The International Free Zone Authority (IFZA) in Dubai offers an excellent platform for entrepreneurs and businesses aiming to establish a presence in the UAE. Known for its streamlined processes and investor-friendly policies, IFZA is an ideal choice for companies looking to tap into the thriving market of the UAE. This guide will provide you with a step-by-step approach to setting up a business in IFZA, detailing the necessary documents, procedures, cost, license types and timelines while ensuring compliance with UAE regulations.
Why Choose IFZA for Your Business Setup?
IFZA stands out as one of the most cost-effective and business-friendly free zones in the UAE. Here are some reasons why it is an attractive choice for entrepreneurs:
- Strategic Location: Situated in Dubai, IFZA provides easy access to international markets, making it a hub for global trade.
- Business-Friendly Policies: IFZA offers 100% foreign ownership, tax exemptions, and no currency restrictions.
- Customizable Packages: Businesses can choose from a variety of licenses tailored to their needs, including trading, service, consultancy, and industrial licenses.
- Streamlined Processes: The setup process is straightforward and designed to be completed quickly, allowing you to focus on growing your business.
Documents Required for IFZA Business Setup
The documentation requirements vary depending on whether the shareholder is an individual or a corporation.
For Individual Shareholders:
- Passport copy (valid for at least six months)
- Recent passport-sized photograph (white background)
- Visa and Emirates ID copy (if applicable)
- Proof of residence (e.g., utility bill or tenancy contract)
- Ultimate Beneficial Ownership(UBO) Form
For Corporate Shareholders:
- Passport Copy (of every Shareholder and General Manager)
- Emirates ID copy for Shareholders who are UAE residents
- Visa Copy for Shareholders who are UAE residents
- Ultimate Beneficial Ownership (UBO) Form
- Board Resolution
- Memorandum & Articles of Association of the corporate
shareholder (or equivalent constitutional documents) - Valid Trade License or equivalent
- Certificate of Incorporation / Formation of the corporate
shareholder or equivalent
Step-by-Step Process to Set Up Your Business in IFZA
- Choose Your Business Activity: Decide the type of business you want to establish. Options include a Limited Liability Company (LLC), sole proprietorship, or a branch office of an existing company. Ensure that the chosen activity aligns with IFZA’s permitted business categories.
- Select a Business Name: Pick a unique and compliant name for your business. Ensure that the name adheres to the UAE’s naming guidelines, avoiding offensive terms or references to religions and political entities.
- Obtain Approvals and Licenses: Depending on your business activity, secure the necessary approvals from relevant government authorities. IFZA provides guidance to streamline this process.
- Submit Required Documents: Prepare and submit the necessary documents to IFZA. Accuracy and completeness are essential to avoid delays.
- Pay Applicable Fees: Once your application is approved, pay the required fees via wire transfer or other accepted methods. This includes license fees, registration fees, and other administrative costs.
- Sign the Ultimate Beneficial Owner (UBO) Declaration: Complete and sign the UBO declaration form as part of the compliance requirements.
- Company Registration: After payment confirmation, IFZA will officially register your company. This process typically takes a few working days if all documents are in order.
- Open a Corporate Bank Account: Set up a corporate bank account in Dubai to manage your business finances efficiently. Banks may require additional documents, such as your trade license and MOA.
- Apply for Visas (if required): If you or your employees need UAE residence visas, apply through IFZA’s visa services. This process involves medical tests, Emirates ID registration, and visa stamping.
IFZA Freezone Company Setup Cost & Trade License Cost
IFZA Freezone Company Setup offers low-cost business setup packages starting at AED 12,900. License types include Consultancy, Service, Trading, General Trading, Industrial, and Holding Licenses. Additional costs include Establishment Card (AED 2,000/year) and Resident Visa (AED 3,750/2 years). With streamlined processes, IFZA ensures efficient business activation in Dubai’s dynamic market.
IFZA offers cost-effective business setup packages in Dubai, making it a top choice for entrepreneurs and companies. Below is a detailed breakdown of the costs associated with company licenses based on the visa quota:
Trading / Consultancy / Services 1-Year License Cost
- Zero Visa – Commercial License: AED 12,900
- License with 1 Visa Quota: AED 14,900
- License with 2 Visa Quota: AED 16,900
- License with 3 Visa Quota: AED 18,900
- License with 4 Visa Quota: AED 20,900
IFZA Freezone Company Establishment Card & Visa Fees
- Establishment Card (1 year): AED 2,000
- Resident Visa (2 years): AED 3,750
- Medical Test: AED 870
- Emirates ID: AED 370
- Medical Insurance Fee: AED 992
License Types Available in the International Free Zone Authority
IFZA provides a variety of license types to suit diverse business needs. Here are the main types:
- Consultancy License: Ideal for professionals offering expert and professional consultancy services.
- Service License: Permits activities such as production, re-production, transformation, and distribution of services.
- Trading License: Enables the trading of items specified on the license.
- General Trading License: Broadens the scope, allowing trade of a wider range of goods.
- Industrial License: Suitable for businesses involved in importing raw materials, production, manufacturing, packaging, and exporting goods.
- Holding License: Facilitates holding standalone assets and/or shares in other companies.
Timeline for IFZA Business Setup
Under normal circumstances, the entire process of setting up a business in IFZA can be completed in about one week. However, factors such as public holidays or additional documentation requirements may cause slight delays.
Benefits of Professional Assistance
While the process is designed to be straightforward, engaging professional business setup consultants can save you time and ensure compliance with all regulations. These experts can guide you through:
- Document preparation
- License selection
- Regulatory compliance
- Bank account opening
- Visa processing
Unlock Your Entrepreneurial Potential with IFZA
Establishing a business in the IFZA free zone is a quick and efficient process tailored for modern entrepreneurs. With its competitive pricing, investor-friendly policies, and strategic location, IFZA is a gateway to the UAE’s vibrant market. By following the outlined steps and preparing the necessary documents, you can have your business up and running in no time.
If you’re ready to take the plunge, Excellent Accountants can help you navigate the setup process with ease. From documentation to compliance, we provide end-to-end support for your business journey in the UAE. Contact us today to make your entrepreneurial dreams a reality!