17 Aug What is the Process for IFZA Dubai Free Zone Company Formation?
Dubai Silicon Oasis has recently regulated a new business hub called IFZA – Dubai free zone. Within a short period, IFZA Dubai Free Zone Company Formation became a popular choice among investors from across the globe. One of the reasons being the attractive company formation packages it offers. IFZA – Dubai Free Zone offers 3-year and 5-year IFZA Dubai license packages.
International Free Zone Authority (IFZA) has gained a reputation for being the cheapest free zone for company formation in Dubai. IFZA UAE Free Zone has modern and high-tech corporate offices and storage places for renting at Dubai Silicon Oasis. It offers various facilities for Company Formation in IFZA, including huge conference rooms, digital equipment, high discount on business licenses in IFZA, and good connectivity.
If you are also interested in forming a company in Dubai, we recommend you go for IFZA free zone company setup. In this blog, we have provided all the necessary information related to IFZA free zone company registration, and business license in IFZA. We will highlight the reasons that entrepreneurs should consider IFZA for their company formation.
IFZA Business setup step by step process
With most of the things happening online, IFZA free zone company registration turns out to be just a few clicks away. All you need to do is visit the official website and select a suitable package on the basis of your business requirement. Though to make it even easier for you, we have provided step by step process for a company formation in IFZA below:
- Decide the ideal company structure.
- Apply for business registration.
- Submission of all required documents.
- Pay the required license fee.
- Issuance of e-agreement from IFZA.
- Sign e-agreement and share capital letter (only applicable for FZE & FZCO)
- Issuance of e-license
Types Of Licenses In IFZA Free Zone Dubai
The International Free Zone Authority (IFZA) issues several types of licenses:
- Commercial license: A commercial license provides you with the necessary legal rights to initiate import, export, storage, and distribution procedures.
- Industrial license: An industrial license is applicable for those companies who wish to import raw materials in their vicinity. It allows you to start a business in the manufacturing and processing of a few selected goods.
- Professional license: Consultancy businesses and service providers are expected to have professional license issues for them.
- Consultancy license: To provide expert consultancy services for professionals you must have a consultancy license in IFZA.
- Service license: Production and transportation of services are the key activities allowed for those who have service licenses issued under their company’s name.
- General trading license: A wide range of services and trading opportunities become available to you if you own an IFZA general trading license. A general trade license allows you to initiate trading of your goods and services in a B2B, B2C, and C2B business model.
Benefits of Company Formation in IFZA Dubai
There are a number of advantages for entrepreneurs who are moving their companies from another country to the UAE. Here are some of them:
1. Located in the heart of Dubai
IFZA is strategically located in the heart of Dubai, which provides easy access to major business hubs and international transportation links. This makes it an ideal location for businesses that require global connectivity.
2. Tax exemption by the UAE government
The tax benefits of a free zone are often cited as its primary advantage. By setting up your business in a free zone, you can enjoy a 0% corporate and personal tax rate, as well as an exemption from the current 5% VAT. Furthermore, free zone enterprises are not restricted by currency regulations or import and export tariffs. It is worth noting that Shuraa offers top-notch tax consulting services to help you maximise your tax advantages.
3. Multiple Business Activities Opportunities
IFZA allows businesses to operate across a wide range of sectors, including trading, consultancy, media, technology, and more. This means that businesses have the flexibility to pursue their interests and leverage their skills to create value in their chosen areas of expertise.
4. Unlimited Networking Possibilities
The main benefit of IFZA company formation is the networking opportunities. You will be able to meet other entrepreneurs and learn from their experiences. You can also learn about different types of businesses, which might come in handy when starting your own company.
5. Continuous support from the authorities
The government bodies in the UAE are quite hospitable when it comes to helping new entrepreneurs set up their businesses. You will have access to 24*7 help from the helpline numbers and emails. It’s important to have someone who can give you advice on how to do things properly, especially if you are new to Dubai.
6. 100% Foreign Ownership & Easy Setup of a Bank Account
As a free zone, IFZA allows 100% foreign ownership of businesses, which means that entrepreneurs can retain full control of their companies without the need for a local sponsor.
One of the most significant benefits of having an IFZA business license is that it eliminates the need for lengthy paperwork and other tedious requirements that can often impede the process of opening a bank account.
7. Option to open an LLC company
Having an LLC structure enables business owners to separate their personal finances from their company’s liabilities, providing a layer of protection against potential financial risks. While not all free zones offer this structure, the IFZA Free zone distinguishes itself by offering it to businesses. This makes IFZA an appealing option for companies seeking greater financial security and independence.
What are the Steps to Obtain a UAE Residence Visa Through an IFZA Company?
- After getting your business license in IFZA you can apply for the establishment card of your company within 5-7 days.
- Fill the application form and submit it to IFZA.
- Pay the fees mentioned for the procedure.
- Receive visa confirmation
- Go for a medical check-up (in under 2-3 working days).
- Take the medical test.
- Apply for your Emirates ID.
- Go for the Emirates biometric scanning process.
- Collect your Emirates ID and Visa in about 9-10 days.
Cost of IFZA Free Zone License in 2023
IFZA free zone license cost in Dubai includes the cost of the general trading license, service license, and consultancy license. A detailed explanation of all the factors contributing to this prize pool is as follows:
- 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 cost you around AED 43,700 – AED 65,000.
What are the PRO Services in IFZA Free Zone?
- Card of Labor Establishment.
- Amending of Trade License
- Residence Visa for all the Employees and other business officials.
- Work Permit of employees.
- Approval for trade name.
- Notary and Legal Authentication.
- Obtaining a tenancy contract.
- Ejari registration and acquiring a unique Ejari code.
- Renewal of trade license.
Documents You Need to Submit to Register with IFZA
Here are the documents you need to submit to the company setup in ifza Dubai:
- Passport copy.
- Digital passport photo.
- Application form with UBO information (provided by IFZA)
- Emirates ID and Visa Copy for UAE residents.
- Related third-party approvals, if required.
Start Your IFZA Free Zone Company with Shuraa
Now that you are well informed about the IFZA free zone company formation in Dubai and the license-acquiring process, you can easily place an order remotely on the official website to start your registration process. Though the process to register is quite simple, you can always reach out to expert business consultants at Shuraa Business Setup India Br.
We will assist you with the registration process and paperwork to acquire your business license in IFZA at low rates. All you have to do is connect with us over call, tell us your requirements and we will look after the rest.