Ras Al Khaimah witnesses an influx of many investors as it is one of the most developed economies in the Emirates that have seen tremendous economic development. Liberal government policies, state-of-the-art infrastructural development, thriving economy and friendly trade relations with neighbouring countries are some of the various factors that attract major foreign investment in RAK.
Registering a company in RAK brings along with it the following benefits:
No tax on personal or corporate income
No custom duties on import, exports or services
100% tax exemption on all commercial levies for import and export
No foreign exchange controls, quotas or trade barriers
Hassle-free and business-friendly legal framework and company laws that ensure security of investment
Government sponsored incentives for investors
Process of Company Formation in RAK
To set up a business in RAK, the following steps need to be carried out:
Find a Local Sponsor
Determine the type of economic activity and legal form your business will take
Submit application for company registration
Submit proposed company name to the Department of Economic Development (DED)
Submit the company’s documents to DED and Chamber of Commerce and Industry to obtain a trade licence
Get the company's Memorandum of Association (MOA) notarized
Register trade name
Obtain initial approval
Get special approvals
Sign the lease agreement along with MOA in public notary
Obtain municipality’s approval for location and inspection
Apply establishment card
Process required documents for issuance of payment voucher
Fulfil the licensing requirements
Get trade license issued by paying the license fees
Get approval from Name Board
Get approval for the employees from Ministry of Labour
Get stamp on Visa from Immigration Department
Certified copy of the tenancy contract
Photocopies of visa, no objection letter, passport, and residency certificates
Photocopy of land map or ownership certificate
Approval of legal affairs
License form and sign board
Approval from Ministry of Economy
All necessary approvals from government entities, if required
Certification of partnership contract from the public notary
What are the advantages of setting up an offshore company in RAK?
An offshore company in RAK allows for 100% foreign ownership, is exempt from corporate and personal taxes, and imposes no restrictions on repatriation of capital.
How many shareholders are required to set up an RAK offshore company?
To form an RAK offshore company, it requires merely 1 shareholder, who need not be present there in person.
Is a physical office required to set up an RAK ICC?
For an offshore company in RAK, a physical office is not required. A virtual office is enough if a company has to function as an RAK ICC.
Which documents are required for setting up a company in RAK Media City?
For registering a business in RAK Media City, one is required to submit copies of passports od shareholders, directors and managers, incorporation forms, a project description, company M&AA, and requisite bank deposit, to RAK Media City free zone authority.
What types of licences does RAK Media City offer?
RAK Media City offers licences for film production, music & entertainment, marketing and advertising services, web designing, software development, digital media and consultancy for human resources, accounting, auditing, etc.
What are the economic advantages of setting up a business in RAK Media City?
A company in RAK Media City is 100% tax free, allows 100% foreign ownership, 100% repatriation of capital and profits, long term corporate tax exemption, exemption from import and export duties, and economical rental office spaces.