Business

International Free Zones Authority and What is a free zone?

Free zones are financial zones where goods and services can be traded. Free zones such as the International Free Zone Authority Dubai are popular with privacy-conscious entrepreneurs, as they are 100% foreign-owned, with no open directory of company details. 100% foreign ownership means that sensitive company information, such as shareholder contact information, is never disclosed to the public.

Benefits of Dubai Free Zones

Each free zone offers investors and businesspeople significant access to bustling areas and services throughout Dubai. Within each free zone authority, many corporate activities can be undertaken. For example, infrastructure, media, education, construction, and retail are some of the businesses that could locate in sharjah media city free zone.

Ajman Free Zone in Dubai

The Dubai ajman is one of the recent additions to the UAE Free Zones. It is overseen and regulated by the government regulatory structure known as the Ajman Free Zones Authority. The ajman has quickly gained an excellent reputation and earned the respect of the business community as one of the most reasonable and fastest-growing free zones in the UAE. ajman is located in the Emirate of Dubai and has offices in Dubai.

Since its launch, the ajman Free Zone has established itself as the cheapest free zone in the UAE. It has introduced different license packs, which have gained considerable popularity among business owners in the UAE and worldwide.

With its adaptable, cost-effective, and creative licensing solutions, ajman Dubai is now a free zone of choice for many entrepreneurs and new businesses establishing themselves in the UAE.

The IFZA does not require shareholders to come to its offices to sign the application forms or the memorandum and articles of association for the company’s incorporation. The entire process of setting up a company can be finalized remotely, regardless of where the shareholders are. The normal time frame for registering a free zone company with the ajman is 3 working days.

Compared to other free zones in Dubai and other UAE emirates, the IFZA has proven to be the most competitive in terms of price and one of the fastest in terms of company incorporation times. The free zone has a thorough process in place to ensure that it takes care of the end-to-end process for setting up companies and issuing residency visas consistently.

There is no need to pay paid-up capital into a bank account to set up a company in this free zone, and IFZA free zone company bank accounts can be opened with almost any bank in the UAE.

Why set up a Dubai Free Zone Company in the IFZA?

Suppose it is one of the most sustainable and cheapest free zones in Dubai, United Arab Emirates. The jurisdiction is known for granting packages tailored to the needs of anyone looking for competitive prices to set up a company in the Dubai Free Zone. In addition, the IFZA ensures the establishment of companies in the Dubai Free Zone to the highest standards. In addition, IFZA offers adaptable workspaces in the form of offices, private offices, and office suites.

Benefits of establishing your business in the IFZA

The IFZA is considered the perfect place for companies to establish their presence in the UAE market. The IFZA offers the lowest prices, easy-to-follow procedures, and minimum requirements for investors who wish to establish their business in the UAE.

Other Benefits of company formation consultants in uae Free Zone with IFZA

  • Wide range of commercial activities, services, and trading available.
  • Shareholders are not supposed to be physically present in the UAE for the establishment of an IFZA company.
  • IFZA free zone companies have limited liability.
  • Repatriation of 100% of capital and profits.
  • 100% foreign ownership is permitted.
  • 0% corporate or personal income tax.
  • No minimum paid-up capital requirement.
  • Fast business creation process.
  • Various formulas with or without visas are available.
  • More than 60% of the world’s population is easily accessible by air.
  • IFZA companies can do business with free zone and mainland companies and operate outside the UAE.
  • The IFZA does not require a certificate of no complaints from your employer.
  • Several activities can be combined under a single IFZA license.

Types of IFZA licenses and companies

The Dubai IFZA offers over a thousand business activities for companies incorporated in the free zone. Small start-ups and large multinationals can use these licensing activities.

Below are the types of licenses offered by the free zone:

  • Consultant license: This includes consultancy service activities for experts.
  • Service license: includes service provision activities. It is offered to service providers for service production, transformation, and distribution.
  • Trade license: it includes the activities of trade in goods. It is endorsed for the import, export, distribution, and storage of the goods listed on the license.
  • General Trade License: This includes trading activities of a wide range of products.
  • License to hold: it includes holding assets or shares in other companies and is recommended for holding assets or autonomous shares in other companies.

IFZA allows combining up to seven activities belonging to a single license or different license types.

Since its inception, IFZA Dubai has offered business start-up packages to meet the needs and desires of business people worldwide. Investors can easily obtain licenses and register their companies without traveling to the United Arab Emirates.

The IFZA allows the incorporation of the following types of companies:

  • Limited liability company: This is a legal structure in which the company’s responsibilities are unique and do not become the personal responsibilities of the company’s shareholders. The shareholder’s responsibility is linked to the importance of his investment in the company.
  • Branch: Existing companies can open a branch in the IFZA if the branch and the parent company carry out the same actions. For the reasons of profits, returns, debts, and liabilities, the branch’s identity is considered cooperative with the parent company’s identity.

Company formation process at IFZA

The steps for setting up your company in Dubai IFZA are as follows:

  • Agree on an appropriate business structure
  • Apply for business registration
  • Presentation of all necessary documents
  • Pay the necessary license fees
  • Issuance of IFZA Electronic Agreement
  • Signature of the electronic agreement and the letter of share capital
  • Issuance of an e-license

The documents required for the creation of a company are as follows:

  • Fill out the request form
  • Copy of owner(s) passport
  • Copy of visa
  • Copy of Emirates ID card
  • Two color passport photos on a white background

Peculiarities of setting up an IFZA enterprise

The IFZA is one of the few free zones in the UAE that stands out for its extraordinary benefits and the opportunities it offers investors. These benefits include:

  • The IFZA authorities do not require the investor to submit an annual audit report.
  • The jurisdiction offers up to 3 years’ visas for owners and employees.
  • Investors’ physical presence is not required to create a company.

Like renewal, the liquidation of a business does not require the physical presence of its owner and can be done through an agent. You will need to pay a government fee to complete the liquidation process.

Most Popular

To Top