Know UAE Free Zones: International Free Zone Authority (IFZA)
In today's globalised business landscape, entrepreneurs and companies constantly seek opportunities to expand their operations, tap into new markets, and enjoy the benefits of a strategic location. Free zones have emerged as an attractive option for businesses looking to establish a business in the country.
One such enticing destination for aspiring entrepreneurs and established businesses is the International Free Zone Authority (IFZA). IFZA provides businesses a wide range of benefits, including access to world-class infrastructure, tax incentives, and proximity to major airports. It was strategically located in Fujairah, later shifted its headquarters to the Dubai Silicon Oasis (DSO), making it an ideal place for international trade and commerce businesses looking to expand their global reach.
IFZA offers a world of opportunities for businesses across various industries with low-cost company formation services. The primary objective of IFZA is to provide a dynamic platform for businesses to thrive with the cheapest licence packages and a wide range of business activities. It is known for its pro-business policies, excellent infrastructure, and simplified administrative processes, making it a preferred choice for investors worldwide.
Types of Business Setup in IFZA Freezone
IFZA provides various business setup solutions to accommodate all sorts of businesses.
Types of licences
1. Professional licence
2. Commercial licence
3. General trading licence
Key Advantages of IFZA Freezone
- Extensive business activities, from trading and manufacturing to services.
- Full foreign ownership
- Zero per cent personal and corporate income tax rate
- No currency restrictions, allowing businesses to manage transactions with ease.
- World-class infrastructure with a virtual office, flexi desk, and personalised offices.
- Simplified setup process.
- No paid-up capital required
- Be a part of a vast network of local and international businesses.
- Various types of licenses are available to cater to the diverse needs of businesses.
- Renewable lease option for up to 50 years is available.
Setting up a business in the IFZA freezone
The process of establishing a business in IFZA is relatively straightforward, and it typically involves the following steps:
1. Selecting Your Business Activity: Choose the business activity you want to engage in. IFZA offers a wide range of options, so you can choose the one that aligns with your business goals.
2. Choosing the Legal Structure: Decide on the legal structure for your business. IFZA provides options like Free Zone Establishment (FZE), Free Zone Company (FZC), and branches.
3. Obtaining the Required Licences: Apply for the necessary licenses based on your business activity. IFZA offers various license types to cater to different sectors.
4. Selecting Your Office Space: Depending on your business needs, choose from the various office and warehouse spaces available within IFZA.
5. Visa and Labor Requirements: IFZA offers services to assist with visa and labour requirements for your employees.
6. Start Your Business Operations: Once you've completed the necessary paperwork and approvals, you can start operating your business within IFZA.
IFZA Freezone in the United Arab Emirates is a haven for entrepreneurs and businesses looking to expand and thrive in a business-friendly environment. Its strategic location, tax benefits, and world-class infrastructure make it an attractive destination for startups and established companies.
IFZA provides an ideal platform for your business to grow and succeed in a global market in trading, manufacturing, or the services sector. With its commitment to facilitating business excellence and international trade, IFZA is a beacon of opportunity in the dynamic business world. If you're considering expanding your business internationally, IFZA is undoubtedly a zone worth exploring.
How can Ascent Partners help?
Ascent Partners is a boutique consultancy providing bespoke, end-to-end corporate services ranging from company formation to accounting, bookkeeping, and compliance services for entrepreneurs looking to set up their next venture in the UAE. We work alongside to strategise, startup, and scale businesses in the UAE and the broader region.
With a combined experience of 50+ years, our expert consultants provide reliable and unparalleled guidance throughout all strategic phases of a business' evolution.