William Shakespeare may have said that “A rose by any other name would smell as sweet” but in the business world, your business identity is one of your most valuable assets.
Keeping your existing IFZA Free Zone Business License is more important than you think. Here are a few reasons why:
A license that remains the same year on year speaks volumes about the company’s stability. This shows your clients and suppliers that you are committed to maintaining long term business relationships.
Changing your business license every few years or so is similar to meeting a sales professional who presents you a new business card every few years. In fact, people – and companies – who jump around often inspire doubt more than confidence.
Time and Cost
Transferring your business license from one jurisdiction to another is often a tiresome process. In addition to the process of closing and re-registering your company, you also have to consider the time required to change your bank accounts, cancelling and applying for new visas for your employees, or possibly changing your office location.
By renewing your IFZA Dubai Free Zone License, you will save precious time and money, allowing you to focus your time, money and resources on making your business grow.
Reduce Your Risks
Changing business licenses exposes your business to unnecessary risk, as each jurisdiction often have different regulations that may change from time to time. In addition, banks and financial institutions are increasingly stringent in opening corporate bank accounts in response to new compliance requirements by the UAE Central Bank. In the eyes of the bank, a new license is a new company, thus, you will need to work from the ground up to establish your company’s financial track record.
Long term partnerships with your jurisdiction can also provide you with additional benefits.
For example, IFZA Dubai is currently offering a RENEWALS PROMOTION this Ramadan Season, which waives the main penalty that you have incurred from not renewing your IFZA Business License on time.
Contact your IFZA Professional Partner or email [email protected] to act today.