Establishing a business within the UAE’s International Free Zone Authority (IFZA) potentially provides attractive business opportunities with respect to setting up a business in healthcare. UAE is slowly becoming the center of attention for the medical wonders of the world which is encouraging practitioners to leave their marks. And first and foremost, attracting a flood of applications in one issue seems to be a hard task in many cases, the sheer number of applications is causing problems. That is also the reason which outlines the importance of learning the stages of the licensing process. This means that if you are acquainted with the required procedures, placing your business in that environment is going to be easier.
If you are interested in the business side of the medical world, the IFZA business license should be something you wish to get. A jurisdiction that the IFZA has is very favorable as it cuts down many aspects that usually comes with business formation. Primarily, it is essential to disperse the myths of this license and how it is beneficial in your career in the medical field. This article aims to make sure that you understand the basic, but essential steps and requirements, as well as, provide some tips to make sure that your application process is hassle free.
All About IFZA and Its Advantages for Investors
The International Free Zone Authority, or IFZA, is a body that promotes business development within a region. Allows 100 foreign investment, which means the founder will have the full ownership of the business. Furthermore, IFZA offers several advantages that are aimed at specific sectors such as medicine. Business owners can benefit from a number of advantages including tax loopholes, simplified processes, and conducting a large scope of business without too much government interference.
For physicians, this is especially beneficial, as they will be able to focus on providing advanced health care services without being burdened with bureaucratic paperwork. In addition, the increasing scale of the healthcare industry in the UAE creates great potential for business growth. So if you’re thinking about starting a practice in a more medical or healthcare-related field, the IFZA would be a great option.
Key Requirements for IFZA Business License
To be able to understand the application process fully, it is important to know the requirements necessary in getting an IFZA business license first. The following are some of the basic requirements that you may need to satisfy:
- The minimum age allowed to be a business owner in UAE is at 21
- The business activity is defined and is legal in the UAE
- Applicable valid passport and residency permit
- Proof of Biometric data clearance that indicates no country understates has a record of any crime on the applicant
Considering all of these points will help you save a good amount of time and hassle. Also, talking to professionals in the field is wise because they will have the insights for the medical industry.
Classifications of Licenses in IFZA
As stated earlier, there are different types of IFZA business licenses. It is important to note that the legal activities of a business determine the license it can obtain, the most commonly issued licenses are:
- License for retail businesses
- Consultation type of business license
- Manufacturing type of license
- Healthcare business licenses
Of these, the Healthcare business license is important in the case of those practitioners who want to provide their services or offer to facilitate consultative services in the economy-wide healthcare market of the U. A. E. This allows businesses that are in the health field to operate within the confines of the law.
Your Business License Application Process
There’s a rather extensive checklist involved in obtaining a business license from IFZA, and ensuring that all of it is completed in a timely manner can help avoid unnecessary delays. Some of the activities required to obtain the business license include:
Step Description
- Select Activities For Your Business: Determine the scope of activities involved within your medical practice so a relevant license type is issued.
- Collect Necessary Documents: Gather the necessary documents such as passport, business plan and an address proof that enables you to file an application.
- Submit Your Application Form: Withdraw your business application form, fill in the required documentation and payment, then present the application to IFZA.
- Receive Initial Approval: All the documents are present, and this means the first phase of the approval process has started. This could take a week or so to complete.
- License Issuance: After receiving your license, the business is now officially active and you can start performing any business activities identified in the license.
IFZA License Fee Overview
It is important to keep in view the financial aspect of starting your venture. The disposable revenue may change but here are several categories of the costs that you may have in business initiation:
- Application fee: a charge ranging from AED 5,000 – AED 10,000 depending on the type of license that is required
- Office space cost: the estimated cost per year varies between AED 15,000 – AED 25,000
- Other fees included for issuance of additional licenses: these differ with respect to particular business action
- Legal fees for consultation services: not a necessity but in terms of due diligence compliance it’s a good idea
Knowing that these costs will be there means that you will be able to prepare a realistic forecast of expenses and get your business up and running in a healthy manner.
What to Keep in Mind for a Smooth Application Process
Below are some suggestions to guarantee that your application is successful and your goals are achieved:
- Use a local consultant as they can help pinpoint the locals’ requirement
- Before applying consider looking for any amendments that have been made in the regulations
- All required documents should be accurate and finished
- Try once the office period is over to send your request to result in quicker processing
This step can eliminate a step back and generally boost your satisfaction with being engaged with IFZA. In turn, it means the chances are quite high that the request will be safely passed in a very short timeframe.
Conclusion
Acquiring a business license with IFZA if followed stepwise becomes a hassle-free task. As cultures, it is evident that you can stamp on this exhilarating journey with ease by grasping the eligibility requirement, available licenses and the process steps to follow. In terms of your profession within the medical field, the business’s establishment in IFZA is likely to be very useful to you professionally. In the same vein, careful consideration of the procedures is likely to assist you to succeed in this field.
FAQ
- What is an IFZA business license? A business license for IFZA is a license which allows an individual or business entity to operate within the IFZA jurisdiction.
- How long does it take to get a business license from IFZA? It is usually a few weeks from the time of applying to obtaining the license but the time limit tends to vary.
- What are the documents that are required for the application? Passport copies, proof of business address and business plans application forms are some of the required documents.
- Can I convert my personal visa to a business license? Yes, under certain circumstances, it is possible to convert your personal visa into a business license issued by IFZA.
- Is a license associated with an obligation of having an office for a firm? It may be so in case of certain business activity types, for example in case of medical practices.