Located next to the Port of Fujairah, International Free Zone Authority (IFZA) is set to quickly become a leading investment hub within the thriving UAE economy. The free zone has easy access to all the Arabian Gulf Ports, and the booming markets of Iran, India, and Pakistan. IFZA is also close to Fujairah International Airport and such advantages including strategic location with the access to world's major shipping routes, port and airport, and streamlined procedures, make the free zone an ideal place to set up a business in Fujairah.
Facilities such as offices, warehouses, residential apartment, hotel, retail outlet options are available in the IFZA Fujairah free zone. They offer its investors the lowest price and minimum requirements and procedures to start a business and hence IFZA is the current ideal location for any businessman to setup their company.
Benefits of Setting Up a Business in IFZA
- 100% exemption from corporate and income tax
- Zero foreign currency restrictions
- No minimum share capital requirement
- 100% foreign ownership
- Cost effective business incorporation solution
- Low set-up cost
- Multi-access to neighboring and global markets by sea, land, and air
- Full repatriation of capital and profits
- No physical office requirement
- Ability to incorporate holding company
- Companies have limited liability
Types of Licenses Available in IFZA
The various types of licenses available in the IFZA Fujairah are:
1. Consultancy License
This license is issued to the companies who are into providing expert and professional consultancy services for professionals.
2. Service License
Under this, companies who are into production, re-production, transformation, and distribution of services are provided with a license.
3. Trading License
This license enables the licensee to trade items specified on the trade license.
4. General Trading License
It enables a licensee to trade a wider range of items.
5. Industrial License
This license allows importing raw materials, production, re-production, manufacture, package and export.
6. Holding License
This license allows the holding standalone assets and/or shares in other companies.
Facilities Provided by IFZA
- A wide range of modern office solutions which have:
- European design
- Modern, open interiors with ample natural light
- Flexible usage options
- Flexible rental duration
- 24/7 access
- Warehouse facilities include various size options build on the highest international logistics standards
- Various sizes
- Flexible rental duration
- 24/7 access
- Various quality and spacious retail outlet options to selected brands
- Large storefronts
- Easy access
- High quality common areas
- 24/7 security
How to Start a Business in IFZA?
With so many benefits coming your way, Fujairah Free Zone Company set up is a straight-forward process. Most of the process is done online and once all the documents are submitted, the officials can take 10-12 days to approve your company registration. The steps are as follows:
- Obtain an initial approval for name and activity from the Municipality of Fujairah free zone. Note that the name should not be similar to the name of an existing company
- Obtain approval from concerned Ministry/Department in case the activity is of special nature
- Write up the company’s Memorandum of Association and have it notarized from the courts
- A capital contribution certificate must be obtained from the banks for cash shares and auditor’s certificate for both cash shares and kind shares
- Submit the application form and initial approval along with the notarized copy of Memorandum of Association, capital certificate, tenancy contract, etc. to the Municipality
- After scrutiny by the legal department, the Company name will be entered in the Commercial Register and have its Memorandum of Association published in the Ministry of Economy Bulletin. The Municipality will then issue the license
Why Set Up a Business in IFZA?
Apart from the aforementioned benefits, IFZA has to offer a lot of other advantages like low tariff rates, minimized overhead costs and shorter start-up time. In fact, a business license can be issued within 4-5 working days if all the documents are submitted as per the laws provided by the authority.
For a foreigner, it can be tough to have complete knowledge about the laws related to business setup in Fujairah free zone, and one can also need a help from a consultant who is well-versed with this process. We at Commitbiz have a team of specialists who have complete knowledge with the mandated procedures and documentation and hence can help you secure and submit all paperwork on time. We can manage the complete, end-to-end process on your behalf, which gives you the opportunity to focus on building your business, while we take care of all the time-consuming processes and requirements. Contact us today, even if it’s for a friendly advice.