Located in Fujairah, one of the seven Emirates of the United Arab Emirates, the region turns out to be an excellent ground for business investors to step forward and start their business. It is one of the developing hubs in the Emirates, which has got easy access to the Gulf of Oman. Covering an area of around 1.5% of the UAE, it is a well-known destination for cement, stone cutting and ceramic industries. Similar to the other Emirates like Dubai and Abu Dhabi, the Emirate has also got its free zone regarded as IFZA (International Free Zone Authority), located next to the Port of Fujairah.
If you are planning to start a business in Fujairah, then you can opt for IFZA. Below-mentioned is specific reasons as to why an investor chooses for IFZA. Let’s proceed.
1.No Minimum Share Capital
The region offers flexibility to the investors to free themselves from the burden of arranging minimum business capital for the business incorporation process. This turns out to be an excellent option for the investors to come forward and set up their business in IFZA.
2.Ease Banking Opening Process
Another reason that makes IFZA a suitable place for business incorporation is the easy bank opening process. The Government of Fujairah turns out to be a significant shareholder in the National Bank of Fujairah, ultimately extending its arms to corporate and commercial banking. The NBF also extends its services to the Manufacturing, Construction, Education and Healthcare sector.
3.Easy Availability of Office Space
The moment you think of a company, the picture of an office pops up in mind. Well, IFZA provides complete office space solutions to foreign investors so that they don’t find any difficulty in setting up a company in the region. The process turns out to be more hassle-free if you partner with a UAE business consultant, who can quickly help you to get a space, as they are well-versed with the office spacesavailable in the region.
4.Flexibility to Open a Warehouse
As mentioned above, the IFZA zone turns out to be a perfect destination for manufacturing business, and the region also provides the flexibility to open a warehouse. By setting up a warehouse, it becomes easier for you to increase the manufacturing processes to a great extent.
5.Low-Cost Company Formation
The company set-up cost in IFZA is comparatively low as compared to the other free zones. This helps the business owners to come forward and set up a company in Fujairah.
6.Complete Foreign Ownership
Once you incorporate a business in IFZA, you don’t have to look for a local sponsorto partner with during the establishment process. Complete foreign ownership is extended which makes it easier for the investors as they don’t need to depend on the local sponsor, nor they have to hold out any percentage of share to the local Emiratis.
7.Complete Exemption of Taxes
Tax-payment is a tensed period for any business, be it retail or manufacturing. Well, you don’t have to bear the same burden if you start a business in IFZA. The region provides you tax exemption since the company incorporation, that helps you to focus on the other business activities. No personal or commercial tax is to be paid in the complete business cycle.
8. Physical Presence is Not Required
Another eye-catching feature that IFZA provides to its investors is that the physical presence of office is not required. If you have a place of your own, you can start your business there itself. There comes no hard and fast rule to possess a physical space and pay rent for the same.
9.Complete Repatriation of Profits
In case if your business doesn’t turn out to earn more profits, and at a later date, you want to wind -up or opt for company liquidation, you don’t need to pay any amount to the government. The IFZA zone provides you with the flexibility to take away the entire investment made and the profits earned back with you.
Thus, we can see that the region provides multiple benefits to investors to fetch-in more attention from worldwide investors. The Government of UAE is taking up various steps to turn the Fujairah city as one of the most flexible business and investment hub. Now, it is to be kept in mind that the incorporation process for sure that would involve a lot of documentation and legal process, although dealing with these processes is not an easy one. To take the steps forward in an easy -way, it is recommended to take the help of expert business consultants who can help you to complete the incorporation process in a faster way.
Benefits of Outsourcing the Incorporation Process to Experts
Some of the benefits of outsourcing the incorporation process to experts are stated below:
- The experts can help you to save time and carry out the process in a less-time
- They have networks in dealing with the legal proceedings
- The complete tasks get carried out in a professional manner
- Market insights can be easily known from the subject-matter experts
- A guide will be there by your side at every step
- Error-free documentation gets generated
- They can advise you related to the company expansion and revenue growth
Commitbiz Consultants Dubai turns out to be a one-stop solution for your business needs. Our business experts are well-versed with the incorporation process in IFZA. If you want to start a business in IFZA, do contact us today-we’d be glad to assist.