IFZA INTERNATIONAL FREEZONE COMPANY SETUP
IFZA Fujairah International Free Zone Company Formation : IFZA (Intl. Free Zone Authority) is located adjacent to Fujairah Port and is expected to be the UAE’s thriving economy’s next leading investment hub. This free zone offers easy access to the upcoming markets of India, Iran, and Pakistan and to all Gulf Ports in and around the Arabian Gulf. IFZA is also located very close to the International Airport at Fujairah, thus providing innumerable benefits like a fabulous strategic location combined with access to the major shipping routes of the world, an airport and port, and streamlined procedures. Thus, this free zone can be termed an ideal place for business owners and entrepreneurs to establish their existing or new businesses in Fujairah.
IFZA Fujairah Free Zone offers different types of facilities, like residential apartments, warehouses, offices, retail outlets, and hotel options. Investors are also offered minimum procedures and requirements to set up a price at the lowest price. It is for these reasons that businessmen find this location to be quite ideal for establishing their company.
Some benefits availed on establishing business at IFZA
- 100% foreign currency restrictions
- 100% exemption on income and corporate tax
- Minimum share capital is not necessary.
- Cost-effective setting up of business
- 100 percent foreign ownership
- Multi-access to global and neighbouring markets by air, land, and sea
- Low cost of establishing business
- A physical office is not necessary.
- Full repatriation of profits and capital
- Companies with limited liability
- Capability to incorporate a holding company
Business setup in IFZA
Setting up a Fujairah Free-Zone Company offers several benefits, and the process involved in establishing a company here is very straightforward, with nothing overly complicated. The concerned officials usually approve your company registration within about 10 to 12 days upon submitting all documents, as they complete most of the procedure online. Following are the steps:
- Obtain initial approval for the activity and name from Fujairah Free Zone Municipality. But the name is to be different from that of the existing firm.
- Seek approval from the relevant department or ministry if the activity planned is unique or requires special consideration.
- The company needs to write down and have the courts notarize the Memorandum of Association.
- Obtain a capital contribution certificate from the bank for cash shares, and both cash and kind shares require an auditor’s certificate.
- Submit the initial approval and an application form, along with notarized copies of the capital certificate, memorandum of association, tenancy contract, etc., to the municipality.
- Upon scrutiny by the legal department, the Commercial Register incorporates the company name, and the Economy Bulletin Ministry publishes the Memorandum of Association. Subsequently, the municipality issues the license.
Licenses types available at IFZA
IFZA Fujairah offers different types of licenses, which are as follows:
Consultancy License: Authorities issue this license to companies that provide professional and expert consulting services.
Service License: Authorities issue this license to companies engaged in production, transformation, reproduction, and service distribution.
Trading License: The license who obtains this license is able to trade several items that are clearly mentioned on the trade license issued.
General Trading License: This license authorizes the license to trade in different types of items.
Industrial License: Obtaining this license permits the import of raw materials, re-production, production, export, packaging, and manufacture.
Holding License: Obtaining this license permits holding standalone assets and/or shares in various other companies.
Why consider establishing business in IFZA?
IFZA does offer plenty of benefits besides the ones that have been mentioned, like reduced overhead expenditure, less time to establish a start-up, and low tariff costs. On submission of valid and notarized documents to the concerned authorities, there is the possibility of obtaining a business license within a span of just 4 to 5 business days. It should match the laws that are set by the authorities. But for the foreigner to have complete knowledge pertaining to the laws of the land can be a really tough task, especially when trying to setup a business in Fujairah Free Zone. Seek help from a talented and knowledgeable consultant who can make the process seem quick, simple, and easy.
IFZA Fujairah Free-Zone Co.: What facilities are offered?
- Easy and fast company incorporation
- Cost-effective business incorporation
- Comprehensive and diverse business activities
- Low set-up costs when compared to onshore ventures
- Business owners do not need to be physically present.
- Trading, service, and consulting options are available.
- There’s no requirement for share capital.
- A physical office is not necessary.
- Limited liability for companies
- 100% foreign currency restrictions
- 100 percent foreign ownership
- 100 percent exemption from income and corporate taxes
- Capability to incorporate holding ventures
- Full repatriation of venture capital and profits
IFZA International Setup Cost in Dubai
- Local Sponsor Fee
- Labour and Immigration Fee
- Trade License Fee
- Cost Involved in Visa
