Top 5 Reasons Why You Should Setup An IFZA Free Zone Company
Published on July 13th, 2020.
International Free Zone Authority is also known as IFZA is one of UAE’s fastest growing and leading free zones that is highly recommended for setting up a free zone company in the North Emirates.
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 the perfect solution. There are several licensing types available for SME’s and international businesses. IFZA currently offer:
Consultancy and service license
Trading and general trading license
Industrial license and
Holding license
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 has been among one of 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. There are rules, regulations, and certain ways of doing business and registering a business 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 solution and options available to you. Below we highlight why now is a good time to start a company at IFZA free zone.
There are over 50 free zones in the UAE. IFZA is situated in the Northern Emirates and is one of the most affordable free zones available in the UAE. If you are not concerned about having a Dubai office or address, this North Emirate free zone option may be suitable to your needs. Company trade license fees start from AED 11,000 or USD $2,999. Prices and packages vary on the number of UAE residency visas required.
PROMOTIONS & DISCOUNTS
This free zone continuously strives to assist and guide entrepreneurs on their journey. Each month the free zone has a promotion aimed at making it financially feasible for new market entrants. During the month of June and rolling onto the end of July 2020 IFZA has a promotion running for a waived/removed visa application fee saving you AED 3,750. Visas are valid for 3 years and upon your visa renewal provided you continue to renew your company; the visa application fee of AED 3,750 will continue to be waived. This will continue each time your visa is due for renewal and whilst you still have the IFZA company. No other free zone has such a great offer.
1000+ BUSINESS ACTIVITIES
There are more than 1,000 business activities available. Another bonus is 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. 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.
SHAREHOLDER PRE-APPROVAL
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 security checks. When setting up a company each shareholder must successfully pass the UAE’s Immigration and security checks to be eligible to own / be a shareholder of a UAE company. IFZA is one of the few free zones that offers shareholder pre-approval checks. This means when we apply for your business setup along with a shareholder pre-approval check. There is a small fee of less than USD $100 per shareholder to ensure each shareholder will pass the security and Immigration checks. 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. 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. It is a win-win situation and only a few free zones provide this service.
SEAMLESS & QUICK SETUP PROCESS
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 certified and approved solicitor or lawyer in your home country completes these and a clear coloured copy is sent via email. Original certified documents are not required, and this greatly speeds up the company setup process. Furthermore, there is no requirement for corporate documents to be notarised and attested in the UAE Embassy in your home country. Again, this saves on cost, time and makes your company setup hassle-free.
SO, WHAT MAKES THIS FREE ZONE MORE ATTRACTIVE THAN THE OTHER 49 FREE ZONES AVAILABLE IN THE UAE?
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 is widely recognised by UAE local banks, and you will be able to be eligible for a corporate bank account with your IFZA company.
WHO SHOULD SETUP A COMPANY IN IFZA?
From start-ups to multinational companies there are a wide range of business activities available. However, this free zone is most appealing to start-up companies, solopreneur, entrepreneur, and SME’s as it is affordable and reasonably priced compared to other free zones.
Should you wish to know more about free zone company setup and wish to explore your options, email info@creationbc.com or call +971 4 878 6240 for a free consultation.
