.
- Digital passport photo.
- Application form with Ultimate Beneficial Owner (UBO) information (provided by IFZA).
- For UAE citizens, a copy of their Emirates ID and visa is required.
Public Relations Officer Services in IFZA Free Zone
IFZA provides a range of PRO (Public Relations Officer) services, including
- Card of Labor Establishment.
- Amendments to Trade License.
- Processing of residence visas for employees and other corporate authorities.
- Work Permit for employees.
- Approval for trade name.
- Notary and Legal Authentication.
- Tenancy contract acquisition.
- Ejari registration and obtaining a unique Ejari code.
- Renewal of trade license.
Cost of Company Registration in Dubai IFZA Free Zone
The cost of the IFZA 1-Year Business license package with 0 visas starts from AED 13,900. A 3-year IFZA business license package can range from AED 43,700 to AED 65,000.
How OnDemand International Can Assist You?
At OnDemand International, we will help you if you want to create a business in the International Free Zone Authority (IFZA). We are your reliable partner in negotiating the challenges of establishing a business in the IFZA Free Zone. We can help you establish and expand your business in this flourishing economic hub with our professional advice and complete services.
FAQs
What is the IFZA Free Zone?
IFZA is a prominent free zone located in the United Arab Emirates, offering various business advantages such as 100% foreign ownership, tax exemptions, and a strategic location for international trade.
What kinds of commercial activities may I carry out in the IFZA Free Zone?
IFZA is home to a diverse spectrum of commercial operations, including trade, consultancy, manufacturing, and e-commerce. You can investigate the exact activities authorized in the free zone based on your company’s requirements.
Can I run my company outside of the IFZA Free Zone?
IFZA permits you to do business outside of the free zone; nevertheless, depending on your company activity, various restrictions and licensing requirements may apply.