Brief introduction about International Free Zone Authority (IFZA)
International Free Zone Authority (IFZA) is a free zone established in the emirate of Dubai. IFZA is known as the cheapest and fast growing free zone for company formation in UAE. IFZA is one of the leading business hubs in UAE by collaborating with Dubai Silicon Oasis Authority (DSO). This free zone offers cost effective and simplified procedures for investors to set up a business in UAE. This is an investor friendly free zone offers various attractive services to the investors to accomplish their dream of forming a business.
Benefits of setting up company in International Free Zone Authority (IFZA)
- Co-branded with the Dubai Silicon Oasis Authority (DSO)
- Offers cost effective business set up packages
- Located in Dubai, which provides access to global markets
- Wide range of professional, commercial and industrial activities are available
- Transparent and competitive pricing
- No paid-up share capital requirement
- Provides unique flexibility to combine professional, commercial and industrial business activities under one license
- Fast and easy company formation
- 100% ownership of commercial enterprises
- 100% repatriation of capital and profit
- 100% import and export tax exemptions
- No personal income tax
- Residency visas are available shareholders and employees
- Residency visas are valid for 3 years
- No NOC required from current visa sponsor
License Options available in International Free Zone Authority (IFZA)
IFZA offers several license options and business activities that can serve small local business or large international businesses. Following are the various types of licenses:
- Professional License
Suitable for businesses providing consultancy and multiple types of professional services like technical, life style, legal and other services.
- Commercial License
Suitable for businesses engaged in import, export, distribution & storage of specified items.
- Industrial license
This license allows import of raw material, manufacture, process, packaging and export of specified products.
Foreign incorporated companies may also register a branch at IFZA Dubai. The activity of the proposed branch needs to correspond to the activity conducted by the parent company.
Facilities offered under International Free Zone Authority:
- Residential apartments
- Retail trading
Types of Office Spaces in International Free Zone Authority (IFZA)
- Flexi Desk
This is a furnished shared workstation suitable for startup entrepreneur. The Flexi Desk can be used for a maximum of 10 hours per week from Sundays to Thursdays from 8:30 AM to 6:00 PM. Flexi Desk also provides high speed Wi-Fi, shared IFZA address, and 1 hour of complementary meeting room use per month.
- Flexi Desk+
This is a furnished dedicated desk giving unlimited access during office hours. Flexi Desk+ facility offers high speed Wi-Fi connection; 5 hours of complementary meeting room use per month and one parking space.
- Dedicated Workspace
This is a dedicated office space in a shared environment giving unlimited access during office hours. This office space facility offers high speed Wi-Fi connection, 5 hours of complementary meeting room use per month, 1 hour of complementary conference room use per month and one parking space.
- Private Office
IFZA provides a dedicated space for Private office with individual address. Private Office facility includes High speed Wi-Fi connection, Unlimited access to office, 7 hours of complementary meeting room use per month, 2 hours of complementary conference room use per month and one parking space.
- Personalized Office
Personalized offices at IFZA are available as furnished or unfurnished units. Personalized offices have 24×7 unlimited access provided with individual address. This includes High speed Wi-Fi connection, 7 hours of complementary meeting room use per month, 5 hours of complementary conference room use per month and 2 parking spaces.
Benefits of working with IFZA:
- Provides world-class access to the global markets.
- Easy access to the Free Zone business formation and admin services.
- An expert multinational team to assist with business activities.
- No paid-up share capital is required.
- No NOC is required from the current visa sponsor.
- Fast and efficient company incorporation process.
- Availability of Competitive General Trading License.
- Transparent and competitive pricing.
- Physical presence of owners is not required for the incorporating process.
- Business licenses are available through the incorporation of FZCOs or registrations of branch offices.
Company formation process with International Free Zone Authority (IFZA)
The process to set up a free zone company in Dubai is easy with IFZA. Following is the simplified process to set up a business unit in IFZA:
- Contact with Spectrum Auditing. We are happy to help you to accomplish your business needs.
- Schedule a meeting with our expert business consultants who will guide you throughout the process and assist you to know various company formation packages, Visa and license cost details.
- Choose a proposed business activity and reserve the trade name for your business.
- Select the right office type suitable for your business (Flexi Desk, Flexi Desk+, Dedicated workspace, Private office, Personalized office etc.).
- We will require the following documents in order to proceed;
- License application form (Including ownership information)
- Passport copy and digital passport size photo of shareholders / partners
- Emirates ID and Visa copy for UAE residents
- Submit the required documents and make payment.
- Get your company License and Visas.
- Apply for corporate bank account in the name of the company.
Liquidation process of an International Free Zone Authority (IFZA) based license:
IFZA requires the regular process of liquidation like any other freezones. The process is simple and quicker compared to other free zones. They require a resolution by the shareholders to close the company, cancel all the visas on the license, submit a liquidation report by an approved auditor and make the fee payment to get the IFZA company liquidation certificate from the IFZA. Spectrum Auditing can help the IFZA companies to carryout the company closure along with issuing the liquidators report as Spectrum Auditing is an approved auditor to issue the liquidation report.
Frequently Asked Questions in relation to company setup under IFZA:
- How long would it take to obtain a license in an International Free Zone?
It usually takes up to 4-5 working days.
- Is there any requirement for having a local sponsor for setting up a company in IFZA?
An IFZA company is flexible to have 100% foreign ownership and hence can incorporate without having a local sponsor.
- Do I need a physical space to set up a company in IFZA?
No, you don’t need any physical space to set up a company in IFZA.
- Is the income generated through an IFZA company taxable?
IFZA companies are exempt from income & corporate taxes.
Corporate tax applicability to the companies in International Free Zone Authority (IFZA):
Corporate tax law is going to be applicable for all the companies registered in UAE including the free zones in UAE. The UAE Corporate tax is going to be effective for the financial year beginning on or after 1 June 2023 for the businesses in UAE. Corporate tax will be levied at zero percent on the taxable income (adjusted net profit) of the businesses in the free zones as long as they comply with all the regulations of the respective free zone and do not do any business with the mainland companies, otherwise there is a possibility of levying 9% corporate tax on the taxable income (adjusted net profit) in excess of AED 375,000. Hence companies in the Free Zones need to make sure that they are complying with all the regulations of the free zone and do not do any business with the mainland entities to enjoy the benefit of zero percentage of UAE corporate tax.
How can Spectrum help you set up a business in International Free Zone Authority (IFZA)?
Spectrum provides an easy and simple start-up process for companies seeking to setup office in International Free Zone Authority (IFZA). Spectrum’s dedicated team will guide you through the process, answer your questions, provide the necessary forms, and serve as your primary point of contact to support you through the whole process.
Spectrum is an expert firm in the Company Formation and Company Liquidation process. Our passion and heart lie in serving the clients and we aim at the utmost client’s satisfaction. We are registered Auditors under the Ministry of Economy UAE and also registered Tax Agent from Federal Tax Agency UAE, Dubai providing dedicated Audit, Accounting, Tax services and various Business Advisory Services complying regulatory requirements.
Call us today for any kind of assistance at +971 4 2699329 or email us at [email protected] to get all your queries addressed. Spectrum is your partner in your success.