Dubai Silicon Oasis has approved a new business hub known as IFZA, the Dubai Free Zone. IFZA Dubai Free Zone Company formation was a well-liked option for investors worldwide in just a few months. IFZA Dubai Free Zone offers 3-year and five-year IFZA Dubai license packages.
International Free Zone Authority (IFZA) has earned a name as the most affordable free zone for business formation in Dubai. IFZA UAE Free Zone has high-tech and modern corporate offices and storage facilities to rent within the Dubai Silicon Oasis.
It provides a variety of facilities to set up a company in IFZA with large conference rooms, digital equipment, a massive discount on business licenses in IFZA, and good connectivity.
If you’re also considering forming a company in Dubai, we recommend going with IFZA free zone company registration. In this blog, we’ve given all the details regarding IFZA free zone registration of companies and business licenses in IFZA and IFZA licenses for free zones that will cost 2022.
Overview Of IFZA
The International Free Zone Authority (IFZA) is in Dubai. It was founded in Fujairah, where it was initially launched.
If you’re searching for ideas regarding how to begin your own business in Dubai, then you can look at IFZA and other similar zones within this Emirate too.
IFZA is a highly competitive free zone ideal for establishing Dubai’s no-cost zone companies. It provides cost-effective charges and transparent processes for investors who want to start a business.
IFZA has a broad range of packages, from zero visa providers to various visa choices.
Company Formation Process in IFZA
1. Join us
2. Contact our experienced business and legal consultant for assistance on the many free Zone company’s Formation Packages, License Costs, and Visa Details.
3. Select the appropriate Business Activity and reserve your company’s Trade Name.
4. Choose the correct Business License Package.
5. Send the required documents for review and make the payment.
6. Find your company’s license and then apply for a Residence Visa.
7. Apply for a Corporate Bank Account and other clearances, such as Customs Registration and more.
Different Kinds of Licenses Are Given Through IFZA Dubai Free Zone.
The International Free Zone Authority (IFZA) gives a variety of licenses.
License For Commercial Use
The commercial license will grant you the legal rights to start storage, import, export, and distribution processes.
A license for industrial use is required for companies that wish to import raw materials from the vicinity of their business. It permits you to establish your own business that involves producing and processing chosen products.
Consultancy firms and service providers are required to hold Professional license issues.
License for Consultancy
To offer expert consultation services to professionals, you need to be a consultant-licensed member of IFZA.
Transportation and production of services are among the most critical actions that can be carried out by individuals who hold service licenses issued by their company’s name.
General Licensing for Trading
A variety of opportunities for trading and services are available to you when you hold an IFZA general trade license. A general trade permit allows you to start trading your products and services under B2B, B2C, and C2B business models. To be done with all these contact our Business Setup Consultants in Dubai.
Documents Required to Obtain the Business License in an IFZA-Free Zone
Below is a listing of documents required for IFZA Free Zone Company Formation in Dubai:
A copy of the passport.
Evidence of entry UAE visits Visa.
The cost of an IFZA Free Zone License in 2022
IFZA free zone license costs in Dubai cover the cost of a General Trading License, the service license, and a consultancy license. An in-depth explanation of the elements that contribute to the prize pool is as the following:
The IFZA 1 year business license package with one Investor’s Visa ranges from 17,900 to 27,900.
A three-year IFZA business license can cost around AED 43,700 to AED 65,000.
The 5-year IFZA license for a free zone could be as low as AED 62,500-AED 85,300.
Renewal Of License
The renewal process is simple. It’s the exact cost of the first year’s registration fee.
If you plan to change anything in your company during the renewal period, there aren’t any costs for making changes.
The renewal requirements are:
Application form submission
In the International Free Zone Authority, when the amendment is made in a way that is not part of the renewal procedure, the cost of 2 000 AED will be due.
However, clients also benefit from making as many modifications as they want.
Minor changes are accomplished simply by emailing the registered email address. For significant changes, the need for it is necessary to pass a Board Resolution.
Liquidation of IFZA Company
IFZA is among the most inexpensive free zones concerning the cost of liquidation.
They are aware of the importance of making the process of liquidation as simple as they can.
The liquidation fee is the equivalent of 2,000 AED.
You can cancel visas anytime and then give the original documents and an official cancellation form signed by the International Free Zone Authority.
Reasons For Choosing Company Setup in IFZA Dubai Over Other Free Zones?
