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.
Why Set Up a Business in RAKEZ?
RAKEZ, positioned as a prime investment destination with focus on customer experience, is one of the largest economic zones in the region. It covers approximately 33 million sq. metres, being home to over 13,000 organizations. RAKEZ is an amalgamation of the best of RAKIA and RAK FTZ. It offers existing and upcoming investors an excellent base to access local, regional and global markets. An extensive investment destination, RAKEZ supports a wide range of advanced turnkey amenities, exceptional service standards, and five diverse and strategically located zones for all types of company set-ups, including start-ups, SMEs and manufacturers, all within the prosperous and efficient environment of Ras Al Khaimah.
Benefits of Setting Up a Business in RAKEZ
RAKEZ is an excellent choice for a place to start a business, seeing as it provides superb infrastructure, advanced logistical facilities, and that too at an economic cost. RAKEZ offers lucrative benefits and facilities conducive to a business, like:
- 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
Process of Setting Up a Business in RAKEZ
Setting up a company in RAKEZ 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 RAKEZ
- 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 RAKEZ authorities
Documents Required for Company Formation in RAKEZ
- 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.