IFZA Freezone Company Formation

About IFZA

A Free Zone Company Formation Authority is offering a Dubai based Freezone license.Freezone companies under IFZA will be awarded Dubai Free zone business license co-branded with Dubai Silicon Oasis (DSO) Freezone regulated by Dubai Silicon Oasis Authority (DSOA).

Type of Business License

The first step is to outline your business activity or activities.

  • Services
  • Consultancy
  • Industrial
  • Trading
  • Holding
  • General trading

Cost of Setting up

Contact us first to understand your requirements. After that, our Bizvise consultant will send you an estimate with complete and transparent pricing with no hidden costs.

Requirement for UAE Sponsor / Emarati / Local

  • Being in Free zone, Not Required

Time to complete the business setup and get the license of your dreams

The expected timeframe in setting up a company will be 7 to 14 working days after all documents are submitted.

UAE Residency Visa Process

The UAE visa process involves a visa filling application, followed by

  • a Medical Test done at Dubai Health Authority (DHA) approved centres
  • a biometric capturing for Emirates ID Card

This step is initiated after the business license is issued.

UAE corporate bank account opening Process

  • UAE Company (LLC, Free Zone or Offshore) can always apply for local banks and international banks for corporate account opening.
  • Bank Accounts are available in AED, USD, EUR & GBP
  • In terms of documentation, you are to consider the business activities, number of shareholders, the business background of the management and business plan for the new entity in the UAE.

Your physical presence as the bank signatory is required for submitting the application and verifying the passport in the banker's presence.

Local banks which helps to open the business bank account are mentioned below:

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

International banks which help to open the business bank account in UAE are mentioned below:

  • Standard Chartered Bank
  • HSBC
  • Citibank

Additional Documents that will be required

  • Legal documents of the company - Memorandum of Association, Articles of Association, Share Certificate, Partners Agreement or Service Agreement, whichever applies to your company
  • Passport copy, UAE residence visa copy, Emirates ID copy of the shareholder(s)
  • UAE Address proof of company
  • Address proof of shareholder - At least one UAE resident as a signatory
  • Last six months personal bank account statement of the shareholder
  • List of at least five names of the suppliers and five names of the customers
  • Company profile or website
  • CV / Resume of the Shareholders
  • Any confirmed contracts
  • Regulatory declarations FATCA, CRS declarations

How much does it cost to maintain UAE corporate bank account

  • It depends on the below factors.
  • Monthly Maintenance fees OR To maintain a Monthly Average Credit Balance
  • Every bank has a detailed Service & Price Guide to understand the total costs and operating a UAE business bank account.
  • Need help getting to open your company in Dubai UAE? Get in touch with Bizvise Business Setup - Licensing Dreams.
  • With the proper guidance, starting your business can be completed professionally.
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