RadiantBizRadiantBizRadiantBiz17 January, 2024
International Free Zone Authority (IFZA) in Dubai,is a premier destination for investors and entrepreneurs. Situated in the heart of the United Arab Emirates, IFZA stands out as a top investment hub. This dynamic zone, in collaboration with the Dubai Silicon Oasis Authority, offers tailor-made company formation packages, perfectly suited for the ambitious entrepreneur.
IFZA, understands the diverse needs of business investors. That’s why they present a range of attractive company license packages, catering to various business requirements. Starting your business journey in IFZA is not only cost-effective but also a smart choice. IFZA packages begin at an affordable AED 12,900 for a Zero Visa Quota, ensuring you get the best value for your investment. For those looking for a longer-term commitment, a 3-year business license is available at just AED 43,470, making IFZA the most economical option in Dubai for setting up a free zone company.
But it’s not just about cost savings. IFZA is synonymous with excellence and opportunity. Here, entrepreneurs enjoy 100% foreign ownership and 100% profit repatriation. Our world-class infrastructure and a host of investor benefits make IFZA the go-to destination for those looking to make their mark in the business world.
IFZA offers a spectrum of licenses tailored to meet the unique needs of various enterprises, ensuring a smooth and successful company setup. Here’s an easy-to-understand guide to what each license entails:
Consultancy License: Ideal for companies offering expert advice and professional consultancy services. This license is a perfect fit for professionals who provide specialized knowledge.
Service License: This license is designed for businesses involved in the production, re-production, transformation, and distribution of services. It’s a versatile option for service-oriented companies.
Trading License: For businesses focused on trading specific items, the Trading License is the right choice. It allows companies to legally trade items listed on their trade license.
General Trading License: Expanding on the regular Trading License, the General Trading License provides the freedom to trade a broader range of items. It’s ideal for businesses looking to diversify their trading activities.
Industrial License: This license caters to companies involved in manufacturing. It covers activities like importing raw materials, production, re-production, manufacturing, packaging, and exporting products.
Holding License: A unique option, the Holding License is tailored for businesses that want to hold standalone assets and/or shares in other companies. It’s a strategic choice for expanding your business portfolio.
Setting up a business in IFZA can cost as low as AED 14,900*. There are different packages available, starting from no visa packages to packages that include 6 visas. The types of businesses allowed in IFZA are approved by the Dubai Department of Economic Development (DED).
Zero Visa Package: For just 12,900 AED, both for the first year and for renewal, you can kickstart your business without visa eligibility.
Visa Packages: If you need visa eligibility, IFZA offers flexible options:
1 Visa Package: 14,900 AED
2 Visas Package: 16,900 AED
3 Visas Package: 18,900 AED
4 Visas Package: 20,900 AED
These costs are consistent for both the first year and subsequent renewals.
Moreover, setting up your company is a breeze, typically taking between 3 to 5 business days. Plus, the entire process can be completed remotely, eliminating the need for shareholders to be physically present.
There are additional considerations with these packages:
IFZA Establishment Card Fee: 2,000 AED for the first year, with a renewal fee of 2,200 AED.
IFZA Residence Visa Fee: 3,750 AED per applicant.
Medical Checkup: Choose between VIP process (850 AED) or Normal process (450 AED).
Emirates ID Application Fee: 390 AED.
Investor/Partner Visa: An additional fee of 1,000 AED per application (total 4,750 AED).
Once you’ve obtained your residence, you can also sponsor family members for their residence as dependents. The requirements for this include:
Paperwork Submission: First and foremost, gather and submit all the necessary documents in line with IFZA’s guidelines. This step is crucial to validate your business setup.
Payment of Registration Fees: Depending on your chosen company type, ensure that you’ve paid the appropriate registration fees. This is a vital step in the registration process.
Minimum Capital Requirements: Each company structure under IFZA has its own minimum capital requirements. Make sure you meet these financial prerequisites for the company structure you’ve selected.
Choosing the Right Organisation Type: Your business goals are unique, and choosing the right type of organisation to partner with is essential. Consider what aligns best with your business objectives to make the most out of your investment.
Understanding the Timeline: Typically, the registration process in IFZA takes about 3 to 5 days. This duration can vary depending on the type of company you’re setting up and the specific business activities involved.
Starting your business in Dubai’s International Freezone Authority (IFZA) is more affordable than you might think, with license fees beginning at just 12,900 AED. This fee includes a Flexi-desk, perfect for entrepreneurs seeking a flexible workspace, and a zero-visa consultancy and service license. Here’s a simple breakdown of what IFZA offers:
Affordable Licensing: IFZA makes starting your business cost-effective. With license fees starting from 12,900 AED, you get access to a Flexi-desk along with a zero-visa consultancy and service license.
