IFZA license renewal

[hanoib]

Hi all,

I just like to understand something about the IFZA license renewal.

If you set up a company (FZCO) and you are working for the company as an employee, what should you choose for renewal?

Zero visa package?
1 visa package?

Because there is another fee which is the renewal of the residence visa.

So is it 0 package visa and later on when you want to renew your residence visa it’s that other fee?

Thanks!

 

[TRGali]

If you use your FZCO to issue to yourself a residence visa, then you will need a license with 1 visa slot.

I think as an owner of the FZCO, you don't need a work permit to be the general manager (as a work permit would be another visa slot).

Depending on your intention / personal setup, if you can afford it I would recommend to you to get a golden residence visa and deal as less as possible with IFZA. However, if you are starting the whole UAE company process from scratch without already being UAE resident, I wonder if it might not be wiser to get your residence visa first with IFZA, so you don't appear as a UBO non resident, which could theoretically trigger some reporting to your home country.

 

[hanoib]

Yes, it’s best to have a golden visa. That’s right.

About the UBO, that’s good to know. I’ll see what for information filled in years ago when it was set up. I’ll request that information from IFZA and see if they can sent me the details.

For anyone else with the same question:

A Visa Allocation is the number of Visa slots the company can apply for sponsorship for their employees including investors/partners. 1 Visa Allocation slot is required for each person.

So let’s say you are the only person in the company that wants a visa. You need to renew your license every year with 1 visa allocation.

Also, you have to renew every 2 year your residence visa which is a different fee.

I hope this helps!

 

[hanoib]

@TRGali I was thinking and I don’t think it’s possible to register the UBO with residence if you set up the company from outside UAE.

Because you get a residence visa from your company.

So you have set up the company with your home country information. Then after that you go to UAE and apply for your residence visa.

What i’m thinking is that everyone should UPDATE their UBO details with IFZA once they have their residence visa!

What do you think?

 

[TRGali]

I think it's possible to be a little more creative than putting your home country's address

 

[hanoib]

Ofcourse. But at the end, they have your passport. So they can always get the details if they really want.