Business

Business Setup in IFZA Free Zone

There are many areas where you can set up your business in the United Arab Emirates (UAE). However, the International Free Zone Authority (IFZA) has become the most considerable area in the UAE to start a business.

International Free Zone Authority (IFZA) has also turned into a worldwide center for new entrepreneurs like you to start their business in the UAE, as it provides you with extremely affordable pricing and countless business activities.

Many companies have trusted IFZA as an appropriate jurisdiction for setting up their company in the UAE because of its massive potential for business growth and opportunities. By setting up a business in IFZA Free Zone, you can get quality facilities and amenities, hotel facilities, and a business-friendly environment specialized in attracting international and local business.

If you want to set up your business in the IFZA Free Zone, you should consult Flyingcolour Business Setup.

Reasons to Opt for the IFZA Free Zone for Setting Up Your Business

When someone suggests you start your business in the IFZA Free Zone, it’s natural to wonder why you should set up your company in this free zone. Therefore, we have outlined some of the top reasons to choose IFZA for Setting up your business:

You can access uncountable dedicated physical workplaces for your organization’s operation or choose the freedom of remote work in IFZA Free Zone. It lets you create a work environment that matches your comfort level.
Complete ownership: You can boost your business experience in IFZA Free Zone by having complete ownership because IFZA offers 100 percent foreign ownership from the beginning. It removes the requirements for finding and having a local sponsor for your company.
Tax advantages: You can also experience a reduced Corporate Tax burden in the IFZA Free Zone, as the businesses operating in this free zone are exempt from corporate and personal income tax. Apart from corporate tax, you can also enjoy freedom from export and import duties in the IFZA Free Zone. As a result, you are allowed to retain more profits for strategic reinvestment.
Easy approval: You can also avoid the hassle of obtaining permits and licenses from the government authority because experts like Flyinngcolour Business Setup can streamline the complete process on your behalf in the IFZA Freee Zone.
No need for physical space: Generally, you need to rent or lease a physical office space to set up your company in most areas of the world. However, the IFZA Free Zone provides an option to start your business remotely. It indicates that you can also register your company in the IFZA Free Zone without a physical presence in the United Arab Emirates.
The strategic location of the IFZA Free Zone provides easy access to the international market. You can also get exposure to a multicultural environment that promotes seamless networking with many global business communities in this free zone. It also unlocks new doors for you to invaluable partnerships and new possibilities for your organization’s growth.

Types of companies in the IFZA Free Zone

Free Zone Company (FZCO): FZCO is suitable for you if you want to establish a new business entity with flexible ownership and the least capital requirements.

Branch of Foreign Company: A Branch of a Foreign Company allows you to establish your company’s presence in the IFZA Free Zone without creating a separate legal entity.

Public Limited Company: PLC is suitable for significant enterprises with the least share capital and a minimum of two directors.

Types of Business Licenses in the IFZA Free Zone

Consultancy License: This type of license is for those people who specialize in offering specialist and expert consultancy services.

Trading License: The trade license allows you to trade goods defined in your trade license.

Services License: You can apply for a service license if your company is involved in the transformation, production, reproduction, transformation, and distribution of services.

Industrial License: The industrial license lets you import and export raw materials, reproduction, production, manufacturing, and more in the IFZA Free Zone.

E-Commerce License: An E-commerce license allows you to conduct online business.

General Trading License: The General Trading License lets you trade a wide range of products.

Holding License: The holding license allows you to hold standalone products and shares in different companies.

Freelancer Permit: Freelancer Permit is essential for people offering freelance services.

Steps to Start Your Business in IFZA Free Zone

Initially, you should carefully opt for the business activities you intend to perform in your business to set up your company in the IFZA Free Zone.

Next, you must obtain a business license for your chosen activity with the help of the IFZA team. Remember, IFZA gives various types of licenses. Therefore, you should carefully select the right license based on your business activity as this license permits you to start your company in the IFZA Free Zone.

After obtaining your trade license, you will have to choose an appropriate physical license for your business license. The physical space options in the IFZA Free Zone are countless. You can select from fully-furnished, co-working, custom-built office space.

With IFZA professional staff, you must complete the company registration process, which includes selecting your company name, appointing directors, and acquiring necessary documents.

Next, you should secure a visa for yourself and your staff. IFZA Free Zone offers a hassle-free visa application process to let you obtain the necessary residency visa for yourself and an employment visa for your employees.

After securing a visa, you should open a corporate bank account for your business. However, IFZA’s partner bank can help you open a corporate bank account to manage your company finances.

Once performing all the steps, you can legally commence your company in the IFZA Free Zone.