Wanting to start your free zone company but wondering what the various IFZA company formation benefits are? Look no further, because this blog will inform you about everything you need to know.
More and more people are looking into setting up a company in this jurisdiction. This is not only due to its strategic location in Dubai but because of the endless opportunities it provides to entrepreneurs.
Firstly, it is worth noting that the free zone’s location in Dubai is itself enough to boost one’s business. This is because the emirate has made a name for itself as a destination for go-getters. It has emerged as one of the top picks to start a business not only in the Middle East, but also in the world.
Moreover, the country has taken numerous initiatives to keep up with the ever-evolving business sector. UAE free zones in particular have countless advantages to boost the growth of businesses.
Continue reading to learn more about IFZA company formation.
Why choose business setup in IFZA?
IFZA, also known as International Free Zone Authority, has become one of the leading investment hubs in the UAE. Over the years, IFZA has grown into a powerful platform with an extensive global network of more than 800 partners around the world. The free zone has established a community where SMEs are given an opportunity to become a part of a huge platform. This platform is built to empower international and local businesses to grow and thrive within an environment where innovation and development plays an integral role. The jurisdiction offers various facilities such as warehouses, residential apartments, and office space.
Advantages of IFZA company formation
It’s evident that IFZA company formation benefits are numerous. Some of these include:
- Full ownership of business: IFZA permits foreign investors to get 100% ownership of their business.
- Full profit repatriation: Free zone companies can repatriate all their profits to their home country. This gives them the freedom to transfer 100% of their capital to their place of origin without any requirements.
- 0% corporate tax: The UAE laws state that companies do not require to pay corporate tax out of their business revenue, thereby allowing you to keep all your profits.
- 0% import or export tax: Unlike the mainland, free zones are exempt from all customs duties.
- Strategic location: The free zone is strategically located in Dubai. This provides investors with access to world-class global markets.
- Global connectivity: Dubai has a multi-national community and provides opportunities for you to connect with a global business community.
- Range of business activities: Free zones give you the freedom to undertake a range of business activities.
- Time-efficient and simple registration process: The entire process of obtaining a license is fairly swift and easy. The investors also have convenient access to free zone business formation and administration services.
Reasons why company formation in IFZA is the right move for your business
One of the biggest perks when it comes to company formation in IFZA is that it offers an array of packages to entrepreneurs who want to advance in the field of entrepreneurship and to set them up on the right path. IFZA is also the only free zone in the UAE that offers ‘lifetime visas’ to investors who set up a company.
Furthermore, the jurisdiction is located strategically near many major markets. The advantages of business setup here also heavily outweigh the disadvantages of IFZA company formation. The jurisdiction is not restricted by the rules and regulations applied to companies set up on the mainland.
The various business structures in IFZA include branch company, holding company, and Limited Liability Company (LLC) with one or more shareholders. One of the main benefits of LLC company formation in IFZA is that you can only suffer losses up to the amount that you have invested in your company and not any more than that.
Unique features about IFZA business setup
IFZA is one of the few free zones in the UAE that stands out for its unique benefits and the opportunities it provides investors. These include:
- No requirement for the investor to submit an annual audit report
- No paid-up share capital requirement
- Up to 3 years visa for owners and employees
- No requirement for employee guarantee deposit to the free zone
- Permission to have a virtual office
- No requirement of investors to be physically present during company formation
- No NOC required from the current visa sponsor
Trade licenses offered by IFZA
The free zone offers various licenses, including:
- Service License
- Trading License
- Industrial License
- Holding License
The entrepreneur can conduct up to 7 activities under one trade license. IFZA is also one of the few free zones in the UAE that permits professional, commercial, and industrial activities to be combined under one license.
It also does not recognise e-commerce as a separate activity. However, one can still sell goods on online platforms with a general trading license.
Embark on your entrepreneurial journey with Shuraa
It is evident that IFZA offers countless opportunities to entrepreneurs around the world. Setting up a business in the UAE can be a taxing process. However, Shuraa can help simplify your company formation in IFZA with the help of our business consultants. We will guide you through the entire process of getting your business started.
Shuraa is one of the leading business setup companies in the UAE. For over 20 years, we have been helping entrepreneurs set up the groundwork for their company and so much more.
Our expert business consultants will guide you through the entire process, from registering your business, understanding IFZA free zone costs, all the way to the process of obtaining approvals from relevant authorities.
Contact our corporate advisors to learn more about free zone company formation in Dubai. Call us at +97144081900 or send a WhatsApp message on +971507775554. Additionally, you can also drop in an email at [email protected] and get your queries answered in no time.