Business Setup in IFZA Free Zone
In the United Arab Emirates (UAE), there is a free zone called the International Free Zone Authority (IFZA). It allows business owners such as yourself to establish their enterprises in this region by offering them a first-rate business environment along with additional benefits.
Entrepreneurs and investors are drawn to the International Free Zone Authority (IFZA) like a magnet. Still, a number of people are having difficulty deciding which way to go in order to establish their businesses in this alluring free zone. We’re going to investigate the draws that draw people to this free zone today. We will also provide you with a comprehensive guidance on setting up your business in the IFZA Free Zone.
IFZA – Overview
We advise you to get all of your fundamental questions concerning the IFZA Free Zone answered before moving on to the more important details. The International Free Zone Authority (IFZA) is one of the recently created free zones in the United Arab Emirates (UAE), as we previously stated.
The IFZA Free Zone offers a wide range of business activities and access to top-notch business environments for investors and entrepreneurs. Because of its advantageous location, simple business registration procedure, and other factors, this is a popular place to start a business. Are you curious about further benefits of establishing your company in the IFZA Free Zone? If so, you ought to go to the following section.
Benefits of beginning a business in IFZA Fee Zone
Establishing a business in the IFZA Free Zone offers numerous benefits to your enterprise. On the other hand, establishing a company in the IFZA Free Zone has several advantages. We have made an effort to address the main advantages of launching your business in this free zone:
1. Tax benefits
One of the main benefits of establishing your company in the International Free Zone Authority (IFZA) is the tax benefits. Establishing your business in the IFZA Free Zone could provide you with various advantages with regard to corporate and personal taxes.
Furthermore, export and import duties, as well as currency regulations, do not apply to you. It implies that by establishing your company in the IFZA Free Zone, you may do away with the concern over taxes.
2. 100% Foreign Ownership
In the United Arab Emirates (UAE), all free zones grant 100% ownership to new businesses as soon as they are incorporated. Since IFZA is a Free Zone, you are able to own 100% of your company foreignly. It indicates that in the absence of a local sponsor, you can maintain total control over your company. To put it briefly, you are free to freely own and run your business in the IFZA Free Zone.
3. Complete repatriate of capital and profits
You are free to repatriate all or 100% of your profits to your home country in the IFZA Free Zone. It means there won’t be any issues or disruptions when you return or transfer your money to your country of origin.
4. Prime location
The strategically located IFZA Free Zone lies in the center of Dubai. Dubai’s geographic location at the intersection of Europe, Asia, and Africa gives you access to a sizable market through IFZA. Easy access to the important economic hub and international transit link is provided by this free zone. The IFZA Free Zone is a great option for establishing your business because of all these benefits.
5. LLC company option
In the UAE, creating an LLC firm is prohibited in the majority of free zones. But the IFZA Free Zone sets itself apart from other free zones by providing you with the opportunity to form an LLC. You can strengthen your financial security by separating your personal finances from company responsibility with the aid of your LLC firm.
Types of licenses available in the IFZA Free Zone
You need to have a trade license in order to start your business in the IFZA Free Zone. That being said, the IFZA Free Zone offers an infinite variety of license kinds. The most common license categories in this free zone are shown below:
Commercial License: You can legally import, export, store, and distribute goods if you have a commercial license.
Industrial License: An industrial license can be obtained by businesses looking to import raw materials, enabling them to begin producing and processing specific commodities.
Professional License: To legally function, consulting firms and service providers must get a professional license.
Consultancy License: Professionals need to obtain a consulting license from IFZA in order to provide expert consultancy services.
Service License: Businesses that have a service license issued under their corporate name are able to produce and transport services.
General Trading License: Access to a wide range of services and trading opportunities is made possible by an IFZA general trading license, allowing for the exchange of goods and services in B2B, B2C, and C2B business formats.
Steps to initiate your business in the IFZA Free Zone
The majority of the procedures for establishing a business in the IFZA Free Zone can be completed online, making the process quite simple. Below, we have outlined the entire procedure to help you have a simpler journey:
➦ Choose a legal structure
The first step in setting up your company in the IFZA Free Zone should be selecting a trustworthy legal structure. You have to decide which of the three accessible legal structures for your company: LLC, branch office, or sole proprietorship. But you should only use legal structures that align with the goals of your company.
➦ Gather and submit the required documents
The next step is to collect and file the necessary paperwork to open a business in the IFZA Free Zone. You need to submit application forms, copies of your passport, and other documents. For the comprehensive list of paperwork needed to start up your business in the IFZA Free Zone, we advise getting in touch with IBR Group Business Setup.
➦ Fulfill financial requirement
Following the collection and submission of your documentation, you must fulfill the mandatory payment requirement as stipulated by the licensing authorities. To put it plainly, you need to pay the necessary payments to obtain your license. But the amount varies according on the kind of license.
➦ Issuance of e-agreement
An electronic agreement, or E-agreement, will be issued by the IFZA if you are registering your firm in the FZE or FZCO. One thing to keep in mind is that this e-agreement is exclusive to FZE and FZCO.
➦ Sign the e-agreement
To speed up the licensing procedure, you must properly sign the digital document or e-agreement after it is issued and share the capital letter. But you should only take this action if your business is registered in FZE or FZCO.
➦ Get your license
Once you’ve finished all the prerequisites, the IFZA will provide you an e-license so you can start doing business in the area.
How does IBR Group Business Setup help you?
You must have a thorough understanding of the International Free Zone Authority (IFZA). Nonetheless, it’s simple to launch a firm in this alluring free zone. Still, IBR Group Business Setup is always there to offer helpful advice if you need help setting up your company in the IFZA Free Zone. You may also get any of your questions concerning the IFZA Free Zone answered by our professionals.
Speak with a team advisor from the IBR Group for a free consultation to find out more about doing business in the IFZA Free Zone.