What are free zones and what is IFZA?
Free zones are special economic zones set up with the objective of offering tax concessions and customs duty benefits to investors and business owners. Free zones in the UAE were originally rolled out to boost international business in the UAE by offering benefits such as 100% foreign company ownership. There are currently around forty-five (45) free zones across the UAE. Amongst these, one of the most popular free zone is International Free Zone Authority (IFZA).
Originated in Fujairah, IFZA has always been on track to become a leading investment hub for both international and local business owners. IFZA is popular for offering one of the most competitively priced free zones company setups in the UAE. Another reason for its popularity is that IFZA offers tailored solutions for each prospective business. IFZA incorporates service standards on an international level ensuring that each client has the best company set up and after care services possible.
Is IFZA in Dubai?
In October 2020 Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO) signed an agreement with IFZA. This agreement empowers new and existing IFZA companies to be incorporated under the joint umbrella of DSOA and IFZA, boosting the flexibility of doing business in the UAE. Additionally, this agreement provides entrepreneurs and startups with opportunities to expand their businesses and partner with a host of technological companies, experts and startups based in Dubai Digital Park (DDP), Dubai Technology Entrepreneur Campus (Dtec) and DSOA headquarters.
What businesses can be set up with IFZA in Dubai?
Companies with the following license types can be set up with IFZA in Dubai:
- Professional license: providing consultancy, technical and other services to business professionals across all industries.
- Commercial license: allows for the import, export, distribution and storage of items specified on the license.
- Industrial license: The import of raw materials followed by production, re-production, manufacture and packaging of products, and export.
- Branch: Foreign incorporated companies may register a branch with IFZA, Dubai. The activity of the branch should be identical to the activity of the parent company.
What are the benefits of setting up a company with IFZA in Dubai?
Some of the key benefits that IFZA offers include:
- Quick registration and license issuance.
- Ability to incorporate holding companies.
- No requirement for physical offices.
- Wide range of business activities.
- Very competitive prices.
- Shareholder’s physical presence is not required to incorporate a company.
- 100% foreign ownership.
- 100% exemption from corporate and income taxes.
- Zero foreign currency restrictions.
- 100% repatriation of company profits and capital.
- Various visa and non-visa packages are available.
- Do business with various multinational companies situated in Dubai.
- IFZA offers a wide range of office solutions including individual desks, private offices and customised office suites.
- Along with company setup, IFZA offers the following additional services:
- License amendment services.
- License upgrade and downgrade services.
- Document attestation.
- Immigration services.
What are the steps for setting up a company with IFZA?
One is required to take the following simple steps to set up a company with IFZA:
- Placing an order.
- Approval and processing
- Issuance of license.
What are the other initiatives of IFZA?
IFZA strives to become an environmentally conscious free zone and operates responsibly regarding carbon footprints to pose a minimal detrimental impact on the environment. To do this, IFZA is currently focusing on five initiatives, including:
- Use of wind energy.
- Use of solar energy.
- Effective insulation of buildings.
- Introduction of a paperless system.
- Only using suppliers with a well-established carbon footprint.
Legal Inz provides company formation services to set up a company with IFZA. Legal Inz also assists in issuance of residential visa to shareholders and employees. Please feel free to contact us for any assistance relating to setting up companies in IFZA.