There are 2 RAK free zones:
- Ras Al Khaimah Economic Zone: Ras Al Khaimah Economic Zone (RAKEZ) was established to monitor and cumulate the free zones and clients of the Ras Al Khaimah Investment Authority (RAKIA) and Ras Al Khaimah Free Trade Zone (RAK FTZ). By dint of its strategic geography, RAKEZ connects businesspeople to expanding markets of the Middle East, Europe, North Africa, and South & Central Asia.
- Ras Al Khaimah Media City: Ras Al Khaimah Media City free zone was launched in 2006 as an alternative to Dubai Media City, offering investment opportunities and benefits in the media sector, in a relatively cost-effective environment.
Benefits of Setting Up a Company in RAK Free Zone
- Provision of 100% foreign ownership
- No restriction on repatriation of capital or profits
- Exemption from import and export duties
- Speedy immigration process
- Competitive real estate price, with properties being available on lease
- Liberal economic policies favourable to business
RAK Free Zone – Legal Entities
Two types of companies or legal entities can be formed by corporates in RAK Free Zones based on the type of shareholding. These are:
- Free Zone Establishment (FZE): It is a single shareholder limited liability company
- Free Zone Company (FZC): It is multiple shareholder limited liability company that can be set up with a maximum of 2 to 5 shareholders
Process of Setting Up a Business in RAK Free Zone
Setting up a company in RAK free zone takes a pretty systematic route, being guided by the laws of the Emirates. The process of business formation follows these steps:
- Determining one’s business activity type
- Charting out a detailed plan for the business
- Coming up with a name for the company, and reserving it
- Depositing the required minimum capital amount in the bank account of the company in RAK free zone
- Determining the workforce required to run the company
- Carrying out business registration
- Looking after the licensing requirements
- Obtaining the shareholder(s)’ signatures on the company formation documents, with completion of other business setup formalities in the presence of RAK free zone authorities
Documents Required for Company Formation in RAK Free Zone
- Proof of trade name reservation
- Proof of initial approval for business activities
- Passport copies for the shareholders
- Passport copy and CV of the manager
- Personal Information sheet for each shareholder & manager
- Lease agreement [possessing a physical address for one’s office is mandatory in the UAE]
- Third party/authority approval for activities, where applicable
Why Us?
Business Setup Worldwide is a one-stop-solution provider that helps businesses in not only setting up their operations in RAK, but also supports in necessary documentation and legal formalities. Wide domain experience and familiarity with the laws of Emirate help us to take care of passport, visa and licensing requirements of our clients, and ensure that their task is completed smoothly without unnecessary bureaucratic hassle.
