Since its introduction in 2018, the International Freezone Authority (IFZA) has become a favoured choice for setting up a freezone company in the UAE. The IFZA stands out among freezones for its efficient international service standards and cost-effective solutions. To find out more why IFZA company formation is attractive to business owners and entrepreneurs, continue reading.
Here are the top 7 reasons why you should consider IFZA company formation.
IFZA Company Formation Benefits
1. Cost of Setting Up
One of the foremost concerns when setting up a freezone company in the UAE is cost. This is one area where IFZA performs well. Since it was created, IFZA has introduced a number of highly attractive company formation packages at rates that are often more affordable than other UAE freezones.
2. Cost of Annual Renewal
Freezone Company Licenses must be renewed annually, which can add further costs to your business operations. Fortunately, IFZA’s annual renewal costs are competitively priced, with pricing matching the low company formation costs. This means owners benefit from low free zone company incorporation costs and ongoing company renewal costs.
3. Fast Company Incorporation Process
One of the chief benefits of IFZA freezone company incorporation is the speed by which it can be done. No physical presence is required to set up your IFZA freezone company, making it easier for businesses. Additionally, IFZA offers a more manageable approval scheme compared to other authorities, making the company incorporation process both faster and more convenient.
4. Limited Liability Company Packages
One of the favoured options for investors forming a company in the UAE is the Limited Liability Company (LLC) structure. This company structure enables the business to operate as an independent entity, separating the company’s owners and shareholders. This also limits your personal financial liability, offering protection if things don’t work out in the future. Not all freezones offer investors an LLC structure. However the IFZA Freezone does, making it more appealing to businesses wanting to operate in this way.
5. 100+ Business Activities
The IFZA Freezone offers six different license categories, covering more than 1,000 possible business activities. What’s more, IFZA is one of the few freezones that allows investors to combine consulting, services, and trading activities under the one license (provided they are in a related business field). Other freezones require investors to hold a separate consulting license and trading license, impacting costs and potentially limiting one’s business offering.
Each company license type is also offered with visa allocations which range up to six visas. This provides greater flexibility which can results in further savings.
6. Flexibility in Upgrading Licenses
The pricing of IFZA company formation packages varies depending on the number of visas allocated to the company license. Packages are split into categories ranging from zero (0) to six (6) visa allocations. This provides flexibility to shareholders, who can start from zero (0) or one (1) visa packages and upgrade later, depending on their business requirements. The costs related to issuing residence visas are also considered to be lower with IFZA than other free zones in the UAE.
7. Easy Corporate Bank Account Opening
Another chief benefit of IFZA Company Incorporation is ease by which a bank account can be opened. IFZA provides a list of banks where company owners can easily open their bank accounts. Opening a corporate bank account is still subject to the bank compliance approval, however.
If you’re interested in IFZA company formation, then Charterhouse Lombard can help. We can assist you with all aspects of your IFZA Freezone company formation and the processing of your 3-year UAE residence visa. Call us or e-mail us at info@charterhouselombard.com.
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