The International Free Zone Authority (IFZA) was founded in 2018, and since then it has been an ideal choice for free zone business setups in the UAE. This is because the IFZA stands out from the crowd in terms of the standard of services and solutions they provide. They provide international quality services that are effective and efficient.
Today, we are going to look into why IFZA company formation is so attractive to entrepreneurs and businessmen from all over the world.
Besides their quality of services, IFZA also provides countless opportunities to entrepreneurs. This is possible to its strategic location in Dubai which is well connected to the rest of the world.
Dubai is a booming city and the city itself provides countless benefits and opportunities to businesses located here. It is not only the best location in the Middle East but also one of the best locations in the world where you can start a business.
The UAE is currently in a long-term process of changing the economic focus of the country from the oil and gas sectors. As a result, the government is providing a lot of benefits to businesses in any and all sectors.
The benefits are especially relevant to entrepreneurs and business owners who are coming to the UAE from different countries to set up their startups and businesses.
Benefits of Starting a Business in IFZA Free Zone
Here are the benefits of starting a business in IFZA Free Zone:
• Cost-Effective Business Setup
Business setup in IFZA Free Zone is cost-effective and easy to carry out. The setup process is even easier when done with the assistance of Company Setup experts who have established many businesses in the IFZA Free Zone before.
Even with the assistance of Company Setup experts, the entire process is very affordable and cheap compared to the rest of Dubai.
• Versatile List of Business Activities
The IFZA Free Zone is one of the few economic jurisdictions in the UAE that allows you to perform trading, service, and industrial business activities under one license. The IFZA officials have listed all the possible business activities under four business trade licenses.
• Easy Bank Account Setup Process
When you own a business trade license from the IFZA, opening a bank account becomes very easy in the UAE. Usually, opening a corporate bank account in the UAE is a complicated and lengthy process. However, an IFZA trade license makes the entire process much easier.
• Limited Liability Company Available
The IFZA Free Zone allows a wide range of company structures for new and existing businesses. But most impressively, the IFZA Free Zone allows businesses to select the Limited Liability Company option.
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• Advantageous Geographic Location
As we have mentioned before the IFZA Free Zone is located inside Dubai, which in itself provides a lot of benefits. However, the strategic location of the IFZA Free Zone inside Dubai also provides a lot of benefits to a business located there.
• Available Skilled Talents
Dubai attracts laborers and skilled talents from all around the world. On top of that, you can sponsor a few visas depending on the size of your office space. That means you can hire from anywhere in the world and find the perfect fit.
• 100% Foreign Ownership Allowed
The government of the UAE does not allow 100% in sectors that are strategically important to the UAE. However, when you are starting a business in the IFZA Free Zone, you can own 100% of any business that you start here.
• Excellent Standard of Living
The standard of living in Dubai is the best in the UAE. You can pursue a stable and robust family life here. After you have started a business here in IFZA Free Zone, you can sponsor the visas of your spouse, children, and domestic worker.
Trade Licenses Available in IFZA
The trade license you will require will depend on the business activities you mean to perform in IFZA Free Zone. You can select up to seven business activities under one business trade license. The advantage of holding one of IFZA’s trade licenses is that the IFZA allows you to perform professional, commercial, and industrial business activities under one trade license.
Here are the trade licenses offered by IFZA Free Zone in Dubai:
1. Service License
A service license allows you to perform business activities that require expertise and experience in a specific field. For example, if you want to provide healthcare services in IFZA Free Zone then you need to obtain a service license.
To obtain the service license, you will have to prove that you are educated in the field you are applying for. They may ask for educational certificates or recommendations validating your experience.
2. Industrial License
The industrial license allows you to perform a wide range of activities including the processing of raw materials into finished products. These activities also include importing raw materials, hiring factory workers, packaging, distributing, selling, and exporting the finished product to other countries. You can sell your product in another place in the UAE with the help of a local service agent.
3. Trading License
The trading license allows you to perform activities that are generally involved in a retail business. You can buy and sell products and certain services that do not require specific expertise or experience. You can also perform certain industrial activities such as packaging and rebranding. The trading license is very versatile, and the most popular trading license provided by the IFZA.
4. Holding License
The holding license is for investors that want to hold a stake or own stocks and shares in a company without taking part in any of the management or decision-making process. As a business owner or entrepreneur, you can also start a holding company with the holding license in IFZA Free Zone. Your holding company can hold shares and ownership of other companies in the UAE.
If you are looking to start a business in IFZA Free Zone but do not know how to get started, then you are at the right place. Our experts have started multiple companies in the Free Zone previously and they have the necessary connections required for fast company incorporation. So, contact us today and hit the ground running.
To Speak with our Experienced Business Consultants for further information and assistance, call us at +971582595164. Send a WhatsApp Message for Chat Query on +971 582595164 or email us at email@example.com.