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If you’re a business owner looking to expand globally, Dubai might be the perfect place for you. The International Free Zone Authority (IFZA) in Dubai is one of the most popular destinations for international businesses. This article will provide you with everything you need to know about the IFZA, including its benefits, procedures, and requirements.
The International Free Zone Authority Dubai (IFZA) is a government-owned entity that oversees several free zones in Dubai. The IFZA was established in 2015 and has since attracted many businesses from around the world.
What are the benefits of setting up a business in IFZA?
There are several benefits of setting up a business in IFZA. Some of the benefits are:
- 100% foreign ownership
- 100% repatriation of profits and capital
- 100% exemption from corporate and personal income taxes
- No customs duty on imports and exports
- No restrictions on currency
What are the procedures for setting up a business in IFZA?
Setting up a business in IFZA is a simple process. Here are the steps:
- Choose a business activity.
- Choose a company name.
- Select a package and sign the documents.
- Obtain the license.
- Open a bank account.
- Get the visa.
What are the requirements for setting up a business in IFZA?
To set up a business in IFZA, you need to meet the following requirements:
- Minimum share capital of AED 50,000 (about $13,600)
- Physical office space is mandatory
- At least one director and one shareholder
- Shareholders must provide a passport copy and a bank reference letter
- Directors must provide a passport copy, a CV, and a police clearance certificate
What are the types of licenses available in IFZA?
There are several types of licenses available in IFZA, including:
- Service license
- Trading license
- Industrial license
- National industrial license
What are the costs involved in setting up a business in IFZA?
The costs of setting up a business in IFZA depend on the type of license and package you choose. The packages range from AED 11,500 (about $3,100) to AED 24,000 (about $6,500). Additionally, you will need to pay for visa and office space.
What are the industries allowed in IFZA?
IFZA allows businesses from a variety of industries, including:
- Trading
- Service
- Industrial
- Consulting
- Information technology
- Media
How long does it take to set up a business in IFZA?
Setting up a business in IFZA usually takes 2-3 weeks. However, the timeline can vary depending on the type of license and the completeness of the documents.
What are the facilities available in IFZA?
IFZA offers several facilities to businesses, including:
- Warehouses
- Offices
- Land for development
- E-commerce solutions
- Meeting rooms
- IT infrastructure
What is the process of renewing the license in IFZA?
To renew your license in IFZA, you need to:
- Submit a renewal request
- Pay the renewal fee
- Update your documents (if required)
What are the documents required for renewing the license in IFZA?
To renew your license in IFZA, you need to provide the following documents:
- Renewal request form
- Copy of the current license
- Original lease agreement
- Renewal fee payment receipt
- Business plan (for certain licenses)
Conclusion
IFZA is an excellent choice for businesses looking to expand globally
With its numerous benefits, simple procedures, and wide range of industries allowed, IFZA is an attractive option for businesses seeking to establish a presence in Dubai. The flexibility offered by IFZA also makes it an excellent option for businesses looking to expand or diversify their operations in the region.
Moreover, with the current global economic situation and increased competition, businesses are looking for ways to reduce their costs while maintaining their efficiency and productivity. IFZA’s favorable business environment and incentives make it an ideal choice for companies seeking to achieve this objective.
In addition to the benefits mentioned above, IFZA also offers excellent infrastructure and facilities for businesses to operate efficiently. The various warehouses, offices, and meeting rooms available are fully equipped with modern technology and IT infrastructure, ensuring that businesses can operate smoothly and without any disruptions.
IFZA’s e-commerce solutions are particularly attractive to businesses seeking to expand their online presence. These solutions offer businesses an excellent opportunity to reach customers around the world and increase their revenue streams.
In conclusion, the International Free Zone Authority Dubai (IFZA) is an excellent choice for businesses seeking to establish a presence in Dubai. With its favorable business environment, incentives, and excellent infrastructure, IFZA offers businesses a unique opportunity to expand their operations and reduce their costs while maintaining their efficiency and productivity.
