All There is to Know About the International Free Zone Authority in UAE

All There is to Know About the International Free Zone Authority in UAE

What is the role of the international free zone authority in the UAE? Listed below are the basic functions of the IFZA: the Challenge, Purpose, Rules and Regulations, and the Advisory Council. These elements are all critical to the success of a free zone. Without these three aspects, an IFZA is not a free zone. The very purpose of a free zone is to facilitate trade. If you are considering IFZA business setup, read this article carefully,

Challenge:

The international free zone authority of the UAE facilitates trade and finance within the emirate. But there are problems in the emirate, including a lack of oversight of illicit activities and money laundering. The International Free Zone Authority must balance trade facilitation benefits against the risks of money laundering and terrorist financing. A lack of oversight in free trade zones has also led to a long-standing reputation as a haven for illicit money.

Purpose:

The purpose of the International Free Zone Authority is to support the free zone industry and facilitate business activity in the country. The authority assists the company’s legal attestation, immigration and visa processing, and corporate bank account establishment. Many free zones also assist the company in deciding on the best bank to use. These entities also arrange in-branch meetings for the company’s owners. They also provide a range of services, including business advice, networking, access to growth initiatives, and startup hubs.

Rules:

The International Free Zone Authority rules in UAE provide for various types of commercial activities within the emirates. Depending on the type of activity, these activities can include foreign exchange and import-export-trading, manufacturing, retailing, and distributing. Licensed Establishments may not be subject to nationalization and private ownership restrictions, and they may hire any person. The International Free Zone Authority rules in UAE may differ from those of individual emirates.

Regulations:

The International Free Zone Authority (IFZA) in the UAE must comply with laws and regulations set forth by the Department of Economic Development. These laws and regulations mandate that the IFZA disclose financial intelligence to the Central Bank of the UAE. In this way, the authorities can make informed decisions about the country’s financial infrastructure. Moreover, they can ensure that the operations of a FIDO are compliant with local law.