International Free Zone Authority (IFZA) is one of the fastest-growing free zones in the UAE, offering a wide range of business activities for entrepreneurs to start their businesses in the region. Setting up a business in IFZA is a straightforward process that can be completed in simple steps. In this article, we will discuss the step-by-step process of the IFZA business setup.
Step 1: Choose a business activity
The first step in the IFZA business setup is to select a business activity that aligns with your business goals. IFZA offers various business activities, including trading, consulting, services, and e-commerce. Once you have selected a business activity, you can move on to the next step.
Step 2: Choose a company name
The next step in the IFZA business setup is to choose a company name. The name should be unique and not similar to any existing company name in the UAE. IFZA has a list of pre-approved company names that you can choose from, or you can submit your company name for approval.
Step 3: Choose a business structure
IFZA offers two business structures: a Free Zone Limited Liability Company (FZ-LLC) and a Branch of a Foreign Company. FZ-LLC is an independent legal entity that can conduct business activities within the UAE, while a Branch of a Foreign Company is an extension of the parent company.
Step 4: Submit the application
Once you have completed the above steps, you can apply for IFZA. The application should include all the necessary documents, including passport copies of shareholders, proof of address, and a business plan.
Step 5: Obtain initial approval
After applying, IFZA will review the documents and provide initial approval within a few working days. Once you receive the initial approval, you can proceed with the next step.
Step 6: Pay the fees
IFZA will provide a detailed breakdown of the fees involved in the business setup process. You can pay the fees online or by visiting the IFZA office.
Step 7: Sign the incorporation documents
After paying the fees, you will receive the incorporation documents, which include the Memorandum of Association (MOA) and Articles of Association (AOA). These documents must be signed by all shareholders and returned to IFZA.
Step 8: Obtain the trade license
The final step in the IFZA business setup is to obtain the trade license. IFZA will issue the trade license once all the requirements have been met and the necessary fees have been paid.
