IFZA Company Formation: Benefits and Requirements:
International Free Zone Authority (IFZA) offers dynamic and economical environments for setting up a business in the UAE. The essence of this freezone lies with the fact that this freezone is in Dubai, offering Dubai emirates unlike other freezones offering other emirates. Moreover, its cost-effectiveness sets it apart from its competitors in Dubai.
Why choose IFZA?
Did you know that for opening a company at IFZA, your physical presence in Dubai is not required? You can stay in the comfort of your country (US, Europe, Russia, India, China etc.) and still be able to open a company in Dubai. We, at BCL Globiz, will help you achieve this by offering our expert solutions to ensure that your company is opened without your presence. However, your visit is only required for processing visas.
Once, the Company setup is completed and you have received your Trade License in IFZA. We offer two solutions for Visa Processing to suite your business needs:
- Standard plan (Visa Process): This takes up to 8 to 14 working days to complete the Visa Process.
- VIP plan (Visa Process): This takes only 4 to 7 working days to complete the Visa Process.
Why choose BCL Globiz?
The process will be hassle-free and be handled by our expert professionals.
Post completion of setting up a business in IFZA Free Zone, BCL Globiz, offering one-stop business solutions, also offers the below services at affordable prices.
- Open a bank account,
- Obtain Corporate Tax registration,
- Acquire VAT registration,
- Accounting and bookkeeping services.
IFZA setup cost?
| Particulars | No Visa | 1 Visa |
2 Visa |
| License Fee |
12,900 |
14,900 |
16,900 |
| Establishment Card |
– |
2,000 |
2,000 |
| Residence Visa 2 years validity |
– |
3,750 |
7,500 |
| Security Check |
1,000 |
1,000 |
1,000 |
| Visa Processing |
– |
1,250 |
2,500 |
| Professional fees (Including 5% VAT) |
1,050 |
1,575 |
1,838 |
| Grand Total with Normal Process |
14,950 |
24,475 |
32,238 |
|
Add ons (To Save time) |
No Visa | 1 Visa |
2 Visa |
| VIP Medical Test Biometric for Emirates I’d Processing: Pick and drop with in Dubai location included -Timelines – 4 to 7 working days |
– |
1,750 |
3,500 |
| Fast-Track Visa Stamping |
– |
1,600 |
3,200 |
| Change Status (Applicable If you are already in the UAE on a Visit Visa) |
– |
1,600 |
3,200 |
| Total of Add Ons |
– |
4,950 |
9,900 |
* The quoted fees are when the shareholders are individuals. The fees shall be different in case of Corporate Shareholders (i.e. Subsidiary Company).
Check how to optimize financial management for your IFZA business with FTA-approved accounting software solutions?
What steps are involved in setting up a company at IFZA?
Step 1: Finalize number of Visas:
Once you finalize the number of visas required, the respective payment as per above table has to be processed.
Step 2: Name of the business:
Choose three names for your company. Try avoiding Arabic names, country names, common brand names to avoid rejection of the names.
Pro-tip: Search the names in Google browser to ensure the uniqueness of your business names and to avoid the common rejected names mentioned above.
Step 3: Preparation of documents:
Prepare the below set of documents:
- All shareholders passport having at least 6 months validity
Pro-tip: To increase chances of acceptance, keep a validity of at least 2 years in the passport copies.
- A digital copy of the clear passport-size photo of all shareholders
- If the shareholders have visited the UAE earlier, then that visa copy. If not, latest visa copy visiting to the UAE.
Step 4: Prepare a detailed information on business activities:
IFZA allows three business activities, which shall reflect in the trade license. The company is allowed to engage only in these activities.
Pro-tip: We suggest choosing one business activity, which is the primary activity, which also helps in opening the bank account. However, in case you wish to have two or three business activities, then it could be related. For example, having the first business activity as professional services and the second as real estate or commercial activity will increase the chance of rejection.
Step 5: Trade license and visa:
After submitting all the documents, the trade license will be approved. Post approval, you will have to visit Dubai for the purposes of visa processing. The below set of activities will be performed:
- Medical examinations
- Biometrics for Emirates ID
- Visa Stamping
Post visa stamping, you may leave to your country. The Emirates ID will be delivered to the registered address within 5 working days.
Step 6: Bank account opening, Registrations and Accounting:
Experts at BCL Globiz will guide you on the opening of the bank account in simple ways and assist you in obtaining the account. Post this, you may choose our affordable accounting packages along with registration services.
We have several tips and suggestions to ensure a smooth and stress-free mode of opening a business at IFZA. Reach out to our experts at punith@bclglobiz.com.
Gain insights on starting a business in Dubai free zones and make the most of IFZA opportunities.
Also read:
- Explore the advantages of outsourcing payroll for streamlined operations in your IFZA company.
- As part of your IFZA setup, stay informed on corporate tax registration requirements in the UAE.
- Ensure your IFZA company adheres to UAE VAT regulations by understanding key VAT compliance requirements in the UAE.
