WHAT IS THE PROCESS FOR MOVING & WHEN WILL IT APPLY?
IFZA are finalising 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 the company move from IFZA Fujairah to IFZA Dubai.
WHO WILL COMPLETE THE COMPANY MOVE TO DUBAI?
At this time IFZA is formalising 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. The Operations Account Manager from Creation Business Consultants will contact the company once IFZA has provided Creation with further instructions on the process of the company transfer.
CAN A COMPANY STILL OPERATE WHILST THE MOVE IS HAPPENING?
The 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 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 the 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, Creation Business Consultants will direct you on the following:
- Documentation to be completed.
- Matching of business activities from the options available in Fujairah to Dubai.
- Providing company owners with a draft shareholder resolution to be completed.
- Coordinate with the free zone on the updated company trade license.
WHAT HAPPENS ONCE THE TRANSFER IS COMPLETED?
The business will remain operative as normal & a copy of the updated trade license will need to be shared with the correspondent bank.
WHAT HAPPENS WITH THE 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 an investor is due to start his/her 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. Contact our experts for a free consultation +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.
