Dubai’s strategic location at the crossroads of the major global markets makes it the top destination for business. This is one of the reasons that attracts many Entrepreneurs towards a business setup in IFZA free zone.
The International Free Zone Authority is one of the UAE’s fastest-growing free zones, highly recommended for a free zone company formation in the North Emirates. It is famous across the globe for its efficient international service standards and cost-effective solutions.
IFZA is a unique business area that is not governed by the UAE’s Federal Commercial Companies Law. Having their own regulatory jurisdiction allows them to enable easy company formation in IFZA Dubai, as well as to offer unique benefits.
So, if you want to set up your business in IFZA Dubai, continue reading. This blog will walk you through its benefits, process, requirements, and cost.
The Benefits Of IFZA Business Setup
There are several significant benefits of IFZA company formation that attract thousands of young entrepreneurs to conduct business in Dubai. A few prominent ones are as follows:
- IFZA offers cost-effective business solutions with its attractive business setup packages. Surprisingly, IFZA, despite being affordable, also offers 100% repatriation of profits.
- The process of IFZA free zone company formation in Dubai is super easy. All you need to do is keep the required documents handy, and you’ll be able to wrap up the process within 3 to 4 days. Moreover, most of the process is online, and hiring a top business consultant in Dubai can make the process even more simple and quick.
- IFZA Dubai makes the business setup process even more manageable as the physical presence of the business owners during the company incorporation process is not mandatory. This allows business owners to complete the company incorporation remotely across the globe.
- There is no requirement for paid-up share capital for company formation in IFZA. It allows you to choose from a wide range of activities, including consultancy, e-commerce, trading, and industrial activities. Moreover, IFZA provides a Holding Licence that allows you to hold standalone assets or shares in other companies.
- You can establish a business setup in IFZA free zone with a zero or single visa package. You can later upgrade to higher visa allocations with the growth of your business and personal requirements. What’s more? When you upgrade your business, IFZA charges only the difference in the government fee between the current package and the new package.
- IFZA Academy provides training to individual entrepreneurs and existing companies, covering all vital aspects of company formation in Dubai. It includes application, documentation, licensing, verification, visa issuing, warehousing, office spaces, and residential accommodation.
- Recently, IFZA partnered with DSO (an industry-specific free zone targeting IT companies) to allow entrepreneurs with an IFZA license to operate from the DSO free zone. This initiative enables them to enjoy business flexibility as well as various modern tech facilities with a cheaper trade license.
Documents Required for IFZA Business Setup
You must submit all the relevant documents for a business setup in the IFZA free zone. The primary documents you must have for registering your business with IFZA are:
- Passport copies
- Passport-size photographs
- Entry visa or stamp page
There will be a requirement for other additional documents, which may vary as per your business type. The company formation experts at the UAE Expansion can provide you with a detailed list of the required documents, depending on your license and chosen activity.
IFZA Business Setup Step-By-Step Process
The process of business setup in the IFZA free zone is relatively straightforward. Most of the process is online. Therefore, it will hardly take 10 to 12 days to complete your company registration process and get approval if you submit the required documents on time.
Having a complete understanding of the process will make it easier for you to avoid mishappenings or delays. Following is a general overview of the business setup process:
1. Gather Necessary Documents
The key to speeding up the IFZA company registration process is gathering all the necessary documents as soon as possible. Furthermore, you cross-check all the documents once and submit them to the concerned free zone official to get the initial approval..
2. Get Your Name Reservation Certificate
Next, you decide on a legal trade name for your company and register it with authority to get your Name Reservation Certificate. Before registering your company name, ensure it meets all the naming guidelines set by the legal authority. A few important ones to keep in mind are no use of foul words, mention of religion or any reference to God.
3. Prepare Licence Application
Prepare a license application, attach the required documents and submit it with IFZA Dubai for inspection. After thoroughly inspecting your application and documents, if the officials are satisfied, they will issue your IFZA free zone business license within the next 3 to 4 days.
4. Open a Bank Account
On receiving your trade license, you must pay the required fee within 24 hours of receiving your license. Then, you must proceed to open a corporate bank account for seamless business transactions.
What Is the Cost of Setting Up a Business in the IFZA?
IFZA has always been and is still appreciated for its cost-effective and affordable business set-up solutions. However, giving an exact break-up of the costs involved in the IFZA company setup can be challenging.
The cost varies according to the nature of your business and the package you choose. However, to provide you with an idea, IFZA free zone license cost in Dubai can be anywhere around AED 13,900 for a Zero Visa Quota and AED 43,470 for a 3-Year business license.
IFZA Business Activities
Start Your Business in IFZA Dubai
Undoubtedly, there are many benefits of business setup in IFZA free zone. The free zone provides everything for a profitable business, from affordable prices to top-notch infrastructure and modern facilities. So why wait? Start your business registration process with the UAE Expansion.
Our company formation experts are well-versed with all the requirements and will guide you at every step. Furthermore, we will help you gather and submit all the required documents as well as acquire the necessary permissions on your behalf to make the process seamless and quick. We also ensure you get your business license at the most affordable rates possible. All you need to do is give us a call, share your requirements, and we will take it from there.