Sun - Thu9:00AM – 6:00PM
Mailcontact@wincoreadvisory.com
Visit our social pages

The International Freezone Authority (IFZA) Company Formation

December 21, 2021by Chinwe Azikiwe

The International Freezone Authority (IFZA) Company Formation

In Brief

International Free zone Authority Fujairah (IFZA) offers a wide and comprehensive range of business activities including Consultancy, Service, Trading, and Industrial options, for foreign and local investors who wish to set up a free zone company in the UAE. This Free zone facilitates quick company formation in IFZA with a fast issuance of license within 2 days. It is relevant to note that the cheapest general trading company license in UAE is issued from the International Free zone Authority. IFZA added hundreds of new Activities, tallying up to 1121 in Trading, 705 in Service, and 506 in Consultancy, and counting.

All licenses are registered with a structure of LLC, IFZA processing is streamlined insuring a fast turnaround.”

 

1. WHY SHOULD YOU CHOOSE IFZA FOR YOUR COMPANY SETUP?

International Free zone Authority Fujairah (IFZA) offers a wide and comprehensive range of business activities including Consultancy, Service, Trading and Industrial options. All licenses are registered with a structure of LLC which is an independent entity whereby the company structure separates the owners and shareholders from the company. With the LLC Company, the owners are able to sponsor employees and open bank accounts.

 

2. WHAT TYPE OF COMPANY LICENSES ARE AVAILABLE IN IFZA?

Consultancy License – Business professionals providing expert and professional consultancy services across all industries.

Service License – Allows service providers production, re-production, transformation and distribution of services. Service license includes rendering services as the primary objective and utilizing associated goods to provide those services.

Trading License – Authorizes the import, export, distribution and storing of items specified on the license.

General Trading License – This enables the licensee to trade in a wider range of activities and gives the freedom and flexibility to trade in any commodity which is permitted within the UAE.

Industrial License – This enables the licensee to import raw materials, then production, re-production, manufacture, package the specified products, and finally export.

Holding License – It allows the holding of standalone assets and/or shares in other companies. Holding companies are commonly for controlling other companies and entities, property & real estate, stocks, assets, trademarks and patents.

Licenses (Consultancy, Services) Price List
Zero Visa License AED 11,500*
1 Visa License AED16,500*
3 Visa License AED 20,500*
6 Visa License AED25,000*
Licenses (Trading) Price List
Zero Visa License AED 13,500*
1 Visa License AED19,500*
3 Visa License AED 23,500*
6 Visa License AED 28,000*
Licenses Price List
Holding Company AED 9,500*

*Note that these fees are subject to change at any time and without prior notice.

3. WHAT ARE THE PROCEDURES TO REGISTER AN IFZA COMPANY?

Immigration Services including Establishment Card and Visa related timelines provided as an average and may vary according to nationality and individual immigration file on record with authorities.

Steps Timeline
Security clearance of business owner(s) average of 48 hours
Incorporation documents issuance 24 hours (after security clearance)
Establishment Card 2 to 3 business days 2 to 3 business days
Employment Visa (e-VISA) 2 to 3 business days 2 to 3 business days
Status adjustment, medical test results in 2 business days 2 business days
Visa stamping 3 business days 3 business days
Emirates ID 10 to 12 business days

 

4. WHAT ARE THE DOCUMENTS YOU GET WHEN YOU REGISTER AN IFZA COMPANY?

  • Trade License,
  • Certificate of Incorporation,
  • Share Certificate,
  • Memorandum of Association,
  • Articles of Association,
  • Office Rental Agreement (for licenses with visa eligibility).

 

5. WHAT ARE THE STEPS & TIMELINE?

Immigration Services including Establishment Card and Visa related timelines provided as an average and may vary according to nationality and individual immigration file on record with authorities.

Steps Timeline
1. Fill up the IFZA Visa Application form

•Valid Company Trade License copy

•Proof of payment:

•Clear, colour passport copy:

•First page and all/any other pages containing valid passport information.

