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.
Why Set Up a Business in RAK Media City?
Ras Al Khaimah Media City is the ideal destination for media oriented companies like television channels, animation studios, visual effects workstations, etc. Not only is RAK Media City designed specifically to meet the needs of such firms, it is also relatively economical compared to Dubai Media City.
Benefits of Setting Up a Business in RAK Media City
RAK Media City offers the following benefits to companies:
- Provision of 100% foreign ownership
- No restriction on repatriation of capital or profits
- Exemption from import and export duties
- Speedy immigration process
Process of Setting Up a Business in RAK Media City
Setting up a company in RAK Media City 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 Media City
- 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 Media City authorities
Documents Required for Company Formation in RAK Media City
- 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
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.