Business Setup IFZA Free Zone
Business Setup in IFZA Free Zone
Benefits of Business Setup in IFZA Free Zone
The benefits of setting up the business in the IFZA free zone are countless because its name suggests that it is for the international community. The authority has made it possible to provide all the facilities that can make a relation of trust and harmony between the IFZA and the investors.
- Businesses get the global connectivity
- 100% foreign ownership of the business
- 100% repatriation of business capital
- 100% repatriation of business profits
- Availability of the various business activities
- No need of paid up share capital
- Leasing option for warehouse
- Fast and easy business setup process
- Most ideal location in the UAE
Steps of Business Setup in IFZA
Launch the Application
Launch the application through the online portal along with all the necessary documents.
Documents Verification
Approval of Application
Bank Account Opening
Open up the bank account in any bank in the UAE that is registered with the free zone.
Apply Visa
To enter the country you must apply for a visa and hold your business properly.
Documents Required to Setup Business in IFZA Free Zone
The documents that are required for an individual shareholder are as under:
- Copy of Passport (for every shareholder)
- Emirates ID (If already residing in UAE)
- Visa Copy (If on a visit visa)
The Documents required for a corporate shareholder are as under:
- Notarized and attested copy of board resolution
- Notarized copy of article of association
- Notarized copy of memorandum
- Notarized copy of trade license
- Notarized copy of certificate of incorporation
License Types in IFZA
Professional
The businesses who want to offer the professional services to the people require this type of license. These are usually the companies that offer services such as management services, chartered accountants, IT consultancy, hr services and other like services.
Commercial
The companies that deal in import, export and re-export of the goods or items fall under this license type. The companies that offer the distribution of products also need to get this type of license.
Industrial
There are certain investors who want to establish industries in Dubai. For such investors the industrial license is a great option. It allows the import of raw material, manufacturing and processing of certain goods and items.
Types of Companies in IFZA Free Zone
The IFZA free zone offers the following types of company incorporation.
Limited Liability Company (LLC)
The limited liability company is a legal form of the company. It means that all the liabilities of the company are its own liability not the liability of its shareholders. The shareholders are only liable to pay the extent of the liability as much as they are shared in the capital. All the assets are purchased in the name of the company, not the shareholders.
Branch of a Foreign/ Local Company
An existing company available in the UAE or outside the borders of the country can establish the branch of the company. This allows the companies to launch their operations from the UAE. Furthermore, for the purpose of profits, loans, debts and other business issues are dealt by the parent company.