UAE in the last 60 years has transformed and developed itself into one the world’s
most prominent and leading business hubs. After the discovery of oil in 1962,
the paradigm shifted from tradition business mindset engaged in fishing and pearling
to a more dynamic outlook. Changes brought on by such shift has helped the government
invest more towards infrastructure, communication, technology, and tourism.
The change has garnered such an environment that has allowed people from various diverse backgrounds to
come together to commence trade or engage in business opportunities. The “Freezones” are economically friendly locations in UAE
that provide ease of conducting business, lenient tax implications,
simple registration process and friendly governance structure.
Dubai in considered to be an integral part of UAE. It is one of the 7 Emirates that is home to more than 15 Freezones.
Overall UAE consists of more than 25 freezones that enables businesses and entrepreneurs
to conduct business at a highly competitive and global platform.
One of the most highly regarded freezone authorities in Dubai is the International
Freezone Authority or commonly referred to as IFZA. It is a government backed authority
that helps and assists individuals and/or corporates to set up/establish their presence
in one of the world’s most sought-after Business and Finance destination (Dubai).
With the motive of offering a business/trade friendly environment, IFZA provides opportunities to not only
locals but to foreign investors as well to conduct business at a global stage while allowing them 100% foreign ownership.
Why choose IFZA?
Apart from the factors such as cultural diversity where people belonging to various ethnicities come together and live in harmony.
The standard of living in Dubai is regarded as one of the best in terms of leisure and comfort. The highways and communication
channels are highly advanced with more emphasis on the social infrastructure.
With so many activities, Dubai attracts the highest number of foreigners/tourists.
Establishing your entity in IFZA has the following benefits.
- Transparent and competitive Pricing.
- 1 Residency Visa is Free (Subject to promotional offer)
- 40 years of Corporate Tax Exemption (Subject to fulfilment of certain conditions)
- 100% Foreign Ownership.
- Strategically Located in Dubai which offers a platform to conduct global trade.
- Fast and efficient company incorporation process.
- No paid-up share capital required.
- Can set up the business remotely.
- Access to multiple business licenses which offer Professional, Commercial and Industrial activities.
How to set up a Company in IFZA Dubai.
The Setup Process:
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Step 1: Name Check & Approval
We must perform a name check with the Dubai Authority to ensure that
the name opted is available. You must provide 3 names as per your preference
in the order that the most desired name be filled in first. As per the companies’ law in UAE,
after incorporation a suffix “FZCO” will be attached to the company name.
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Step 2: Selection of appropriate Activity Code
IFZA offers various activities ranging from industrial, technology, consultation, marketing, etc.
The client is allowed to select up to 3 activities relevant to their business idea.
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Step 3: Drafting, Certifying & Signing of various forms
An application form and list of required documents would be issued by IFZA which must be duly
filled and certified before submission. It would contain details about the client, the business,
and its structure.
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Step 4: Filing the application with IFZA Authority
After duly filling up the application form, the requisite documents must be submitted to the IFZA authority.
The authority will examine and verify the documents and may send feedback if there are any pending compliances
to be completed. Once the application is accepted, a quotation is sent for the company set up which pertains
the government fees. On successfully completion of the payment and providing the proof of payment (POP),
the application is further processed.
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Step 5: Receiving Incorporation Documents
After complying with all the steps mentioned above, the process is
deemed completed and upon successful incorporation, documents such as Certificate of Incorporation,
MoA/AoA, Trade License and Establishment Card are shared with the client.
Timeline:
The incorporation process ideally takes 3-4 working days to get completed upon submission of documents
but owing to the current Covid-19 situation it may take longer.
Water and Shark is a modern age advisory firm which has built its foundation in the traditional advisory market.
We are a Global firm which provides Financial, Legal, Tax and Structural Advisory. Our expertise lies in International
Corporate law, Business Set up services (Offshore Company set up), Family Office Structuring, Risk management and Business Consultancy.
Water and Shark is a registered partner of many freezone authorities in UAE, which includes International Freezone Authority (IFZA).
Having spread its roots across 5 continents and offering its services to all types of businesses and entrepreneurs.
Water and Shark is a one stop solution firm for all your business needs.
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