As your single point of contact for all Free Zone business formation and administration services, we at IFZA Dubai are committed to providing a safe and business-friendly legal framework for our Licensees.
How has the licensing and registration process at IFZA changed following IFZA’s migration of its Free Zone operations to Dubai?
Our application process has been streamlined since our move to Dubai and in the case of a Free Zone Company (FZCO) incorporation where the shareholders are individuals, we can proceed almost immediately with just passport copies of the General Manager, Directors, and Shareholders.
For corporate shareholders, the incorporation application can proceed immediately with the relevant corporate documentation and directors’ resolution being submitted at a later date.
Our clients will probably notice that at the end of the IFZA company’s name has changed from “LLC” to “FZCO”. This change is just to accommodate the different regulatory regime applying at IFZA Dubai. Each of our companies, whether freshly incorporated or migrated, is a separate legal entity with limited liability and the liability of the shareholders is limited to the extent of their paid up capital.
How will the recently announced UAE Cabinet Resolution No.58/2020 regarding Ultimate Beneficial Ownership (UBO) disclosure filing affect IFZA Dubai Licensees?
In common with other UAE free zones, IFZA Dubai is implementing a UBO disclosure process and form that all Licensees will be required to submit. The UBO disclosure filing will shortly be able to be submitted using an electronic form.