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Discover IFZA: Empowering Global Entrepreneurs in the UAE

  • A Free Zone Company Formation Authority Presents IFZA: Dubai-Based Free Zone License with Dubai Silicon Oasis (DSO) Co-Branding

Exploring Different Types of Business Licenses

  • The Initial Step: Defining Your Business Activities

    – Services
    – Consultancy
    – Industrial
    – Trading
    – Holding
    – General Trading

Understanding the Setup Costs

Reach Out to Us First to Discuss Your Needs. Our Bizvise Consultant Will Provide You with a Transparent Estimate, Ensuring No Hidden Costs.

Understanding the Need for a UAE Sponsor / Emirati / Local Partner

  • Not Required in Free Zone Setting

Timeframe for Completing Your Business Setup and Obtaining Your Desired License

The anticipated timeframe for company setup is typically 7 to 14 working days upon submission of all required documents.

Understanding the Process for Obtaining a UAE Residency Visa

The UAE visa process entails submitting a visa application, followed by:

– Undergoing a Medical Test at Dubai Health Authority (DHA) approved centers.
– Biometric capturing for the Emirates ID Card.

These steps are initiated subsequent to the issuance of the business license.

Navigating the Process of Opening a Corporate Bank Account in the UAE

  • Opening a Corporate Bank Account in the UAE: Options and Requirements”

    – UAE companies (LLC, Free Zone, or Offshore) have the flexibility to apply for corporate accounts with both local and international banks.
    – Bank accounts are offered in various currencies, including AED, USD, EUR, and GBP.
    – Documentation requirements vary based on factors such as business activities, number of shareholders, management background, and the business plan for the new entity in the UAE.
    – Physical presence as the bank signatory is typically necessary for submitting the application and verifying the passport in the presence of a banker.

    Local banks that facilitate business bank account openings in the UAE include:

    – RAK Bank
    – Mashreq Bank
    – Emirates NBD
    – Abu Dhabi Commercial Bank
    – First Abu Dhabi Bank

    International banks that assist with business bank account openings in the UAE include:

    – Standard Chartered Bank
    – HSBC
    – Citiban

Supplementary Documents Needed for Processing

  • Additional Required Documentation:

    1. Legal company documents: Memorandum of Association, Articles of Association, Share Certificate, and Partners Agreement or Service Agreement (whichever is applicable to your company).
    2. Passport copy, UAE residence visa copy, and Emirates ID copy of the shareholder(s).
    3. UAE Address proof of the company.
    4. Address proof of the shareholder: At least one UAE resident as a signatory.
    5. Last six months personal bank account statement of the shareholder.
    6. List of at least five names of the suppliers and five names of the customers.
    7. Company profile or website.
    8. CV/Resume of the Shareholders.
    9. Any confirmed contracts.
    10. Regulatory declarations: FATCA, CRS declarations.

What Are the Maintenance Costs for a UAE Corporate Bank Account?

  • It varies based on the following factors:
    – Monthly maintenance fees OR maintaining a Monthly Average Credit Balance
    – Each bank provides a detailed Service & Price Guide to understand the total costs of operating a UAE business bank account.

    Need assistance with opening your company in Dubai, UAE? Contact Bizvise Business Setup – Licensing Dreams for professional guidance. With the right support, starting your business can be accomplished efficiently.

    Do you know what IFZA stands for? It’s the International Free Zone Authority, considered one of the most cost-effective free zones in Dubai, UAE. Here are the four cheapest free zones in the UAE:

    1. Ajman Media City (AMC): Offers a fast and straightforward company formation process.
    2. Sharjah Media City Free Zone (SHAMS)
    3. Ras Al Khaimah Free Zone (RAKEZ)
    4. International Free Zone Authority Dubai (IFZA)

    IFZA is an excellent choice for foreign investors looking to start a business in the UAE, offering unexpected benefits. It’s more than just a free zone; it’s a community that fosters entrepreneurship and business growth in one of the world’s most progressive cities.

    Advantages of choosing IFZA for foreign investors include:
    – Cost-efficient business setup options
    – Limited liabilities for company setup
    – Various visa packages at discounted rates
    – Opportunities to collaborate with other free zone and mainland companies
    – 0% income tax
    – No requirement for physical presence of shareholders
    – Ability to operate outside the UAE
    – Availability of commercial and trading services
    – 100% ownership and repatriation of profits and capital
    – Quick and remote registration process
    – Up to six activities on a single license
    – Easy bank account opening
    – No mandatory physical office space
    – No guarantee deposit required for employment visa.”

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