Are you interested in establishing your own company in a free zone? Wondering how the company formation process works and what advantages it brings? Nowadays, many individuals are eager to set up their businesses in Dubai, seeking strategic locations to take advantage of the opportunities this vibrant city offers.
Choosing a free zone location in Dubai can significantly enhance your business prospects, as the emirate’s reputation alone can open doors you never thought possible. Dubai has emerged as a top global destination for starting businesses, not just within the Middle East but worldwide.
The UAE Government has implemented various initiatives to support the flourishing business sector and create opportunities that contribute to economic growth. Free zones in the UAE offer numerous benefits and play a crucial role in fostering business expansion.
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.
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Why should you consider Starting a business in IFZA free zone?
Starting a business in IFZA (International Free Zone Authority) can offer significant advantages. IFZA is a renowned investment hub in the UAE, known for its global network of over 800 partners spanning across different regions. By establishing your business in IFZA, you gain access to a vast audience and have the opportunity to promote your brand to a wide range of potential customers.
IFZA aims to provide an ideal environment for domestic and international businesses to thrive, fostering innovation, growth, and development. The free zone offers a multitude of benefits, and its exposure opportunities are unparalleled. Additionally, IFZA provides various facilities, including warehouses, residential apartments, and office spaces that can fit well within your budgetary constraints.
Benefits of Starting a Business in IFZA Free Zone
Setting up a business in IFZA (International Free Zone Authority) offers several benefits, including:
• 100% Ownership:
IFZA allows foreign investors to have full ownership of their business. This enables you to have complete control and make decisions that can drive the growth of your business.
• Full Profit Retention:
Freezone companies in IFZA can retain all their profits in their home country. You can transfer 100% of your capital without any requirements, allowing you to maximize your earnings.
• 0% Corporate Tax:
Businesses in IFZA are exempt from corporate tax. This means you don’t have to pay any portion of your business revenue as corporate tax, allowing you to keep all your profits.
• 0% Import & Export Tax
IFZA free zones are exempt from customs duties on imports and exports. This eliminates the burden of additional taxes and makes international trade more cost-effective.
• 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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• Strategic Location:
IFZA free zones are strategically located, providing access to global markets. This advantageous location can enhance your business’s visibility and contribute to its growth.
• Global Connectivity:
Dubai, where IFZA is located, has a diverse multinational community. This offers opportunities to connect with a global audience, expand your network, and explore international business partnerships.
• Wide Range of Business Activities:
IFZA offers a diverse range of business activities for investors. This flexibility allows you to choose the activities that align with your business goals and expertise.
• Quick & Easy Registration Process:
The registration process for obtaining a license in IFZA is fast and straightforward. You can easily access business information and administrative services, making the overall setup process convenient.
• 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.
By taking advantage of these benefits, setting up a business in IFZA can provide you with a favorable environment to establish and grow your company.
Trade License offered by the IFZA
When starting a business in IFZA free zone, you have the option to choose from different types of licenses, including:
1. Service License
This license is ideal for businesses that provide services, such as consulting, marketing, IT, or any other professional services.
2. Industrial License
An industrial license is required for businesses involved in manufacturing, production, or industrial activities.
3. Trading License
A trading license allows businesses to engage in buying, selling, and trading of goods. IFZA permits entrepreneurs to conduct up to 7 activities under a single trading license.
4. Holding License
This license is suitable for businesses that aim to hold assets, investments, or shares in other companies.
IFZA stands out among other free zones in the UAE because it allows entrepreneurs to pursue professional, commercial, and industrial activities under a single license. This means you can combine different types of activities that align with your business objectives.
Moreover, IFZA does not consider e-commerce as a separate activity. Instead, entrepreneurs can sell goods online under a general trading license in Dubai. This flexibility allows businesses to adapt and thrive in the digital marketplace while operating within the regulations of IFZA.
Features of IFZA Business Setup Services
No Annual Audit Report Requirement:
IFZA does not impose the obligation of submitting an annual audit report. This reduces the administrative burden on investors and saves them time and resources.
No Paid-Up Share Capital Requirement:
Unlike many other jurisdictions, IFZA does not have a minimum paid-up share capital requirement. This provides flexibility to investors and allows them to allocate their capital as per their business needs.
3 Years of Visa for Owners and Employees:
IFZA grants a three-year visa to both company owners and employees. This extended visa duration provides stability and ease of long-term planning for individuals associated with the business.
Virtual Office Option:
IFZA permits businesses to have a virtual office, which is a cost-effective solution for companies that do not require physical office space. This flexibility enables businesses to operate efficiently while minimizing overhead costs.
No Employee Guarantee Deposits:
There is no requirement for businesses operating in IFZA to provide employee guarantee deposits to the free zone. This further reduces financial burdens and simplifies the process of hiring and retaining employees.
No NOC (No Objection Certificate) Requirement:
IFZA does not require a No Objection Certificate from the current visa sponsor. This streamlines the process of setting up a business and eliminates unnecessary hurdles.
Remote Company Formation:
Investors are not required to be physically present during the company formation process. This allows for remote company setup, making it convenient for international investors and saving them travel expenses.
These features make IFZA an attractive choice for investors, providing them with a hassle-free and flexible environment to establish and operate their businesses.
Start Your IFZA Business Setup With Company Setup Consultants
Company Setup Consultants can assist entrepreneurs in starting a business in IFZA free zone by providing expert guidance and support. These consultants have extensive knowledge and experience in the setup process, ensuring a smooth and hassle-free experience for their clients.
With the help of these consultants, entrepreneurs can rely on their expertise to handle the groundwork and complete all necessary tasks involved in setting up a business in IFZA. This includes assistance with the registration process and navigating the requirements of the free zone.
Setting up a business in Dubai free zone requires obtaining approvals from relevant authorities, and consultants can help entrepreneurs navigate this process efficiently. They ensure that all necessary documentation and approvals are obtained in a timely manner, saving entrepreneurs valuable time and effort.
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 info@companysetup.ae.
