IFZA Free Zone Company Formation: IFZA (Intl. Free Zone Authority) is located adjacent to Fujairah Port and is expected to be UAE thriving economy’s next leading investment hub. This free zone offers easy access to the upcoming markets of India, Iran and Pakistan and to all Gulf Ports in & around the Arabian Gulf. IFZA is also located very close to the International Airport at Fujairah, thus providing innumerous benefits like fabulous strategic location, combined with access to the major shipping routes of the world, airport and port and streamlined procedures. Thus, this free zone can be termed to be an ideal place for business owners and entrepreneurs to establish their existing or new business in Fujairah.

IFZA Fujairah free-Zone offers different types of facilities like residential apartments, warehouses, offices, retail outlet and hotel options. Investors are also offered with minimum procedures and requirements to set up a price at the lowest price. It is for these reasons businessmen find this location to be quite ideal to establish their company.

Some benefits availed on establishing business at IFZA

• 0 foreign currency restrictions
• 100% exemption on income and corporate tax
• Minimum share capital not necessary
• Cost-effective setting up of business
• 100 percent foreign ownership
• Multi-access to global and neighboring markets by air, land and sea
• Low cost of establishing business
• Physical office not necessary
• Full repatriation of profits and capital
• Companies with limited liability
• Capability to incorporate a holding company

Fujairah Free-Zone Company set-up is considered to offer several benefits and the process involved to set up a company here is very straight forward, with nothing much complicated. Majority of the procedure needs to be done online and on submission of all documents, it takes only about 10 to 12 days for your company registration to get approved by the concerned officials. Following are the steps

• Initial approval to be obtained from Fujairah Free Zone Municipality for activity and name. But name is to be different from that of the existing firm.
• Concerned Department/Ministry is to be approached for obtaining necessary approval if activity to be undertaken is something special.
• Memorandum of Association of the company is to be written down and notarized from courts.
• There should be obtained capital contribution certificate for cash shares from banks and for both cash and kind shares, there will be required auditor’s certificate.
• Initial approval and application form is to be submitted to the Municipality along with Capital Certificate, Memorandum of Association, tenancy contract, etc. all of which needs to be notarized copies.
• Once the legal department have scrutinized, the company name will get incorporated into the Commercial Register, while the Memorandum of Association gets published in Economy Bulletin Ministry. Then only is the license issued by the Municipality.

IFZA Fujairah offers different types of licensees, which are as follows

Consultancy License: Companies who provide professional and expert consultancy services are issued with this license.

Service License: Companies engaged in production, transformation, reproduction and service distribution are issued with this license.

Trading License: The licensee on obtaining this license is able to trade several items that are mentioned clearly on trade license issued.

General Trading License: The licensee is issued this license to trade in different types of items.

Industrial License: Obtaining this license permits import of raw materials, re-production, production, export, package and manufacture.

Holding License: Obtaining this license permits allowing holding standalone assets &/or shares in various other companies.

IFZA does offer plenty of benefits besides the one that has been mentioned like reduced overhead expenditure, less time to establish start-up and low tariff costs. On submission of valid and notarized documents to the concerned authorities, there is the possibility to obtain business license within a span of just 4 to 5 business days. It should match the laws that are set by the authorities. But for the foreigner to have complete knowledge pertaining to the laws of the land can be really tough task, especially when trying to setup a business in Fujairah Free-Zone. This is where help needs to be taken from the talented and knowledgeable consultant who can make the process seem real quick, simple and easy.

IFZA Fujairah Free-Zone Co.: What facilities are offered?

• Easy and fast company incorporation
• Cost-effective business incorporation
• Comprehensive and diverse business activities
• Low set-up costs when compared to onshore ventures
• Business owners not required to be present physically
• Trading, Service and Consultancy options available
• Share capital not needed
• Physical office not necessary
• Limited liability for companies
• 0 foreign currency restrictions
• 100 percent foreign ownership
• 100 percent exemption from income and corporate taxes
• Capability to incorporate holding ventures
• Full repatriation of venture capital and profits