The International Free Zone Authority (IFZA) is one of the competitive free zones in the UAE for company setup. It offers an array of features, including reasonable fees and straightforward procedures that facilitate IFZA Company Formation for investors. It creates tailored packages specifically designed to fulfill the needs of those planning to establish a Dubai-free zone corporation at a reasonable price.
The diverse selection of packages available for IFZA Company Formation ranges from businesses with no visa requirements to those offering multiple visa options. In addition, it facilitates businesses with facilities like workstations, private offices, and office suites to make the company set up in IFZA more convenient and simpler.
Requirements for IFZA Company Formation
There are certain requirements entrepreneurs and investors must take into consideration while planning IFZA Company Formation: –
- While forming an FZC (Free Zone Company) or FZE (Free Zone Establishment), the business owners must ensure to appoint at least one director and one shareholder. The director and the shareholder can be the same person, or the shareholder can be a corporate entity.
- There is no specific requirement for minimum share capital for IFZA Company Formation. The investor can start the company with a nominal share capital.
- Once the business plan is approved, the business owner can proceed by acquiring the required permits and licenses for the proposed business activity.
- To acquire resident visas in IFZA, the applicant must provide all the required documentation, such as passport copies, photographs, medical fitness test results, and other required paperwork. For detailed information, they can seek assistance from the consultants of Shuraa Business Setup.
- IFZA Company Formation does not mandate the need for a local partner.
Licenses available for IFZA company formation
Here’s a list of business licenses supported by IFZA: –
- Commercial license – Issued to businesses that are engaged in trading activities including import, export, storage, and distribution of goods.
- Professional license – Ideal for individuals or businesses that provide expert professional services to other companies and individuals in a variety of domains.
- Industrial license – Covers businesses that carry out manufacturing and processing activities, including importation of certain raw materials.
- General trading license – Allows businesses to trade a wide variety of goods in different business models, such as B2B, C2B, B2C, and others.
Documents required for company formation in IFZA
- Passport and visa copy
- Business license application form
- Comprehensive business plan
- Memorandum of Association (MOA)
- Articles of Association (AOA)
Corporate facilities offered in IFZA Free Zone
Business owners can find a variety of cost-effective office facility options at the Dubai Digital Park. These facilities include: –
- Flexi-desks
- Dedicated workspace
- Private Offices
- Personalized offices based on client needs
The basic amenities provided in these facilities include: –
- Wi-Fi
- Furniture
- Electricity
- Air Conditioner
- Printer, scanner, and copy machine
- Meeting and conference room
IFZA Company Formation procedure
Now that we have covered the basics, let’s get into the actual process of company formation in IFZA. It involves six easy steps: –
Determine the business activities
IFZA Free Zone offers a variety of business licenses depending on the business activities. Therefore, to choose a license, it is crucial to consider the specific activities that you will be engaging in. Some examples include:
- Import and export
- Wholesale and retail trade
- Management consultancy
- Marketing consultancy
- Financial consultancy
- IT consultancy
- Legal consultancy
- Online retail and marketplaces
- Online service providers
- Online advertising
- Offshore banking and investment
- Research and development
- Startup incubation
- Intellectual property protection
- Medical services
- Tourism and Hospitality services
- Real estate services
If you are unsure which license is right for your business, consult with a business consultant of Shuraa to get the best solutions for your business needs and ensure compliance with all applicable laws and regulations.
Determine the legal structure
The nature and requirements of the business determine the legal structure of the company. It basically defines the laws and regulations the company must adhere to. The most common structures available for setup in IFZA include the following:
- Free Zone Limited Liability Company (FZ LLC)
- Free Zone Company (FZ Co.)
- Free Zone Establishment (FZE)
Register the trade name
The company has to operate under an official trade name. Hence, choose a name that is unique and non-resembling to the name of other registered companies in the UAE. However, there are certain terms and conditions that you need to conform to, such as –
- The trade name must not include abbreviations of the legal structure as a suffix (for example, LLC, FZE, FZ Co.)
- The name must not contain any offensive or inappropriate words.
- The company name should be compatible with the economic activities of the company.
- Avoid any references to rulers, government agencies, or the names and logos of external government bodies.
Get the full list of naming rules from the experts of Shuraa.
Find an office space
Office spaces in IFZA are either fully equipped or partially furnished. Hence, choose a space that aligns with the size of your company, the number of employees you have, the type of business activity you are engaged in, and most importantly, your defined budget.
Prepare the required documentation
IFZA company formation requires minimal documentation. Hence, arrange the necessary documents and submit them to the respective free zone authority. The general documents may include trade name reservation certificate, Visa & Emirates ID, passport copy, description of business activity, and other business information.
Collect the license
Once you pay the business registration fees, the authorities will review your application and register your company within a week. After successful registration, you will receive your trading license from the authorities along with other corporate documents such as a Certificate of Incorporation, Articles of Association, Memorandum of Association, and Lease agreement.
IFZA free zone license cost
The IFZA free zone license cost varies according to the business setup package you choose. However, the general costs include:
- License fee
- Registration fee
- Visa fees (if applicable)
- Approval fee
- Trade name registration fees
- Other fees, such as processing fees, office space rental, etc.
Benefits of starting a company in IFZA Free Zone
There are several advantages of forming a company in IFZA Dubai. we have listed a few of them –
- Strategically located in the heart of Dubai providing easy access to major business hubs and global transportation links.
- 0% corporate and personal tax rate
- Not restricted by currency regulations or import and export tariffs
- Liberty to operate across a wide range of sectors
- Unlimited networking opportunities
- Continuous support from the local authorities
- 100% foreign ownership of businesses
- Minimal bureaucracy and paperwork
- Access to strong infrastructure, top-notch facilities, and a reliable logistics network
- Simplified visa application
- Option to select the best workplace layout according to the business needs and budget
- Ideal for entrepreneurs looking to venture into diverse areas of expertise
Establish your company in IFZA with Shuraa!
Shuraa Business Setup has a dedicated team of experts that provide company formation services through their in-depth knowledge and years of experience in their field. They are well aware of the business setup rules and regulations and thus can guide you throughout the process, thereby saving you a lot of time. They will also assist in the post-setup formalities such as opening a corporate account, visa processing, etc. and make sure that their services are well aligned with your business needs.
Reach out to Shuraa at www.shuraa.com for further assistance with IFZA company formation.