Starting a business setup in The International Free Zone Authority (IFZA) is one of the best ways to enter the UAE market on a tight budget. IFZA offers cost-effective solutions and transparent procedures for investors hoping to enter the market without spending an arm and a leg in the process. And depending on the size of your business, there are several package options available that will fit your particular needs.
There are over 50 different free zones in the United Arab Emirates (UAE). IFZA, located in the Northern Emirates, is consistently one of the most affordable options for UAE free zones. Their platform is expansive and offers many different business activity options.
Setting up a business in the IFZA Free Zone is a relatively straightforward process, with much of it can be completable online. You won’t even have to be physically present during registration!
The process of applying can be found below:
You will need to submit your application along with all necessary documentation, including, but not limited to:
– Proof of Address
– Copy of Visa or Passport
– Professional Reference Letter
– A Business Plan or Curriculum Vitae
– A No Objection Certificate (If required)
You’ll need to decide on a business name, taking special consideration to ensure that another company has not already claimed it.
After you’ve filled out the application, gathered the appropriate documents, and decided on a business name- it’s time to submit it to IFZA!
Once you’ve sent in your application, it will go through an inspection phase by the legal dept. After it has passed this phase, the company name will be input into a commercial register, and the Ministry of Economy will publish the Memorandum of Association.
The IFZA platform focuses on a large variety of business activities, allowing businesses to combine service, consulting, and trading activities under one license if they’re in related business fields. Other free zones may require separate licenses for various business practices, but with IFZA, you can house it all under one roof!
There are many different reasons more and more enterprises are choosing to do business in IFZA. For companies seeking to bring down operating costs and cut through all the red tape, founding their business in IFZA may be a particularly rewarding avenue. Here are a few ways you and your shareholders could benefit from housing your business in IFZA:
It’s inexpensive and remains one of the most affordable free zones in the UAE. License trade fees start at roughly $2,999!
Each month, IFZA hosts promotions aimed at helping businesses new to the market. They also run campaigns for waived/removed visa application fees. This waiver also continues if you keep renewing your company every three years!
When setting up a business, each shareholder must undergo the UAE’s immigration and security clearances. Nationality and birthplace of company shareholders are critical factors during this process. Certain nationalities may be required to go through additional security procedures, but IFZA is one of the only free zones that offer shareholder pre-approval checks. This guarantees that all shareholders are eligible before you start your company.
One of the greatest advantages to forming a company in IFZA is that all company procedures are all conducted online. You don’t have to submit it in person! IFZA accepts digital signatures, copies of passport documentation (as long as a certified solicitor or lawyer in your home country completes this via email).
Among the many benefits of creating a business in IFZA, the ability to house multiple business activities under one license (provided they exist in a related field) is particularly fruitful. Other free zones may require you to hold separate licenses, which in turn can raise operational costs and stifle your company’s potential.
With the ease of setup and cost-effective pricing, IFZA serves a vast number of small and large-scale business types, including, but not limited to:
These businesses include, but not limited to, the importing and exporting of raw materials, manufacturing, and production.
Licenses for the trade of specific goods
Businesses that provide for the production and distribution of a service
Provided to businesses that offer consultative services
IFZA strives to maintain a consistent and conscientious approach to the environment, operating responsibly to reduce carbon footprints that cause climate change.
These initiatives include harnessing wind and solar energy, utilizing a paperless methodology, and only doing business with suppliers that have a healthy carbon footprint.
MSZ Consultancy has over 12 years of experience offering solutions for businesses, from company formation in UAE to serving already-established industries with their consulting, banking, and legal needs.
MSZ can help by working closely with all government agencies, ensuring a streamlined process no matter where you choose to do business! We specialize serving clients in:
– Real estate
– E-commerce markets
And many more!
Why choose us? MSZ Consultancy has served over 32 thousand customers worldwide, providing so many varying services that we’ve become a veritable one-stop-shop for all your business needs. Local sponsorship services? We handle it! Bank account assistance? That too! Product and company registrations? No sweat! We specialize in it all!
Give us a call today at +971 52 544 1248, and let our business setup consultants help so you can focus on the more important aspects of your company!