Ras Al Khaimah Economic Zone
Ras Al Khaimah Situated in the northern end of UAE, Ras Al Khaimah (RAK) shares mountainous borders with the Sultanate of Oman and is settled between the Arabian Gulf on the west and Hajjar Mountains on the east. RAK is at a stone’s throw from Dubai and is fast emerging as the preferred investment choice for global financiers. Ras Al Khaimah Economic Zone is close to the far eastern nations: India, China, Iran, Pakistan, and the Commonwealth of Independent States (CIS). Apart from the ease of access and hassle-free administrative procedures, Ras Al Khaimah is a prominent port and offshoring destination in the northern Emirate.
Why A Business Needs Business Setup Services in Ras Al Khaimah
Ras Al Khaimah witnessed an influx of a plethora of foreign investors as it is one of the most developed economies in the Emirates. Liberal government policies, state-of-the-art infrastructural development, a thriving economy, and friendly trade relations with neighboring countries are some of the many factors that attract major foreign investment in RAK. Setting up a business in RAK requires one to decide upon the location, type of business entity, license, follow a set of legal procedures, and submit the corresponding documents. All this, coupled with the local traditional practices, makes it sensible to opt for business setup services in RAK if one wishes to open a company there.
Types of Business Setup in Ras Al Khaimah Economic Zone
The registration and issuance of business licenses to non-resident companies in Ras Al Khaimah is handled by the Free Zone Authorities and other licensing procedures are regulated by the individual Emirates and federal government.
There are 3 formats of business setup in RAK:
- RAK Free Zone: RAK free zones are the preferred destinations for company formation due to their cost-effectiveness, tax-free status, and liberal government policies. The government body responsible for registering and issuing business licenses to non-resident or foreign companies is the Ras Al Khaimah Economic Zone Authority.
Understanding that investor requirements for offices, warehouses & land facilities are diverse, unique Free Zone Parks have been set up by the Ras Al Khaimah Free Trade Zone Authority. These free zones are set up at different locations across the Emirate of Ras Al Khaimah and include Technology Park, Business Park, Industrial Park, and Al Ghail Park. Each RAK free zone caters to specific business interests and is fully equipped to meet the investors’ requirements. Major free zones for business setup in RAK are Ras Al Khaimah Free Trade Zone (RAK FTZ), RAK Investment Authority (RAKIA), and RAK Media Free Zone (RMFZ).
- RAK Offshore: RAK Offshore has flexible regulations and it is an ideal location for all types of business operations. If you are looking at an easy way of setting up an offshore company at a low cost then RAK Offshore in Ras Al Khaimah is the place for you as it provides many benefits, such as 0% corporate and personal tax, 100% foreign ownership, 100% repatriation of capital and profits, no requirement for the minimum share capital, and business-friendly regulations followed by confidentiality.
- Mainland Company: Mainland companies are regulated by the UAE legal structure and government policies and are located within the limitation of commercialized geographical areas falling under the jurisdiction of the Emirates government. To establish a mainland company, an investor can choose one among Limited Liability Company (LLC), Representative Office, Public Shareholding Company, Branch of Foreign Company and Professional Firm
How Does the Process Work in Ras Al Khaimah Economic Zone
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 an 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 license
- 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 for establishment card
- The process required documents for issuance of payment voucher
- Fulfill the licensing requirements
- Get trade license issued by paying the license fees
- Get approval from Name Board
- Get approval for the employees from the Ministry of Labor
- Get a stamp on Visa from Immigration Department
ADVANTAGES OF BUSINESS SETUP IN Ras Al Khaimah Economic Zone
- No corporate and personal income tax
- 100% ownership & profit repatriation
- No customs duty on re-exported goods
- Cost-effective Flexi facilities
- Warehouses – the cost-effective warehouses in a variety of sizes available, located in proximity to seaports and airports
- Industrial Land – unlimited space to grow your industrial operations with the plots of land for development
TYPES OF LICENSES IN RAKEZ
- Limited liability company
- Branch and representative office of a foreign commercial company
- Joint venture company
- Public and private shareholding company
- Public joint stock company
- Private joint stock company
- Free zone company
- Free zone establishment
- International business company
Ras Al Khaimah Economic Zone – Offshore
RAK Offshore was established to cater to the high demand for offshore markets. This also helps the administration in increasing their sources of income for the incessant growth of their economy. Over 1900 International Business Companies (IBCs) are recorded in Ras Al Khaimah Economic Zone offshore client portfolio. The first companies that are listed with RAK offshore are real estate and property investments. New policies are established by RAK offshore assuring that a welcoming environment is provided for the people.
