Free Zones are special areas in UAE with special tax, costume, import-export regime. They are governed by their own frameworks and regulations. The UAE has number of Free Zone in Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al-Khaimah, Umm al-Quwain. There are more than 70 Free Zones in the UAE. IFZA is one such free zone. IFZA-International Free Zone Authority was originally founded in Fujairah. Later, IFZA has migrated from Fujairah and is now in Dubai. It is a leading investment hub in the UAE. Moreover, Silicon Oasis Authority in Dubai is co-branded with IFZA. It provides world-class amenities, international service standards. In addition, IFZA offers low-cost and highly customized company formation. It is a very competitive and cost-effective Free Zone. The business investment procedures are transparent.

Benefits of company formation in IFZA

Apart from the basic benefits of a Free Zone in the UAE such as 100% repatriation of profits, 100% exemption from taxes, and 100% foreign ownership, IFZA has the following benefits:

• Visa packages for owners and employees are flexible.
• IFZA offers a variety of business activities to choose from.
• Incorporation is fully remote.
• Investors can start up to 7 business activities in one license.
• Quick and easy incorporation of the business.
• No requirement for a physical office.
• Share capital is not required.
• There is no restriction in using foreign currency.

Office Facility in IFZA- International Free Zone Authority

IFZA offers Flexi-desk and a dedicated office facility. Besides, the dedicated office facility provides WIFI, furniture, electricity, AC, printing and scanning, and meeting room facility at a starting price of AED 10,080 per year.

Business Activities in IFZA

There are around 108 business activities in IFZA. The business activities are divided into three categories. They are Consulting, Service, and Trading. Besides, you can add up to 7 activities in one license and you can mix activities from different categories. There is no separate activity for E-commerce. However, one can sell goods online with a usual trading license. All the business activities offered in IFZA are from the list of activities provided by DED. Following are some of the activities in IFZA:

• Consultancies:
  • Accounting, business, commercial broker, Insurance, legal,
  • Agricultural, environmental,
  • Beauty, event management, hospitality, human resource, IT, interior design, fashion design,
  • Management, logistics, Public relation, project management, technical, sport management, etc.
• Services:
  • Cleaning, landscape management, plumbing, electrical works, construction installation, plumbing,
  • Office administration and support, auxiliaries to finance services except insurance and pension funding, accounting and bookkeeping, tax consultancies,
  • Education and education support activities, employment placement agencies,
  • Creative arts and entertainment activities, recreation, sports, photography
  • Computer programming, data processing, Web portals, computer consultancies, repair of computer parts
  • Technical testing and analysis, research and development, market research,
  • Renting and leasing of machinery, intellectual property, real estate,
  • Sale of motor vehicles, etc.
• Trading:
  • General trading, trading in automobile aircraft, ships, and boats,
  • trading of computer parts, home furniture,
  • foodstuff and beverages,
  • jewelry, precious metal, perfumes, cosmetics, gifts
  • medical equipment
  • raw materials, paper rubber, plastic,
  • clothing, footwear, textiles,
  • scrap, metal waste, recyclable materials, etc.

Business set up process in IFZA

• Firstly, select the right business activity from the categories provided.
• Secondly, select a trade name for the business.
• Next, you have to select the right business license package and visa quota.
• After that, submit the required documents to the Free Zone Authority and make the required payment.
• After getting the trading license, apply for a residence visa if required.
• Finally, open a corporate bank account and apply for other external approvals if required.
• As a result, the business license is issued by the authorities.
• Incorporation is quick and easy. It takes around 3-4 days to complete the incorporation process.
• At the time of incorporation, the owner’s presence is not required.

License types in IFZA-International Free Zone Authority

• Consultancy license: Experts providing consultancy services for various activities.
• Trading license: Involves, import-export, distribution, and storing of goods.
• General trading license: Gives freedom to trade any items permitted in the UAE.
• Service license: Involves production, re-production, transformation, and distribution of services
• Holding license: Permits holding of assets and/ shares in other companies.

Cost of Trade License in IFZA

The cost of a trade license in IFZA depends on the Visa package chosen by the company. The entrepreneur can choose a zero visa package or multiple visa package. The license fee is very low as compared to other Free Zones in Dubai. Hence, IFZA can also be called the most cost-effective Free Zone in Dubai. There is no capital requirements and an annual audit is also not required.

Above all, the business license can be as low as AED 13,900 for zero visa consultancy and service activities. However IFZA- International Free Zone Authority offers different discounts on monthly basis. You can contact us for the latest available offers.

The renewal cost of the license is the same as the registration cost and the liquidation process is also simple and easy.

Allocation of Visa in IFZA- International Free Zone Authority

The residence visa of the company is valid for 3 years. The visa processing does require health Insurance. In addition, it can be processed remotely. Some countries are considered at high risk in IFZA. Check out the details before applying for a residence visa. The cost is shown in the table below:

Establishment card (1 year)	AED 2,000
Residence Visa (3 years)	AED 3,750
Medical test	AED 320
Emirates ID	AED 370

Up to 6 visa quota is available in IFZA. Moreover, licenses with zero visa quota to 6 visa quota costs from 13,900 AED to 29,900 AED respectively.

Conclusion

In conclusion, IFZA- International Free Zone Authority offers a wide range of activities at an affordable cost. The incorporation process is fast and easy and also offers a remote business setup. Before setting up a business in IFZA, it is best to consult services from a consultancy. Beyond View will guide and assist you from the beginning and throughout the incorporation process and future running of the business. Moreover, we will help you find the right business package at an affordable price.

Sharjah Media City offers you similar packages and facilities at an affordable price. If you could not find suitable activities in the business activities list, then you can refer to Sharjah Media City, Shams.