Dubai is a trusted home to more than 1,50,000 start-ups, SMEs as well as large corporations. This is because of the multiple advantages and freebies the Emirate offers to its business clients. Besides, the flexible company formation facility in Dubai is popular among global investors. Entrepreneurs and professionals from all around the world migrate to Dubai to seek successful careers in their respective fields. The Dubai free zones are the most sought-after zones for business formation, due to the endless benefits they offer to the business owners and the business as well. One such zone is IFZA free zone in Dubai, which is popular for multiple reasons. So, if you have any plans for IFZA company formation, here’s a complete guide for your ease.
IFZA Company Formation
Launched in the year 2018 after an efficient partnership with Dubai Silicon Oasis Authority, International Free Zone Authority (IFZA) promises bigger opportunities with better services to its clients. Moreover, it has gained the status of being the leading investment hub and the cheapest free zone for business establishments in Dubai. This is because of the highly personalized approach, united with efficient international service standards and cost-effective solutions that make it a popular choice for business development.
It also offers various corporate facilities to the company owners such as modern and high-tech office spaces, advanced digital equipment, affordable business license packages, excellent connectivity, and many more. Nonetheless, there are many other gains of choosing IFZA for your business venture.
Benefits of IFZA company formation
- Quick and flexible company setup
- Minimum legal requirements
- No paid-up capital requirement
- 100% foreign ownership
- No requirement of NOC from the current sponsor
- Full exemption on corporate tax, personal tax, as well as customs duties
- No need for a local sponsor
- Offers one of the fastest-growing networks of opportunities
- Strategically located
- Availability of residence visas for business owners as well as employees
- No physical presence requirement during the incorporation
- Flexible packages available
- Liberty to choose multiple business activities under one license
- Accessibility to world-class facilities such as customizable office spaces, shared desks, warehouses, social spaces, etc.
- Offers a work-friendly environment
- Cost-efficient options for company formation
- Provides several discounted visa/non-visa packages
- Permission to operate outside the UAE
- No currency restrictions
- Expands the convenience of commercial and trading services
- Allows repatriation of profits and capital
- Easy to open a bank account
- No compulsion on physical office space
Company structures available in IFZA
- Free Zone Establishment(FZE)
- Free Zone Company(FZCO)
- Free Zone Limited Liability Company(FZ LLC)
Types of licenses available in IFZA
- Commercial license – With this license, the company gets the legal rights to engage in the import, export, storage, and distribution procedures.
- Industrial license – Companies that want to manufacture, process, and import raw materials in their locality can do so with an industrial license. However, it covers only a few selected goods.
- General trading license – A general trading license allows companies to conduct trading of goods and services in a B2B, B2C, and a C2B business model.
- Professional license – A professional license is issued to those individuals who are service providers and are involved in consultancy businesses.
- Service license – Those who have a service license can operate in the production and transportation of services.
- Consultancy license – Professionals who have expertise in a particular field can obtain a consultancy license and deliver consultancy services across UAE.
Steps for securing IFZA trade license
Prepare the needed documents
Proper documentation as well as its timely submission is the key to the speedy processing of your trade license. Hence, you must gather all the important documents and submit them to the relevant authorities via a local agent for examination and verification.
Below documents must be submitted to acquire your trade license for IFZA company formation –
For individual owners –
- Company setup registration form
- Copy of UAE visa/entry permit
- Emirates ID
- Copy of passport
- Passport-sized photo
For corporate owners –
- Company setup registration form
- Attested copy of board resolution, along with the original
- Trade license
- Memorandum of Association
- Certificate of Incumbency
- Passport copies of manager and UBO(Ultimate Beneficial Ownership)
- Copy of manager’s UAE visa
- Proof of address and photographs of manager
- Copy of share certificate
Apart from these documents, the applicant must also pay the requested license fee to quicken the licensing process.
Register a trading name
While choosing a trading name, pick three suitable names to present before the authorities. Further, the authorities will cross-check the name and finalize the one that passes their criteria. Thus, the company would receive a name reservation certificate to authenticate the company name in the UAE market.
One important thing to remember while selecting the trade names is to abide by the naming conventions of the UAE government. Additionally, there are certain strict rules set by the government for the companies planning to launch on UAE soil. Once you confirm a name, you can also seek the help of the IFZA authorities to double-check its appropriateness.
Submit the license application and the documents
As soon as you reserve your trade name, you can step further to the document submission. Your local agent will submit the license application form and the documents to the IFZA free zone authorities for review. Post verification, the authorities will issue your license within three to five working days.In some cases, you might also need to submit additional documents as per authority demands.
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Acquire your license and corporate documents
After the successful completion of all the above steps, IFZA free zone authorities will issue your trade license and provide you following business documents –
- Certificate of incorporation
- Share certificate of shareholders
- Memorandum of Association
- Articles of Association
- Office rental agreement
The further steps to the IFZA company formation process include visa application and opening of a corporate bank account which you can do after you receive your license.
PRO services provided in IFZA
There are several services that the free zone offers to its potential clients during the IFZA company formation, such as –
- Labor establishment card
- Trade license amendment
- Residence visa processing
- Employee work permits
- Trade name registration and approval
- Notary and Legal authentication
- Tenancy contract
- Ejari registration
- Trade license renewal
- Company liquidation
The International Free Zone Authority has become a major investment hub in Dubai as well as in the United Arab Emirates. The highly customized company formation packages and the world-class amenities lure entrepreneurs from all over the world to choose IFZA over other popular business destinations. On the whole, it is one of the most preferred free zones in the UAE for business launches.
So, if you wish to learn more about the IFZA company formation positives and negatives, then connect with the business formation experts of Shuraa Business Setup. In addition, our team will take care of all your company setup procedures. From managing your license and visa applications to collaborating with all the relevant departments and authorities, they will handle them all. All you have to do is trust them with your business requirements and concentrate on working for your company objectives.
So, connect with us over call today itself and share your queries. You can speak with our experts at +971 44081900 and also chat with them over WhatsApp at +971 50 777 5554. For email assistance, connect at [email protected].