Selecting a free zone location in Dubai may significantly enhance your business possibilities because the emirate’s reputation alone can lead to great opportunities. Dubai has become one of the most popular places in the world, not just in the Middle East, to launch a business.
The government of the United Arab Emirates has launched several initiatives to boost the thriving business community and generate opportunities that foster economic expansion. In the United Arab Emirates, free zones are very advantageous and very important for business growth. The International Freezone Authority (IFZA) has rapidly grown into a top choice for business owners looking to launch a company in the United Arab Emirates since its establishment in 2018.
IFZA Dubai company formation is the ideal business setup for many entrepreneurs, offering flexible business licenses, simplified legal processes, and plenty of advantages like no income taxes and no trade barriers.
Benefits of Setting Up Your Business in IFZA
- Tax exemption by the UAE government
One of a free zone’s main advantages is the tax benefits. You can benefit from 0% corporate and personal tax rates, as well as an exemption from the current 5% VAT, by establishing your business in a free zone. Additionally, import and export tariffs and currency restrictions do not apply to businesses operating in free zones.
- 100% Foreign Ownership & Easy Setup of a Bank Account
Being a free zone, IFZA permits 100% foreign ownership of companies, allowing business owners to maintain complete control over their businesses without requiring local sponsorship.
One of the biggest advantages of having an IFZA business license is that it removes the need for tedious requirements and lengthy paperwork, which can frequently cause delays in the bank account opening in IFZA process.
- Quick Incorporation Process
Compared to other free zones in Dubai and other UAE Emirates, IFZA offers quicker company registration and license issuance, taking only two days. Apart from these advantages, establishing a business in IFZA does not require a physical presence. Compared to other authorities, IFZA provides a more manageable approval scheme, which makes it a desirable business hub for investors and the business sector.
- Versatile Business Activities
Investors can combine professional, commercial, and industrial business activities covering more than 1000 different business activity types by opening a business in an International Financial Zone (IFZA). Foreign incorporated companies can register a branch at IFZA Dubai and have multiple license options.
An additional advantage of establishing an IFZA company is that the license from the IFZA also comes with zero to six visa allocations, giving the business owners more flexibility and savings.
- Set up Cost
One of the most affordable free zones in the UAE, IFZA is situated in Dubai’s Silicon Oasis and offers 3- and 5-year Dubai license packages. It is one of the most affordable free zones in the UAE to start a business in because it provides attractive low-cost company setup packages starting at AED 11,900.
- Applying for employee and shareholder visas is easy
The benefit of being incorporated at IFZA is that companies can apply for as many Dubai residency visas as they need for their employees and shareholders, with a maximum three-year validity. To obtain residence visas, businesses registered on the Dubai mainland have to follow more strict rules.
- Option to open an LLC company
An LLC structure offers a layer of protection against potential financial risks by allowing business owners to keep their assets and liabilities apart. The IFZA Free Zone sets itself apart by providing this structure to businesses, even though not all free zones do. Because of this, IFZA is a desirable choice for businesses looking for increased financial independence and security.
- Constant support from the government
When it comes to helping new business owners with the establishment of their businesses, UAE government agencies are very welcoming. The helpline numbers and emails will provide you with assistance 24*7. Having someone who can guide you on the correct process is important, especially if you’re new to Dubai.
- Strategic Location
IFZA free zones offer access to international markets due to their strategic location. This prime location can boost the exposure of your company and help it expand.
- Global Connectivity
The IFZA is situated in Dubai, which is home to a multicultural community of many nationalities. This presents opportunities to establish connections with a worldwide audience, expand your network, and explore global business partnerships.