UAE FREE ZONE COMPANY

International Free Zone Authority Company Formation

PROS OF IFZA FREE ZONE COMPANY

— Big variety of business activities

— Up to 6 activities in one license

— Fully remote incorporation

— Offices, warehouses, hotel and residential apartments within same premises in Fujairah

— Business center for license holders in Dubai Motor City

CONS OF IFZA FREE ZONE COMPANY

— Owners need to go to Fujairah for driving license or dependent visa processing

— Longer setup than in similar Free Zones

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INTERNATIONAL FREE ZONE AUTHORITY COMPANY FORMATION

IFZA stands for International Free Zone Authority. It is a brand new Free Zone in the Emirate of Fujairah. IFZA is located in a modern facility, which combines shared desks, offices, conference rooms, hotel, warehouses and even residential apartments.

IFZA has one of the biggest activity lists including professional, industrial and commercial activities. All licenses are registered as LLCs.

It is allowed to have up to 6 related business activities in the license. Some activities make IFZA stand out from the list of the UAE Free Zones: tax consultancy, insurance, legal consultancy and investment consultancy.

IFZA looks attractive for creative professionals - for them it offers such activities as beauty consultancy, fashion and interior design, lifestyle consultancy and digital media consultancy.

Another rare activity is trading of tobacco, which can be found only in 2 other UAE Free Zones.

IFZA is the only environmentally friendly UAE Free Zone. It focuses on sustainability and its initiatives include use of solar and wind energy, reducing the use of paper for its documents turnaround, buildings insulation and others.

Incorporation of a company can be done remotely through IFZA approved agent.

HOLDING COMPANY LICENSE COSTS IN IFZA

NO VISA COMPANY

LICENSE TYPE VISAS INCLUDED TOTAL COST
Holding company no visa AED 15,800 $4,350 download breakdown

SERVICE LICENSE COSTS IN IFZA

UP 6 VISAS COMPANY

LICENSE TYPE VISAS INCLUDED TOTAL COST
Service License + Flexi desk no visa AED 17,800 $4,900 download breakdown
Service License + Flexi desk 1 visa AED 30,808 $8,450 download breakdown
Service License + Flexi desk 2 visas AED 38,940 $10,700 download breakdown
Service License + Flexi desk 3 visas AED 46,673 $12,800 download breakdown
Service License + Flexi desk 4 visas AED 54,205 $14,900 download breakdown
Service License + Flexi desk 5 visas AED 61,378 $16,850 download breakdown
Service License + Flexi desk 6 visas AED 69,470 $19,050 download breakdown

TRADING LICENSE COSTS IN IFZA

UP 6 VISAS COMPANY

LICENSE TYPE VISAS INCLUDED TOTAL COST
Trading License + Flexi desk no visa AED 19,800 $5,450 download breakdown
Trading License + Flexi desk 1 visa AED 32,608 $8,950 download breakdown
Trading License + Flexi desk 2 visas AED 41,540 $11,400 download breakdown
Trading License + Flexi desk 3 visas AED 50,473 $13,850 download breakdown
Trading License + Flexi desk 4 visas AED 58,405 $16,050 download breakdown
Trading License + Flexi desk 5 visas AED 66,338 $18,200 download breakdown
Trading License + Flexi desk 6 visas AED 74,270 $20,350 download breakdown

DOCUMENTS FOR IFZA SETUP

DOCUMENTS

PROCEDURE

INDIVIDUAL SHAREHOLDER

  • - Passport
  • - Passport size photo
  • - Description of business
  • - Residential address
  • 1 day- Company registration
  • 1-2 weeks- Security approval and Establishment card
  • 1 week- Entry visa
  • 1 day- Medical Check-Up and Emirates ID
  • 1 week- Visa stamping

Top 10 questions about IFZA company

  • If l register a company in a free zone outside of Dubai, can l live and have a bank account in Dubai?

    Yes, you can have a company registered outside Dubai, but reside in Dubai or any other Emirate. You do not have to live in the same Emirate where your visa belongs to. You can also have a bank account in a Dubai branch of any UAE bank of your choice.

  • Can I open a bank account remotely?

    No, you have to visit UAE personally. It is a requirement of a UAE Central bank which all local banks have to follow. Personal visit is required to make sure that the client is known by the bank.

  • Do banks give debit and credit cards or loans?

    Normally you can get a debit card for your newly opened company if there is only one shareholder. You can also have a credit card, but it will be given against a fixed deposit. As for the loan, it is possible to get it, but you need to show company operations and profits to the bank. Upon checking your company's turnovers and profits, a bank may approve a loan. We recommend applying for it at least after one year of company's operations.

  • Can a free zone company hold its offices outside the free zone?

    Officially an office of a free zone company has to be located only within the free zone where this company was registered. If you need an office in Dubai, you have an option to rent a space in a Business center and use it either a few times per month or daily, depending on the package that you choose. However, the free zone minimum required space (flexi desk) cannot be cancelled.

  • Why do I need a flexi desk or office?

    A flexi desk is an obligatory requirement for any company eligible for resident visas. UAE government obliges to have it because it's the minimum physical office space, that a company who has any individual under its visa must have. Apart from that, flexi desk is helpful for bank account opening. The compliance department of the banks needs to see that a company has some kind of office or at least a small physical seat, where it can be working from.

  • Do we have to pay VAT if our company is registered in the Free Zone?

    VAT obligations of the company depend not only on the place of its registration, but on the place where its business takes place. To start with, VAT comes into picture once your taxable turnover reaches 375 000 AED. Taxable turnover means the turnover which was done in the UAE. If your company is registered in a Free Zone, but the trading takes place abroad (for example you sell goods from India to Africa), that turnover is not considered taxable, because the transactions are taking place out of UAE. It means that you do not have to pay VAT. But if you have a free zone company and import goods to UAE, you have to add 5% VAT to your Invoices and pay VAT. If your company is registered in a designated free and sells the goods to another designated free zone or within the same zone, VAT does not appear.

  • Should I pay any other TAX?

    UAE is free from income tax and corporate tax. It has only imported tax 5% for the goods that you bring into the country and VAT 5% for the trading or service transactions that happened in UAE.

  • Why will a free zone company suit me better than an offshore or a mainland entity?

    Everything depends on your business model and requirements, but a free zone setup is the most suitable for the majority of the business needs. Free Zone company has 100% foreign ownership unlike mainland where you need a local partner or agent, it can be eligible for resident visas, allows doing business both in and out of UAE, more favorable by the banks in comparison to offshore companies, can have a flexi desk space instead of an executive office like in mainland companies. Free Zone is a good way to start a business for reasonable fees and without unwanted obligations.

  • Can you guarantee opening of a bank account?

    We do our best when we setup your company in such a way that would make account opening easier for you. Knowing your background and your business model, we can give you our estimation about the chances of successful account opening. The approval of the account fully depends on the bank. Each case goes to a few departments of the bank where it has to be approved before the account gets opened. If the bank has any questions or needs clarifications, it will contact you directly with the inquiries. The more clear picture about your business you give to the bank, the higher your chances of account opening are. Being a consultancy company, we cannot guarantee opening of a bank account, because it depends on the factors which do not depend on us. However, we do our best to prepare you and your company for smooth and fast account opening.

  • Should I renew my company? When? How much does it cost?

    Yes, the company should be renewed annually. The cost of the renewal is usually less than the setup cost. It depends on your company package. You can get the price by downloading the Estimate from this page. Renewal does not require personal presence of the owner and can be done by your agent. After company renewal, the new license has to be shown to the bank in order to extend the bank account. It is always included into our renewal service.

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