• Last page for Indian nationals

• Second page for Pakistani nationals

•Clear colour copy of visit visa/entry stamp, and all related visa paperwork available.

•Passport photo (digital copy): standard passport photo, dark clothing against a white background, no eyeglasses, hair in face or jewelry of any kind.

•Educational Qualification of Applicant (where applicable):

•For managerial/technical/consultancy positions, a university diploma/degree, bachelor/MBA/Ph.D. attested by the Ministry of Foreign Affairs UAE or UAE Embassy in the home country is necessary.

• The person in charge (PIC) of the company will no longer be required to submit his educational certificates for the visa application, provided that he/she is one of the owners and will also be listed as General Manager by default.

• Similarly, if the visa applicant is over 60 years and he is both the owner and person in charge of his company, he/she can apply for an employment visa (E-Visa).

• Indonesian and Sri Lankan nationalities need to submit medical reports from their respective home countries.

average of 48 hours
Steps Timeline
2. Once the Employment Visa (E-Visa) has been issued, IFZA will email a copy to the Person in Charge (PIC).

•If the applicant is outside the UAE, they may now enter the country with the new E-visa (ensure that the immigration official also stamp the E-Visa with a UAE Entry Stamp).

•If the applicant is in UAE, he/she has two options:

1. Applicant may exit the country and re-enter with the newly issued E-Visa.

2. If the applicant is in the UAE on a canceled/visit visa/visa-on-arrival and does not wish to exit the country, he/she can do a Visa Status Change which will change the visa status from canceled/visit/arrival/tourist to employment. For the visa status change, the applicant’s passport, and all original visa paperwork in their possession is required by IFZA.

•Once the entry stamp or Visa Status Change is indicated on the E-Visa, the applicant should not leave the country until the Residence Visa Stamping process has been completed and stamped in the passport, otherwise the E-Visa will be canceled.

24 hours (after security clearance)
3. Medical Fitness Test

•Form for medical examination from typing centre at the facility.

•Passport copy (2)

•Employment/Entry visa copy (2)

•Passport size photo (2)

3hrs/24 hrs/ 3 Days
4. Apply for Emirates ID

Prepare all required information for each applicant:

•UAE address

•UAE mobile number

•PO Box number

•Home country address

•Home country contact number

•Qualifications

•Mother’s name

10 to 12 business days
Steps Timeline
5. Visa Residency Stamping must send the following documents to IFZA’s Dubai for the residency stamping:

•Original copy of medical test results

•Original amended visa or original visa with entry stamp

•Original Passport

•Passport photos (4 copies): standard passport photo (dark clothing against white

•background, no eyeglasses, hair in face or jewelry of any kind).

•Original receipt of Emirates ID registration or renewal with a stamp from Emirates ID centre.

3 business days

 

6. WHAT ARE THE KEY BENEFITS OF A COMPANY FORMATION IN IFZA?

  • Cost-effective business incorporation solutions
  • Fast & easy incorporation and company management
  • A wide and comprehensive range of business activities including Consultancy, Service & Trading options.
  • 100% foreign ownership
  • Business owners are not required to be physically present during the incorporation process.

 

7. HOW CAN WE ASSIST YOU WITH COMPANY FORMATION IN IFZA?

If you wish to discuss your intention for a Company Setup in IFZA, or any other legal entity, feel free to contact us today.

Wincore specializes in Tax, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.

Wincore Advisory Group’s full range of services on : CRS (AEOI) – OECD exchange of information ; Economic Substance Regulations; Trust & Foundation; Asset protectionEstate & Tax Planning; Corporate Services; Sophisticated UAE Sponsorship Planning; Residency & Citizenship Services ( Foreign second passports).

 

 

mm

Chinwe Azikiwe

Senior Business Advisor

error: Content is protected !!

Sign up for our News & Alerts
Inscrivez-vous pour recevoir des Nouvelles et des Alertes

Don’t like emails?
Just follow us on Linkedin or Twitter to get the latest news in our feed.