What is the IFZA Free Zone in the UAE?
The United Arab Emirates (UAE) has established itself as a global hub for business and trade, attracting investors from all over the world. The UAE government has taken various measures to promote the country as a business-friendly destination, including the establishment of free zones that offer numerous benefits to foreign companies.
One of the latest free zones to be launched in the UAE is the International Free Zone Authority (IFZA). Set up in 2018 as a new free zone authority in the UAE, with a focus on providing investors with a cost-effective and flexible business environment, it offers a range of business activities that foreign companies can engage in, including trading, consultancy, media, and technology.
What is it about IFZA that’s different ?
One of the main benefits of setting up a business in IFZA is the low cost of company formation. The authority offers competitive pricing for business registration, license renewal, and other administrative services. This is particularly attractive to small and medium-sized enterprises (SMEs) that are looking for cost-effective ways to expand their operations in the UAE.
IFZA also provides foreign investors with a range of business-friendly regulations that make it easier for them to operate in the UAE. For example, the authority allows 100% foreign ownership of companies, which means that investors can retain full control of their business operations. Additionally, IFZA offers a range of license types that cater to different business needs. These include general trading licenses, service licenses, and industrial licenses.
Top Benefits of Registering a Business in an IFZA Free Zone:
1. 100% Ownership of Business
By granting foreign investors complete ownership of their businesses, IFZA enables them to pursue innovation, construction, and other opportunities that can foster long-term growth for their enterprises.
2. Full Profits
The freezone companies can retain all their profits in their home country which allows them to transfer 100% of their capital to their place of origin without any requirements.
3. 0% Corporate Tax
The UAE law states that companies don’t require to pay any sort of corporate tax out of their business revenue which provides companies the opportunity to keep all the share of the profits.
4. 0% Import & Export Tax
Free zones provide a significant advantage to businesses as they are relieved from the payment of any customs duties, making it a compelling reason for them to consider establishing their operations there.
5. Quick & Easy Registration Process
Freezone business information and other administrative services are readily accessible to investors, making it convenient for them to utilize these resources.
Features of IFZA business setup services
IFZA is one of the few free zones in the UAE which stands out from the other freezone due to its unique benefits and opportunities it provides to investors which is inclusive of
a. No requirement for the investor to submit an annual audit report
b. No paid-up share capital requirement
c. IFZA offers 3 years of visa to owners and employees
d. Permission to set up a virtual office
e. No requirement for employee guarantee deposits to the free zone
f. No NOC is required from the current visa sponsor
The IFZA Free Zone offers foreign investors a range of benefits that make it an attractive destination for business expansion in the UAE. The low cost of company formation, flexible business regulations, and strategic location of the free zone make it an ideal destination for small and medium-sized enterprises that are looking to expand their operations in the region. Additionally, the world-class facilities and support services provided by IFZA ensure that companies have everything they need to succeed in the competitive UAE market.