If you want to establish your position in Dubai and a strong presence in the UAE marketplace, then you may opt for your company’s IFZA free zone setup. Companies can be formed within IFZA free of charge, which is easy to follow, with a minimum of documents required by those wanting to establish commercial activities in Dubai. The benefits of renewing an IFZA free zone license for business
1. Cost-effective solutions for setting up your business.
2. Liability limits are only applicable to companies established within IFZA Dubai.
3. It offers a range of non-visa and visa packages with huge discounts.
4. Offers opportunities to begin business relationships with other free zone companies and mainland businesses.
5. Benefit from a tax-free income tax on yours.
6. A physical location for the shareholder isn’t necessary to be present for IFZA-free zone companies to be formed in Dubai.
7. Allows you to operate outside the UAE.
8. Increase the number of trade and commercial services for your business.
9. Provides the owner to have 100% ownership.
10. Allows 100% repatriation of capital and profits.
11. It offers a simple and secure registration procedure.
12. Six activities can be included in a single license.
13. You can easily open an account with a bank.
14. It isn’t required to have an office space.
15. The deposit requirement is not a prerequisite to obtaining a work visa.
Features Of the Ifza Freezone Company
Co-Branded by the Dubai Silicon Oasis Authority, Dubai
1. Low-cost Business Setup Packages begin at AED 13,900.
2. Special discount on the IFZA license price for three years license
3. Quick and straightforward Freezone company incorporation
4. Customized Office Setup Solutions – Flexi Desk, Executive Office
5. An extensive range of business-related activities, including Consultancy, Service, and trading options
6. The physical presence of shareholders isn’t necessary
7. No office space is required.
8. Proof of capital for shares is not required.
9. 100 percent exempt from income and corporate taxation
10. 100% foreign ownership
11. There are no restrictions on foreign currency.
12. The full repatriation of company profits and capital
13. The possibility of incorporating holding companies. Ability to incorporate holding
Begin Your IFZA Freezone Corporate Registration
After you know what you need to know about the IFZA free zone formation of companies located in Dubai and the process for obtaining a licensing procedure, you can make an online purchase via the official website to begin your registration.
Read More: Top 10 Low-Cost Business Ideas with High Profit 2023
A Step-By-Step Process for Company Closing in The IFZA
Here are the steps to take to close the IFZA Company
1. The Investor must present the board with a resolution that states that shareholders in all shareholder groups have authorized the liquidation procedure.
2. The request to close the business must be sent by the Free Zone at least one month before the trade license’s cancellation date.
3. The Board resolution and company documents must be submitted at the Free Zone to start the process of company cancellation.
4. All outstanding employee visas must be canceled, and the Investor must pay the fees due to the Free zones and other third parties.
5. All transactions with suppliers and other partners must be paid before the closing of the business.
6. The liquidation certificate of the auditor must be provided to the IFZA to issue a trade license cancellation Certificate. There is a cost to be paid to get this Trade License Cancellation Form. Additionally, the refund request form must be sent to the Free Zone for any refunds (if there are any).
7. Find a Trade License Cancellation Certificate and then the reimbursement from the IFZA Free Zone in the manner specified by The IFZA Free Zone.
So, the liquidation of a company within IFZA is well-organized, allowing investors to quickly exit their businesses on unexpected events or losses to the industry. To learn more about the Company liquidation process in IFZA, Contact our business setup consultants in Dubai today!
Obtain The UAE Residence Visa Through an IFZA Company
Following the company’s formation in the Dubai free zone, you can get a UAE residence visa that allows you to live in Dubai to run and manage your company. If you collect your business from a person’s management, you may obtain a UAE residence visa following Dubai free zone business formation within IFZA.
Below are the necessary steps that you must follow to get your UAE residency visa
1. Get the card established for your business following issuing your IFZA commercial trade permit.
2. You should wait between 5 and 7 days before getting the official card issued by your business.
3. Please fill out the UAE residency visa application form and submit it to the IFZA.
4. Send the necessary charges to IFZA.
5. When you get your Visa, you must undergo a medical exam within 2 to 3 days of the stated date.
6. Once the medical exam is over, you can apply in the form of an Emirates ID.
7. Finish your Emirates Process of Biometric Scanning.
8. Send the necessary documents to the IFZA office and attend for the Emirates ID.
9. Get your Visa Emirates ID and Visa.