This article was updated on June 9th, 2023
This article was updated on June 9th, 2023
This article has been researched and written by Scott Greaves and the team at Creation Business Consultants and has not used AI in generating this article.
International Free Zone Authority is also known as IFZA is one of UAE’s fastest growing and leading free zones that are highly recommended for setting up a free zone company in the Emirate of Dubai.
The ethos and spirit of IFZA and its team are efficient international service standards and cost-effective solutions. For those looking to enter the UAE market on a tight budget, this is a suitable option for investors to consider. There are several licensing types available for SME’s and international businesses. IFZA currently offers:
For those interested in setting up a free zone company at IFZA you will need a registered and approved authorised IFZA agent. Creation Business Consultants was among one of the first approved registered IFZA agents and has worked on a vast number of business setups, visas, labour, Immigration, and various restructuring projects via IFZA free zone. For those looking to start a business in Dubai and the UAE for the first time, it can be daunting. In Dubai and the UAE, there are rules, regulations, and certain ways of doing business. Furthermore registering a business in Dubai and the UAE will be completely different to how business is conducted in your home country. When setting up a company it is important to have an expert who knows the landscape well, understands your requirements and is be able to guide and recommend the most appropriate options available to you. Below we highlight why now is a good time to start a company at IFZA Dubai free zone.
There are over 50 free zones in the UAE. IFZA is situated in the Emirate of Dubai and is one of the most affordable free zones available in the UAE. If you are not concerned about having a physical office or address, this Dubai based free zone opportunity may be suitable to your needs. Company trade license fees start from AED 12,500 or USD $3,405. Prices and packages vary on the number of UAE residency visas required.
This free zone continuously strives to assist and guide entrepreneurs on their journey. The free zone regularly has promotions aimed at making it financially feasible for new market entrants. An example of this would be during 2022 the freezone offered new license holders the ability to avail up to 2 free residency visas with each new business license, this promotion would vary from month to month. To find out the latest 2023 promotion for this month, please do not hesitate to get in contact with our team.
There are more than 2,000 active business activities available with IFZA free zone. Another bonus is that IFZA is one of the few free zones that permits you to combine consulting, services, and trading activities all in the one license provided they are in a related business field. For example, IT consultancy, IT repair services and IT equipment trading are accepted as one license with all activities listed. Other free zones will require you to have a separate consulting license and trading license which will either cost you more or limit your business offering.
There are many variables to consider when setting up a UAE company. For example, nationality (place of birth) of a company’s shareholder(s) acts as an important factor when setting up a company. Certain nationalities might need to go through additional Immigration and security checks. When setting up a company each shareholder must successfully pass the UAE’s Immigration and security checks to be eligible to own or be a shareholder of a UAE company. IFZA is one of the few free zones that offers shareholder pre-approval checks. This means when Creation Business Consultants apply for your business setup along with a shareholder pre-approval check. There is a small fee of USD $150 per shareholder to ensure each shareholder will pass the security and Immigration checks and be able to own and register their UAE company. What is the benefit here you ask? Peace of mind and a guarantee that the shareholders have passed the checks and are eligible for a UAE free zone company. Following on, provided you pay the remaining full amount to register and complete the company setup within 10 days the pre-approval fee is deducted from the total business setup costs. Therefore, this is a win-win situation and only a few free zones provide this service.
Another main advantage is all company and branch setup procedures are conducted on-line. IFZA free zone accepts digital signatures. Passport copies and corporate documentation copies are accepted by IFZA provided a clear coloured copy is sent via email through a registered and authorised IFZA partner. Original certified documents are not required for the initial company setup and registration, copies will be required, and this greatly speeds up your company setup process. Again, this saves on cost and time, making your company setup and registration hassle-free.
Price, speed, digital signatures, shareholder pre-approval options, wide range of business activities and most importantly this free zone has great credibility with UAE banks. IFZA free zone is widely recognised by UAE local banks, and even has a dedicated partnership with certain banks. It goes without saying, you will be able to be eligible to apply for a corporate bank account with your IFZA company.
From start-ups to multinational companies there is a wide range of business activities available. However, this free zone is most appealing to start-up companies, solopreneurs, entrepreneurs, and SMEs as it is affordable and reasonably priced compared to other Dubai free zones.