WIS Consultancy is the registered and approved business that offers offshore RAK business setup. We have a team of knowledgeable business consultants who can help you with cost-effective Ras Al Khaimah Economic Zone offshore company formation without any difficulties and quickly.
There are several benefits one can drive from business setup in Ras Al Khaimah offshore:
- RAK offers privacy and keeps all of your knowledge safe
- RAK offshore company price is quite rational, and if you are looking forward to setting up your offshore company in an idyllic location then this is it
- Exemption from all import duties
- 100% repatriation of capital and profits
How to Register a Business in Ras Al Khaimah?
Business setup in Ras Al Khaimah is laidback, but you need to take care of a list of lawful procedures and documentation procedures in which our team can help. WIS Consultancy has a team of veteran business advisors to take care of the entire company formation procedure in RAK, which will aid you with the following:
The steps for Ras Al Khaimah company formation are:
- Decide on the Business Activity
Under this step, determine the type of economic activity of your business. It can be categorized under commercial, professional, and industrial activity. Industrial or general trading businesses and retail businesses are involved in trade and sale of goods to consumers or businesses. Professional companies offer personal or commercial professional services like management, accounting, consulting, etc. Industrial companies usually conduct the manufacturing, processing, and packaging of goods.
- Determine the Legal Form of the Business
The next step is to decide on the corporate entity. From the list above, you can choose one according to your business activity. The legal status conditions are determined by the type and nature of the business.
- Finalize the Jurisdiction
There are three leading jurisdictions in RAK, Mainland, Free Zone, and Offshore. Mainland offers to have a business in and outside the UAE. There is much scope for a company that wants to register in RAK Mainland. Located just 45 minutes from Dubai, RAK Free Trade Zone gives a highly productive business-friendly environment with state-of-the-art services and an easy setup process with minimal bureaucracy. You can choose from a range of setups varying from Flexi-desks and core offices to multi-floor offices and industrial warehouses.
- Obtain Initial Approval
The investor may receive initial approval before obtaining the company name certificate. The initial approval enables the investor to continue with business license issuance procedures and address the concerned authorities to get their support. It is taken to conduct the required business activity, though not performing the activity without first obtaining the license.
- Register Your Trade Name
After finalizing the location of the business, the next step is to choose a unique and appropriate trade name for the organization. Submit the proposed company name to the Department of Economic Development.
- Apply and Submit
After getting the initial approval and fulfilling the requirements and legal conditions, the investor should visit the other concerned authorities to obtain their consent. These ministries are defined according to the required activity, although some types of activities may require the sole permission of the Department of Economic Development.
- Certified copy of the tenancy contract
- Photocopies of no objection letter, visa, passport, and residence certificates
- Copy of land map or ownership certificate
- Obtaining consent of legal affairs
- License application form and sign board
- Obtaining approval ministry of economy
- Ensuring all important approvals from government entities, if required
- Receiving certification of partnership contract from the notary public
- Copies of national ID and family book
- Getting technical evaluation report
- Obtaining a trade name certificate
- Obtain a Business License
Once the consent of the concerned authorities is received, the stakeholder may proceed to the stage of fulfilling all the lawful requirements of business license issuance. It can be completed by taking consent from the Department of Economic Development, before finally receiving the license.
- Rent an Office Space
In this step, the business person may rent the business site after visiting the Monitoring & Consumer Protection Administration in the Department of Economic Development. Apart from this, they shall also visit other concerned authorities to examine and approve the business location.
Our Business Setup Services in Ras Al Khaimah Economic Zone
We at WIS Consultancy are company formation consultants in RAK and can help you with the following business setup services. Our RAK business setup services are:
- Company incorporation
- Company registration
- Local sponsorship
- Public Relations Officer (PRO) services
- Accounting and bookkeeping
- Tax consulting
- Value Added Tax (VAT) registration
- Legal advisory
- Setting up a branch office in RAK
- Intellectual property protection
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