Blog

How to start a RAK free zone company?

As the rapid success of the UAE continues unabated at an unprecedented rate, Ras al Khaimah provides spectacular economic opportunities.

With year round sunny weather, majestic mountains and pristine beaches, Ras al Khaimah is a great place to live with high quality affordable housing, modern shopping malls, and lots of family activities that offer a fabulous lifestyle matched only by an environment that is a great place to conduct a business.

If you are looking for company formation in RAK free zone, our guide will be of great help to you.

There are two free zones in Ras al Khaimah.

  • RAK FTZ: Rak Free Trade Zone
  • RAKIA: Rak Investment Authority

Both these entities are governed, regulated, and consolidated by Ras al Khaimah economic zone (Rakez).

Only 45 minutes north of Dubai, Rakez provides a truly cost-effective entrepreneurial environment and is already home to over thousands of companies.

Rakez is the ideal launch point for business setup in UAE and tap into other nearby fast emerging markets with easy access to international airport and five seaports. RAK is the optimal choice for bold entrepreneurs. Transparent laws and regulations, security and political stability are the pillars for which these economic foundations grow.

RAK provides accessibility, innovation and flexibility to help entrepreneurs setup and develop their business in UAE. Companies can be 100% foreign owned while both companies and employees enjoy 0% taxation. Fast tracked UAE Visas and no restrictions on capital and profit repatriation. With MAZEED services RAK helps you develop your business with a variety of value added services with the best support and the most competitive prices.

Also Read: RAK International Corporate Centre (RAK ICC) Company Formation

Guide to Setting up your Business at RAKEZ

Step 1: Customize your package

Select your legal entity, license type and desired facility.

Legal Entity

Following types of legal entity can be setup at Rakez.

  • Free Zone Entity: Free Zone Limited Liability Company (1-50 shareholders)
  • Non-free zone entity
  • Branches of UAE or foreign company

License Types:

In case of free zone company, RAKEZ offers following types of business licenses that cover an array of activities:

  • Commercial: Trading in services and goods
  • General Trading: Trading In Multiple Goods
  • Media: Operating Media-Related Business Activities
  • Educational: Opening An Education-Related Institution Or Consultancy Company
  • Individual/professional: One Owner With One Activity In A Specific Specialty Or Expertise
  • Freelancer permit: For Professionals In The Fields Of Media And Education
  • E-commerce: Trading In Goods And Services Via Electronic Means
  • Industrial: Manufacturing, Importing, Packaging And Exporting Products
  • Services: Conducting Services Or Consultancies Across Any Industry

Facilities

Facilities can be customized according to business needs.

  • Flexi Facilities
  • Shell & core offices
  • Standard offices
  • Warehouses
  • Executive offices
  • Land for development

Step 2: Submit Application and Documents

Fill out the application form and submit your documents.

Required Documents

In case of Individuals (all shareholders are individuals).

  • Free Zone LLC
    • Application for Registration and Licensing
    • Detailed Application for Activity in Warehouse / Plot Form
    • Color passport copy of shareholders, general manager, director (if applicable)
    • Visa copy / entry stamp of shareholders, general manager and director (if applicable)
    • Original No Objection Certificate for general manager (if UAE resident)
    • Business plan

Additional documents are required in case of corporate Entity (all shareholders are corporates or a combination of individuals and corporates)

  • Shareholders / board resolution resolving establishment of a company in RAKEZ and appointment of a general manager
  • Copy of valid trade license
  • Memorandum and Articles of Association
  • Commercial register (in case of UAE FZ-LLC)
  • Certificate of Registration( in case of foreign FZ-LLC)
  • Certificate of Good Standing / extract from corporate register (whichever is applicable)

Also Read: What does the Article of Association stand for and what is the reason for Government providing the Article of Association when a new company is formed.

Step 3: Proceed with Payment

RAK free zone authority will review your documents and facilitate the required approvals. You will then receive a notification, including either a preliminary approval (including the federal authorities’ pre-approval) to proceed with payment, or a request for additional information. After receiving the approval, you can proceed with the payment in any of these methods: Cash, cheque, bank transfer or online.

Step 4: Issuance of Business License

Your license along with your registration set and bank letter will be issued to you after completion of the licensing formality and you can begin the visa application process.

Our company formation experts at Business Consultants Dubai will guide you from filling out your application all throughout submission, ensuring that all requirements are met. Contact us now for your business registration in UAE. Visit our website for more information or send your query at info@businessconsultantsdubai.com.

 

Share this post