International Free Zone Authority (IFZA)

Dubai has become the international hubspot for global investors and entrepreneurs like you who want to establish a business. The United Arab Emirates (UAE) has the highest number of free zones, with Dubai being home to most of them.

International Free Zone Authority (IFZA) is one of Dubai’s free zones, popular among business owners worldwide. If you want information on the IFZA company set up, you have landed in the right place.

IFZA, regulated by the Dubai Silicon Oasis (DSO), has become vital in promoting international investment, contributing to the growth of the UAE economy.

The company setup process in IFZA is flexible and highly customised. It offers cost-effective solutions among other benefits.

Benefits of IFZA Company Setup

1. Strategic Location

IFZA is located at the heart of Dubai, enabling access to a large and diverse consumer market and making your logistical solutions more efficient. 

2. Tax advantage

Business setup in IFZA exempts you from import/export and corporate tax. You also get an exemption from paying the existing VAT. 

3. Networking and Support

IFZA has a collaborative community that offers opportunities to network and familiarise yourself with different business models. The government also provides the necessary support by delivering 24/7 hotline and email services.

4. Full Ownership and Repatriation of Profits

International Free Zone Authority (IFZA) allows you to control the business by enabling full ownership without needing a local sponsor. It also lets you set up an LLC to provide financial security, asset protection, and full repatriation of profits earned.

5. Cost-Effective and Efficient Setup

IFZA makes company formation possible without needing a physical presence and a No Objection Certificate (NOC). In addition to that, you can establish a virtual office, which helps cut down the associated fixed costs.

6. Visa Policies

IFZA has a convenient three-year visa policy for you and your workers. It provides you stability for long durations, removing the need for frequent renewals.

7. Ease of Administration Requirements

There is no requirement for paid-up share capital, employee guarantee deposits, or an annual audit report in the IFZA Freezone. It helps in reducing financial and administrative burdens.

Types of Licenses Available in IFZA

Here are the types of licenses you can avail of in the International Free Zone Authority (IFZA):

1. Commercial License

If your company trades goods, you must obtain a Commercial License. This license permits importing, exporting, and selling within the UAE. Types of commercial licenses in IFZA include General trading, e-commerce, and tourism.

2. Professional License

A Professional License lets you offer professional services backed by your qualifications and intellectual efforts. You can leverage your knowledge in various fields such as accounting, auditing, and technology services.

Professional IFZA licenses include management consultancy, real estate, and accounting.

How to Start a Business in Dubai International Free Zone Authority?

Business setup in IFZA is hassle-free. Let us look at the stepwise guide to set up a business in the freezone:

1. Decide Trade Name

Choosing a company name that aligns with your business and does not infringe on any existing trademarks is important.

2. Initial Approval

Depending on your business type, you may need to obtain approvals and licenses from concerned regulatory bodies and IFZA.

3. Memorandum of Association

Draw up the Memorandum of Association (MoA) and get it notarised by the court.

4. Open Corporate Bank Account

Opening a bank account for your business will ensure hassle-free financial transactions.

5. Collect Certificate

Collect the Capital Contribution certificate to break down the capital structure and each owner's contribution, or an Auditor's Certificate from an independent auditor.

6. Submit Documents

Provide all necessary documents requested by the International Free Zone Authority (IFZA) such as a copy of your MoA, previously obtained certificates, and tenancy or rental contracts.

7. Due Diligence

The legal department of IFZA will inspect your company. If all is good, the authorities will enter your company’s name into the Commercial Register, and the Ministry of Economy and Industry will publish the Memorandum of Association (MoA).

After completing the registration process, IFZA will offer you the license to initiate business operations.

Why Commitbiz?

Though the business setup process in IFZA is relatively straightforward, you may need help with the registration process and other legalities. Commitbiz can help you with all these problems as we provide end-to-end solutions for setting up a business in the IFZA freezone.

For more details, contact us today - we will be glad to be of service.