Here are some key FAQs for setting up a free zone company in the IFZA Free Zone in the UAE:
What are the benefits of setting up a free zone company in IFZA?
- 100% foreign ownership
- 0% corporate and personal income tax
- 100% exemption from import and export duties
- Free repatriation of capital and profits
- Unrestricted foreign currency exchange
- Simplified business setup procedures
- Access to world-class infrastructure and amenities
- Strategic location in the heart of Dubai
What are the different types of business licenses available in IFZA?
IFZA offers a wide range of business licenses to cater to the needs of a variety of businesses. Some of the most popular types of licenses include:
- Free Zone Company (FZ Co.) – A FZ Co. is a limited liability company that can be 100% foreign-owned. It is the most common type of business license in IFZA.
- Branch of a Foreign Company (BFC) – A BFC is a branch of a foreign company that is registered in this free zone. It allows foreign companies to operate in the UAE without having to establish a separate legal entity.
- Representative Office (RO) – A RO is a representative office of a foreign company that is registered in this free zone. It allows foreign companies to undertake promotional and marketing activities in the UAE without having to establish a full-fledged business.
What are the requirements for setting up a free zone company in IFZA?
The requirements for setting up a free zone company in IFZA are relatively simple. You will need to:
- Choose a trade name for your company
- Select a business activity
- Determine your company’s legal structure
- Complete the necessary application forms and submit them to the free zone
- Pay the applicable fees
What are the documents required for setting up a free zone company in IFZA?
The following documents are required for setting up a free zone company in IFZA:
- Passport copies of all shareholders and directors
- Emirates ID copies of all shareholders and directors (for UAE residents)
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Board resolution appointing directors
- Business plan (for certain activities)
How long does it take to set up a free zone company in IFZA?
The process of setting up a free zone company in IFZA typically takes 5-7 working days.
How much does it cost to set up a free zone company in IFZA?
The cost of setting up a free zone company in IFZA depends on the type of business license you choose, the number of shareholders and directors, and the business activities you will be undertaking. However, the overall cost is relatively affordable, especially when compared to the cost of setting up a business on the UAE mainland.
Can I get a visa to live and work in the UAE if I set up a free zone company in IFZA?
Yes, you can get a visa to live and work in the UAE if you set up a free zone company in IFZA. IFZA offers a variety of visa options for both shareholders and employees of free zone companies.
If you have any other questions about setting up a free zone company in IFZA, please do not hesitate to contact the Empresa Labs team.
Next reading: How to Set Up a Freezone Company in IFZA
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Arnifi will provide a truly digital experience to entry and scale up of companies both UAE and Saudi Arabia. The Arnifi promise is simple, yet revolutionary, use technology and a great team to provide transparency, efficiency and great customer experience in the whole process.
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