FREE ZONE AUTHORITY
Obtaining a license from International Free Zone Authority (IFZA) is the most cost-effective route for foreign investors to establish their presence in the lucrative Dubai market. IFZA’s cost-effective business packages, a wide range of activities and irresistible offers lure foreign investors into the process of business setup in Dubai. The strategic location, cost-effective licenses (including general trading license), and sophisticated facilities make the environment of business setup in IFZA more conducive to startups, SMEs and entrepreneurs.
The IFZA licensing process can be simplified with the assistance of business setup consultants in Dubai. IFZA is one of the fastest-growing free zones in Dubai, and its decision to co-brand with Dubai Silicon Oasis (DSO) has enhanced the free zone’s competitive advantage. Investors interested in setting up a business in IFZA can read further.
Types of Licenses issued by IFZA
IFZA offers business licenses that encompass a wide range of sectors and industries. The licenses are designed to cater to the needs of both small businesses and interesting corporate entities. Here is a look at the types of licenses issued by IFZA
1. Professional License
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Businesses providing consultancy services or other types of professional services can apply for an IFZA professional license. Technical services cleaning services, salons etc., are some of the common professional activities in Dubai.
2. Commercial License
An IFZA commercial license permits activities such as import, export, distribution and storage of specified goods. A general trading license is an example of a commercial license that allows the trading of multiple goods.
Office Space Options Offered by IFZA
Investors can choose from a broad range of office spaces in IFZA that come with top-notch amenities. The office spaces are designed to match the business needs of entrepreneurs. The following types of rental office spaces are available in IFZA:
Flexi desks are shared workspaces ideal for startups and individual entrepreneurs. IFZA provides a shared address for flex desks with benefits like high-speed Wi-Fi, and one-hour complimentary use of a meeting room per month.
Flexi Desk Plus
Unlike the regular flex desk, a flex desk plus option offers unlimited access to a dedicated desk during office hours. The entrepreneurs can get an individual address instead of a shared address. Benefits include high-speed Wi-Fi, five hours of complimentary use of a meeting room per month, access to one parking space etc.
Dedicated Work Space
Unlimited access to a dedicated workspace (during office hours) is provided in a shared environment. Benefits include individual address, high-speed Wi-Fi, five hours of complimentary use of meeting room per month and one-hour complimentary use of conference room per month. Access to one parking space is provided.
A private office offers unlimited access to a dedicated office with high-speed Wi-Fi and an individual address. Complimentary use of the meeting room will be for seven hours per month, and complimentary use of the conference room will be two hours per month. Access to one parking space will be provided.
Personalised Private Office
Investors can rent either rent a furnished office or an unfurnished space. Access to a dedicated office will be available 24*7 with high-speed Wi-Fi. Individual addresses and access to two parking spaces will be provided by IFZA. Other benefits include seven hours of complimentary use of the meeting room per month and five hours of complimentary use of the conference room per month.
Process of Setting up a Business in IFZA
The process of obtaining an IFZA trade license is fairly straightforward. The free zone has partnered with some of the best business setup consultants in Dubai who will make the process hassle-free. After selecting a company setup consultant, the following steps must be executed:
- Select the activity
- Choose a package
- Submit company name
- Rent a suitable office space/facility
- Submit all the documents
- License is issued after IFZA’s approval
Benefits of Setting up a Business in IFZA
IFZA positions itself as not just a free zone, but a world-class ecosystem aimed to catapult businesses to greater heights. Investors can have the following benefits by setting up a business in IFZA:
- IFZA’s strategic location gives investors access to global markets
- Entrepreneurs can have all business services under one roof
- Ability to choose from over 2,000 business activities
- Ability to incorporate Free Zone Companies (FZCO) and branch offices
- Investors can combine Professional, Commercial and Industrial activities under one IFZA License
- Availability of General Trading License at an affordable price
- IFZA business setup packages are competitive and transparent
- The process of company formation in IFZA is fast and efficient
- The owners need not be physically present in the UAE during the incorporation process
- IFZA doesn’t ask for paid-up share capital
- IFZA doesn’t request NOC from the current visa sponsor
IFZA’s Strategy of Co-branding with Dubai Silicon Oasis
IFZA’s decision to co-brand with DSO has proven to be beneficial for business owners. Entrepreneurs can obtain a cost-effective license from IFZA and operate from the highly advanced ecosystem of DSO. DSO is a tech-focused free zone often dubbed as the Silicon Valley of the Middle East. Business owners engaging in highly advanced tech-related businesses gain the most from IFZA’s co-branding with DSO. Business setup consultants in Dubai can help IFZA license holders to switch their operations into DSO.
Compliance & Reporting Requirements in IFZA Free Zone
As with other free zones, mainland and offshore companies in the UAE, IFZA license holders also need to check their compliance requirements under regulations such as Economic Substance Regulation (ESR), Ultimate Beneficial Ownership (UBO) and Anti-money Laundering and Combatting Financing of Terrorism (AML-CFT). It is important to note that companies under liquidation are also subject to many of these regulations. It is better to consult with business setup consultants in Dubai to know further about the reporting requirements in IFZA.
The Best Business Setup Services in Dubai
Investors looking for a cost-effective company formation in Dubai can apply for an IFZA license. The free zone offers the best packages and facilities that make the process of business setup in IFZA highly competitive. However, to simplify the registration steps, investors can consult with business setup consultants in Dubai, such as Jitendra Business Consultants (JBC). JBC is a leading provider of business setup services in Dubai, having a solid partnership with IFZA.
Being an active IFZA partner, JBC can ensure that the investors get access to all the competitive packages and benefits offered by the free zone. JBC’s company formation experts will take care of complex processes such as document drafting, visa application, labour & immigration approvals, bank account opening etc. The investors can focus on their core competencies while JBC will deal with the legal aspects of company formation in IFZA.