No Heavy Financial Burdens: One of the great advantages of setting up your company in IFZA is the exemption from hefty capital requirements and annual audit expenses. This makes it an ideal choice for entrepreneurs and startups.
Low-Cost License Packages: IFZA offers a variety of license packages to suit your business needs:
Non-visa package: 12,900 AED
1 visa package: 21,795 AED
2 visa package: 28,690 AED
3 visa package: 35,585 AED
Comprehensive Package Inclusions: Each package includes several key components:
IFZA License: Essential for legal operation.
IFZA Establishment Card: A must-have for your business identity.
IFZA Visa fee: For you and your team, depending on the package.
Medical checkup: Quick and efficient, with results in 24 hours.
Emirates ID: An important requirement for doing business in the UAE.
Setting up your business in Dubai’s International Freezone Authority (IFZA) is an exciting venture, and it’s important to be aware of all the details involved in the process. Here’s an easy-to-understand breakdown of the additional costs and requirements you should consider with IFZA’s attractive packages:
IFZA Establishment Card Fee: This is a fundamental part of your business setup. For the first year, the fee is AED 2,000, and for renewal, it’s slightly higher at AED 2,200.
IFZA Residence Visa Fee: If you or your team members need a residence visa, it costs AED 3,750 per applicant.
Medical Checkup: A crucial step in the visa process. You can opt for the VIP process at AED 850 for quick results, or the normal process at AED 450.
Emirates ID Application Fee: An essential for any resident, this is priced at AED 390.
Investor or Partner Visa: For those applying for an investor or partner visa, there is an additional fee of AED 1,000 per application, making it a total of AED 4,750.
Once you have your residence, IFZA also offers the opportunity to sponsor your family members, enabling them to live in Dubai as your dependents. To do this, you’ll need to provide:
Starting your business venture in Dubai’s International Freezone Authority (IFZA) is a straightforward process, but it’s important to know the documentation required. Whether you’re an individual or a corporate shareholder, here’s a simple guide to what you’ll need to submit:
For Individual Shareholders:
Passport Copy: A clear copy of your passport is essential.
Digital Passport Photo: Ensure you have a recent digital photo.
Application Form: IFZA provides an application form that includes Ultimate Beneficial Owner (UBO) information.
Emirates ID and Visa Copy: If you’re already a UAE resident, you’ll need copies of your Emirates ID and visa.
Third Party Approvals: Some applications might require additional approvals, depending on your business activity.
For Corporate Shareholders:
Passport Copies: You’ll need clear copies of passports for every shareholder and the general manager of the corporate shareholder.
Digital Passport Photos: Recent digital photos of each shareholder and the general manager are required.
Application Form: As with individual shareholders, you’ll need to complete the IFZA application form, including UBO information.
Emirates ID and Visa Copies: For every shareholder who is a UAE resident, copies of Emirates ID and visa are necessary.
Board Resolution: A documented board resolution is required.
Memorandum & Articles of Association: You’ll need these documents for the corporate shareholder, or their equivalents.
Valid Trade License: Provide the current trade license or its equivalent.
Certificate of Incorporation or Formation: This is needed for the corporate shareholder.
Third Party Approvals: As with individual shareholders, certain applications might need additional approvals.
Here’s a clear, straightforward guide to what you need to do:
Board Resolution for License Cancellation: Your company must prepare a formal board resolution stating the intention to cancel the license and the reasons for closing down.
Clearances from Authorities: Obtain necessary clearances from relevant entities such as Free Zones, telephone service providers, Emirates Post, and banks. This step is crucial to confirm that all official ties with these entities are properly severed.
Settling Employee Dues: Before proceeding with the trade license cancellation request, make sure to cancel all employee visas and clear any pending dues. This is an essential step in maintaining a good standing.
Clearing Outstanding Dues and Audit Report: Ensure that all dues to suppliers are settled. Additionally, prepare an audit report that outlines the current financial status of the company.
Public Notice in Newspapers: You’re required to publish a notice of your company’s liquidation in two local daily newspapers (one of which must be in Arabic). This advertisement should run for 45 days.
Cancellation of Memorandum of Association: The company’s Memorandum of Association with the business jurisdiction must be formally canceled. This is a legal requirement for the dissolution process.
Obtaining the License Cancellation Certificate: Once all documents are submitted and reviewed by the authorities, and all the above steps are completed, you will receive a license cancellation certificate. This certificate officially confirms the liquidation of your company and the cancellation of its trade license.
Are you ready to setup a business in Dubai with RadiantBiz? If you want to learn about starting business in UAE, you can contact us by calling +971 50 797 4832 or sending a WhatsApp message to +971 50 777 5554. You can also email us at [email protected] for assistance.