With the recent efforts of changing the focus of the UAE government from obtaining most of its revenue from the oil and gas sector to the non-oil sectors such as tourism and manufacturing, UAE has implemented slew of rules and regulations in the country. Setting up a company in the country is now comparatively easier and the process is being simplified even more. To make company setup more easy and lucrative, the country comprises a number of trade free zones which provide a number of benefits to the companies. IFZA or the International Free Zone Authority is one such free zone which can provide a whole lot of benefits to the company
Let us know more about this free zone.
International Free Zone Authority (IFZA)
This free zone is located right in the heart of Fujairah, which is one of the seven emirates of the country. the aim of IFZA was to provide world class business quality infrastructures and services along with cost effective business solutions. and has quite successfully done so. Due to the various efforts of the free zone management, it is now considered as one of the most cost effective free zones in the UAE.
Due to the strategic location, this free zone has access to some of the most important and significant shipping routes. It is also in close proximity to the Fujairah International Airport making this free zone easily accessible to the people all over the world.
With the recent advancements and turmoil in the environmental domain, IFZA is taking steps to become an environmentally conscious free zone authority. It is taking steps in order to reduce the carbon footstep of the area and has started giving focus on the use of wind and solar energy, insulation of the infrastructure and also tries to implement a paperless system. The free zone also employs the services of the suppliers which have a carbon footprint in the required threshold.
All in all, setting up a company in IFZA will be very beneficial for you as it offers a variety of services and facilities to companies ranging from the availability of infrastructure full of features, easy availability to the raw materials and proximity to diverse markets.
Types of Licenses available in IFZA
The Fujairah Free Zone authority is very diverse in its operations. There are many licenses available to a company established in IFZA, namely:
This license allows for the transformation, production, re-production and distribution of the various services.
Acquiring this license will allow a company to provide expert and professional consultancy services of the professionals in the area.
Specialized Trading License
This license will allow the holder to start its trade in special and specified items.
General Trading License
This license is very much similar to the general trading license as this will allow the holder to start a trade in a wider range of items.
This license will allow for the import of raw materials, manufacture, production, re-production packaging and export of goods.
This license will allow for the holding of assets or share in different companies.
How to Set Up a Business in International Free Zone Authority?
The process of setting up a company in IFZA is reasonably simple and easy. The bulk of the process can be done online and does not require you to be physically present during the registration process. The complete process of registering a company in IFZA is given below:
1. Decide a Name
It is required that you decide the name of the company. In the future, the company will be referred to the name that you decide. The name chosen by you should be a name which is not already in use by other existing company.
Get the required approvals and permits from the concerned authorities. Special permissions need to be taken if the business conducted by your company is special or exclusive.
3.Memorandum of Association
Draw up the Memorandum of Association and get it notarized form the court.
The company must collect Capital Contribution Certificate and auditors certificate which can be obtained from a bank.
5.Submit the Application
All the documents such as the copy of Memorandum of Association, all the certificates previously obtained and tenancy contracts need to be submitted with the approvals for registering the business.
6.Inspection by the Concerned Authority
After all the above steps, an inspection of the company will be done by the concerned legal department. If all is good, the name of the company will be entered into the Commercial Register, and the Memorandum of Association will be published by the Ministry of Economy.
After completing the above mentioned company registration process, the company will be given a license to initiate its business by the municipality of IFZA.
Though the business setup process in IFZA is quite straightforward, foreign entrepreneurs and businessmen may face problems during the company registration process. It is always recommended that whenever trying to setup a company in the UAE, take the help of a management consultancy firm such as “Commitbiz”.
We at Commitbiz, will take special care of providing all the answers to your company registration problems and will also be beside you all the way during the registration process. For more details, contact us today - we will be glad to be of service.