Company Setup In RAKEZ
RAKEZ: The Easiest Way to Set Up Your Company
Several free zones in the UAE serve companies of various sizes and types of business activities. All free zones provide a lot of advantages to attract the attention of business owners and entrepreneurs from across the world. Various benefits it serves, such as total customs tax exemption, zero currency limitation, and many more.
RAKEZ is the United Arab Emirates’ most rapidly expanding and economically advantageous free trade zone. More than 12,000 businesses representing more than 100 nations operate in at least 50 different economic areas. RAKEZ, known as Ras Al Khaimah in the UAE, is located in Ras Al Khaimah in the UAE.
It takes an hour’s drive from Dubai. RAKEZ offers investors customised services. Due to its closeness to rapidly developing markets in Southeast Asia, Europe, and Africa, RAKEZ is in a geostrategic position and a great site to establish a business.
The Ras Al Khaimah Economic ZoneWhy Should You Choose RAKEZ?
Its unique quality is that it provides customised solutions to free and non-free zone businesses and is also an industrial and hotspot commercial centre.
These benefits will more clearly explain why you should go for RAKEZ:
- A variety of commercial, industrial, and added-value services.
- Several different licenses are available for a range of activities.
- Affordable, adaptable business solutions.
- Special rates are available for freelancers, small businesses, and startups.
- Quick and simple procedures for business registration and issuing visas
Different Types Of Business Licenses In RAKEZ
Several different business licenses and permits are required in RAKEZ, as follows:
Professional License
This license and permit are available for individuals or corporations interested in providing professional services. Some professional services include business consulting, accounting, auditing, etc.
Commercial License
This license and allowed permit are issued to those interested in trading goods and selling certain services in free and non-free zones. Some commercial services include real estate, postal, accounting, etc.
Educational License
This license permit is available for those related to educational concerns, such as institutions and consultancies in the free zone. Educational professionals must have this license to operate officially.
Industrial License
This license is available for those dealing with manufacturing goods and products, packaging, exporting and importing goods, processing semi-finished and fully finished products, and producing raw materials.
E-Commerce License
This license is issued by the Department of Economic Development to those who trade services and goods electronically in the free zone of RAKEZ. Some e-commerce licenses are virtual company licenses, portal licenses, and e-trade licenses.
General Trading
A general trading license is issued to those trading in multiple goods. In the free zone. It allows owners to trade retail and wholesale goods within or outside the UAE territory.
Service License
An individual or group can conduct services and consultancies throughout any industry through a service license—for example, legal consulting by a lawyer, business consulting by experts, etc.
Freelancer License
This license is issued for specified services in media and education. It provides freedom to carry out the activity without time constraints. For this, a person should have experience and a valid certification.
Media License
This license helps the owner run the business officially in media-related activities without any hurdles. Some media activities are publishing, webcasting, and media content distribution.
RAKEZ License Licence Cost
RAKEZ License with 1 visa cost is AED 12,000/- onwards
Documents Required For A Company Set Up In RAKEZ
- Require an applicant to provide a coloured copy of their passport and the Emirated ID for UAE residents’ purposes.
- For UAE citizens, the original form of the no-objection certificate is for the general manager.
- For the person in the UAE, a copy of the Visa and entry stamp are mandatory.
- The business plan with a deeply explained report and all the criteria it will meet after the formation
- For corporate shareholders, the Board resolution for establishing the RAKEZ firm and appointing the general manager
- For corporate shareholders, A trade license and a certification of current business registration.
- Memorandum, the article of association, and certificates of position or certificates of satisfactory performance
Documents Required For A Company Set Up In RAKEZ
- For license processing, it will take 2-3 business days.
- For a Visa application, it will take up to 7 business days.
- It will take 3–5 business days for establishment cards.
- For E-channel, it will take only 24 hours.
The following are the advantages offered by RAKEZ to its companies:
- Start with the minimum capital requirement and set up your company in a free or non-free zone.
- No physical existence and fewer documents are required for company setup.
- RAKEZ offers unique deals for female business owners.
- Zero personal or corporate tax and 100% foreign ownership
- Find all government services under one roof, plus On-site housing for staff and employees.
- A bank account may be opened more quickly because of RAKEZ’s strategic partnerships with banks.
- Investors and workers of businesses in the Ras Al Khaimah Economic Zone may sponsor families.
- The ability to make trips to Gulf Cooperation Countries is provided to investors in RAKEZ firms.
- The procedures for forming a business in the Ras Al Khaimah Economic Zone are quick.
- Pay for your business registration and renewals over up to six (6) months in interest-free instalments.
RAKEZ License Licence Processing Time
RAKEZ License Takes 2 to 3 business days
Procedure for Company Formation In RAKEZ
The steps you require to consider for a company formation in RAKEZ are the following:
Select The Type And Activity Of The Business.
The first step is deciding the type of company activity you wish to operate, such as commercial, professional, industrial, freelance, educational, etc., and in which category: Free zone establishment (single shareholder limited liability), Free zone company, or branch of a foreign company. All types have different advantages and requirements. Choose which suits your needs best.
Company Name
The next step is to choose the company name, which should be simple and unique. Before naming the company, ensure the name is aligned with the RAKEZ Free Zone Authority’s naming rules and guidelines. It shouldn’t be offensive or sensitive to religious language.
It shouldn’t be in match with exiting companies and registered with the RAK Free Zone Authority for 90 days.
Trade License
Let’s move to the next, applying for a trade license. You can lawfully conduct commercial operations in the RAKEZ if you have a RAKEZ Free Zone license. Submit all required documents.
- A company registration form
- A coloured photograph
- A copy of the passport for the manager and shareholders
- The detailed business plan
Get approval And A Visa.
Obtain the required permissions from the appropriate government departments and organisations, such as the Chamber of Commerce, the Ministry of Economy, and the Department of Economic Development. Depending on the nature of your firm, you might need to apply for extra government agency permissions. Be assured of gaining all permissions to avoid any legal hassles.
Now you can obtain a work permit and visa for your workers. Additionally, depending on the kind of visa needed and the nation of origin, different procedures may be required to register staff and get work permits and visas.