INTERNATIONAL FREE ZONE AUTHORITY (IFZA) MOVES TO DUBAI

International Free Zone Authority (IFZA) announces the relocation of its full operations to Dubai after an agreement signing ceremony between H.E. Dr. Mohammed Al Zarooni, Vice Chairman & CEO of Dubai Silicon Oasis Authority (DSOA) & Secretary-General of Dubai Free Zones (DFZ) Council, & Martin G. Pedersen, Chairman of IFZA. 

The new announcement leaves many questions open for discussion. Currently, we are awaiting the full details on the processes, time frames & next steps. Below we have listed some of the main FAQ’s & tips for preparing a seamless transition of IFZA free zone companies to Dubai. 

WHO WILL BE AFFECTED?

IFZA is migrating its entire free zone, operations & workforce from Fujairah to Dubai. The transfer of the free zone will have the following affect:

• All licensed companies registered with IFZA Fujairah will be transferred to Dubai
• Any company due for renewal will be renewed under the new Dubai IFZA operation
• All UAE residency visas will now be processed with Dubai immigration

WHAT IS THE PROCESS FOR MOVING & WHEN WILL IT APPLY?

IFZA are finalizing their processes & will release their guidelines as soon as possible. The entire team at Creation Business Consultants have been working in the background & are dedicated to preparing the most streamlined transition of your company move from IFZA Fujairah to IFZA Dubai. 

WHO WILL COMPLETE THE COMPANY MOVE TO DUBAI?

At this time IFZA is formalizing their new guidelines & will provide instructions to Creation team on the new processes once released. There is no confirmed date on the release of the guidelines. IFZA has mentioned the transfer of all companies will occur in stages & more information will be released in the coming weeks. Your Operations Account Manager from Creation Business Consultants will contact you once IFZA has provided us with further instructions on the process of the company transfer. 

CAN MY COMPANY STILL OPERATE WHILST THE MOVE IS HAPPENING?

Your company will remain operational, provided the company license is still valid. If a company is due to expire & payment has been made the license will automatically be transferred & renewed under IFZA Dubai. 

WILL THERE BE ANY ADDITIONAL COSTS FOR THE COMPANY MOVE?

IFZA have expressed there are no costs levied from the Government for the company migration to Dubai. 

Given this unprecedented move from the free zone & also the current economic climate, Creation Business Consultants will assist our clients for this move for no additional fees.

There may be some fees arising from external governmental approvals however, this will be on a case-by-case basis relating to some regulated business activities.

WHAT WILL CREATION DO TO ASSIST WITH THE TRANSITION?

Creation Business Consultants’ priority is ensuring your company is moved & the transfer is completed as quickly as possible to enable business continuity. Following on, once Creation has the official instructions from IFZA we will direct you on the following:

• Documentation to be completed
• Matching of business activities from the options available in Fujairah to Dubai
• Providing you with a draft shareholder resolution to be completed
• Co-ordinate with the free zone on the updated company trade license

WHAT HAPPENS ONCE THE TRANSFER IS COMPLETED?

Your business will remain operative as normal & you will need to share a copy of your updated trade license with your bank.

WHAT HAPPENS WITH YOUR UAE RESIDENCY VISA?

Any visa that has previously been issued via Fujairah Immigration will continue for the remainder of the visa validity. Once the visa has expired it will be renewable under IFZA Dubai. If you are due to start your UAE residency visa the company transfer will need to be completed first. Then, the company establishment card will need to be completed. Thereafter the company will be able to start the residency visa application process. 

WHAT TO EXPECT NEXT?

Whilst the transfer of the free zone from Fujairah to Dubai is beyond Creation Business Consultants control, we are committed to doing everything we can to ensure a seamless transition for our clients. 

Our team have been requesting more information from the authorities however, at this time their processes have not been finalized. We understand that everyone will have some queries which we will do our best to assist with and answer as soon as possible. If you have any urgent matters you need to bring to our attention, please do contact our Operations Department on +971 48786240 or email info@creationbc.com

We have been assured by IFZA that the transfer of the licenses will begin to occur this week, so we will keep you updated on the progress once provided with new information.