Ras Al Khaimah free trade zone was established in the year 2000, and is growing as one of the leading business setup destinations in the Middle East.
RAK offers a strategic location and geographical advantage backed by excellent logistical hubs such as seaports, an international airport, and multi-lane high-speed super highways, making it an ideal zone to set up your business. With state-of-the-art infrastructure, high-tech facilities, and excellent sea, land, and air connectivity about an hour's drive from Dubai, RAK free trade zone drives investment from more than 100 countries while engaging in more than 50 industry sectors.
RAK Free Zone Company Formation Parks
RAK free trade zone operates within the four specialized business parks, which are as follows:
- RAK Business Park
- Al Ghayl Industrial Park
- Ras Al Khaimah Technology Park
- Academic Zone
Advantages of Business Setup in RAK Free Zone
As an Emirate of the United Arab Emirates, it is politically secure and economically offers unprecedented investment opportunities for investors and businesses in the RAK free trade zone. In addition, the free trade zone extends tax exemption to all companies operating in the FTZ. Furthermore, global investors are attracted to RAK due to the low-cost setting-up business, exemptions from taxes, affordable cost of living, and economical business operating costs and expenses. Look at the more benefits of RAK company formation:
- State-of-the-art infrastructure
- High-tech communication facilities
- Full foreign ownership
- 100% repatriation of capital and profits
- Clear and transparent laws and regulations
- Total tax exemption for businesses
- Furnished offices spaces and warehouse facilities
- Strategic location for reaching world markets
- Excellent sea port facility and land connectivity
- The northern rail base HQ of Etihad railways links it with the UAE and GCC countries.
- Land lease agreements support industrial projects.
Types of Legal Entities in RAK Free Zone Company Formation
There are some legal entities in RAK free zone:
- Free Zone Establishment (FZE)
- Free Zone Company (FZC)
- Branch of Local Company
- Branch of Foreign Company
Types of Licenses Required for Business Setup in RAK Free Zone
There is a different kind of licenses for different types of business activities which are as follows:
- General Trading License
- Industrial License
- Commercial License
- Consultancy License
- Educational License
The Process of RAK Free Zone Company Formation
The RAK free zone, company formation process must go through the following procedure:
- Select a Business Activity
Determine the sort of monetary activity your business engages in below this step. It falls within the classes of enterprise, professions, and industries. For instance, businesses involved in trade and selling objects to customers and retail businesses. Learn more about the RAK loose region agency setup.
- Determine the Business's Legal Structure
The choice of the corporate entity is the following step. You can choose one from the list above primarily based to your paintings. The kind and nature of the commercial enterprise dictate the legal status requirements.
- Register a Business Name
The subsequent degree is to pick out a specific and suitable trade call for the business enterprise after the enterprise's location has been determined. Then, ship the Department of Economic Development the proposed firm name.
- Get the Initial Approval
Before getting the corporation name certificates, the investor may first get hold of approval. Then, with the initial permission, the investor can pass forward with the approaches for acquiring a business enterprise license and get in touch with the relevant authorities to request their assistance.
- Submit the Documents
The investor should go to the other relevant authorities to collect their approval after receiving the preliminary help and completing the important and felony necessities. These ministries are classified primarily based on the required hobby, albeit some operations would possibly best be permitted with Department of Economic Development approval.
- Obtain the License
Once the relevant government have consented, the stakeholder can complete all legal criteria for business license issuance. Then, earlier than gaining the license, it is able to be finished through getting the Department of Economic Development's approval.
How Can We Help?
Business Setup Worldwide is a business consultancy operating worldwide. We can help you with your business incorporation in RAK. Contact us if you are interested in other information on business setup in RAK free zone. We have a team of experienced professionals to handle your requests for registering and incorporating your business in RAK FTZ.