Introduction to the IFZA Free Zone
Dubai Silicon Oasis has recently introduced a new business hub known as the IFZA Free Zone. This Free Zone has become an incredibly popular choice among investors worldwide, with an appealing company formation package, 100% foreign ownership, full repatriation of profits, and all the advantages of modern infrastructure. If you’ve considered IFZA Free Zone for your company formation in Dubai, you’ve come to the right place.
The International Free Zone Authority (IFZA) has developed a reputation as one of the most affordable Free Zone sectors for company formation in the Emirates. Businesses formed here can take advantage of high-tech office facilities with large conference rooms, digital connectivity, and discounted business licensing costs- Everything you’d need for success in the UAE marketplace.
Why Choose Company Setup in IFZA?
If you want to build up a strong presence in the UAE, the IFZA Free Zone has licensing packages that are an excellent fit for many different business activities. Between their low fees, a streamlined application system, and minimum paperwork, the IFZA Free Zone is a fantastic location for business setup in the UAE. But why choose the IFZA Free Zone? Here are just a few reasons this jurisdiction might be right for you:
1. Cost-efficient business setup options
2. No Tax responsibilities
3. Limited liability setup for companies
4. Offers several visa and non-visa packages at great discounts
5. Opportunities for businesses to work with companies in other Free Zones
6. Physical presence of shareholders is not required during IFZA Free Zone company formation
7. Allows you to operate outside the UAE
8. Expands the commercial and trading reach of your company
9. Allows complete ownership
10. 100% repatriation of profits
11. A quick remote registration process
12. Up to six different activities on a single license
13. Easy bank account creation
How to Set up a Business in the International Free Zone Authority
Forming a business in IFZA is designed to be a straightforward process. Most of it can be completed online and won’t require your physical presence. Despite this, many investors seek the help of third-party business consultants like MSZ Consultancy to help them navigate the business setup process in the UAE. However, if you decide to handle the application yourself, we’ve put together a guide to help you along the way.
1. Choose Your Business Activity
Before you can form your new business, you’ll need to perform ample research to determine the product and the market surrounding it. Having a comprehensive knowledge of your competition and the market forecast can give you an edge over everyone else.
2. Choose Company Name
One of the first things you’ll need to do is choose a name for your company. This name must not be previously selected by another business and may not include profanity. This request for a trade name will need to be approved by the DED.
3. Obtain the Required Approvals
You will need to secure approval from the relevant authorities before receiving your license. Depending on your chosen business activity, you may need to secure multiple approvals from different governing authorities.
4. Draft a Memorandum of Association (MoA)
Once you’ve received the approvals, you’ll need to draft your company’s MoA. It will need to be notarized prior to submission to the DED.
5. Submit the Application
You’ll want to submit your application along with all the required documents and approvals. During this phase, you will also want to take care of any outstanding fees or permits you may need to resolve.
6. Inspection by the Concerned Authority
After completing the required steps, your business will need to be inspected by the governing authority presiding over that particular business activity. After you’ve been approved, your company name will be entered into the commercial registry, and your MoA will be published in a bulletin by the Ministry of Economy. From here, you’ll be granted your license, and you’ll be ready to conduct business in IFZA.
Why Choose MSZ for all Your Consulting Needs!
Dubai is home to many different Free Zones that offer a wide variety of lucrative business and tax-based incentives that regularly draw firms and investors to the UAE. These foreign business owners have developed an incredibly diverse marketplace that values modern standards and provides business-friendly environments no matter where you choose to find your new endeavor.
But for some foreign investors, the business registration process can often be challenging to navigate. Knowing how businesses operate in the UAE can give your investments the edge they need to succeed. And with years of experience and thousands of satisfied customers, MSZ Consultancy can help you make the most of your assets. From business setup in Dubai to visa applications and business license renewals, let us help you get back to what’s truly important.
Don’t hesitate! Give our consultants a call today at +971 52 544 1248 and book a meeting for a free consultation!