Business Setup in RAK Free Zone
Business setup in RAK free zone becomes an easy and quick process with the proper guidance. Ras Al Khaimah has experienced an influx of international investors due to its status as one of the most developed economies in the United Arab Emirates. Liberal government policies, state-of-the-art infrastructure development, a growing economy, and cordial trade ties with neighboring nations have made an international investment in RAK free zones very favorable.
Another reason to consider establishing a business in RAK free zones is a physical presence in the Emirate. It fosters confidence among the locals, aids in forming long-term customer connections, and facilitates the acquisition of trade contacts throughout the UAE.
Process for Business Setup in RAK Free Zone?
Business setup in the free zones is a hassle-free process. Business setup in RAK free zones is explained below in simple steps.
- Determine the Type of Business Activity
- Register a Trade Name
- Obtain Approvals from the Free Zone Authority
- Issuance of License
Benefits of Free Zone Company Formation in Ras Al Khaimah
- There is no tax on personal or company earnings.
- There are no restrictions on foreign exchange, quotas, or trade obstacles.
- Imports, exports, and services are all exempt from customs duties.
- Legal framework and corporate rules that are hassle-free and business-friendly, ensuring investment security
- Investor incentives provided by the government
- One hundred percent ownership
- Import and export taxes are free from 100 percent of all business levies.
- Profits and capital are both returned in full.
- A business-friendly climate and a simple company formation method
Proper permissions are necessary for business setup in RAK free zone. Non-resident firms in Ras Al Khaimah are registered and issued business licenses by the Free Zone Authorities. Individual emirates and the federal government regulate other licensing procedures.
Required Documents to get a License from RAK Free Zone.
- An application form
- A certificate of incorporation
- A brief description of the business objectives
- A bank reference letter
- Passport copies of the shareholder
- A list of the proposed trade names
Major Free Zones in Ras Al Khaimah
- Free Zone of the Ras Al Khaimah Investment Authority (RAKIA)
The RAK Investment Authority was founded in 2015 to improve and promote the free zone’s investment climate. The RAKIA free zone benefits from a strategic location at the crossroads of east and west, good infrastructure, strong government backing, and unrivaled natural beauty. The free zone offers outstanding support to its investors and assures a quick and easy start-up at a low cost.
- Free Zone of RAK Maritime City
It was founded in 2001 and provided international port facilities and commercial services to firms looking for a productive and safe environment in which to conduct business. The RAK Maritime City free zone aspires to attract enterprises by offering a one-stop-shop with the advantages of a free zone environment, state-of-the-art 21st-century harbor infrastructure, and a developed and established port.
- RAK Media Free Zone (RMFZ)
RAK Media City was founded in 2006 as a rival to Dubai Media City free zone. It is a low-cost alternative due to the rising cost of living in Dubai’s free zones. Due to its commitment to delivering world-class amenities, excellent business infrastructure, pre-built offices, and media-related company licenses, business owners are drawn to this RAK FTZ.
- RAK Economic Zone (RAKEZ)
Ras Al Khaimah’s RAK free zone is located in the city’s center. By establishing a firm in the free zone territory, RAK Economic Zone allows local and international businesses to diversify their investments and enter local, regional, and worldwide markets.
Apart from that, Ras Al Khaimah has four primary free zone business parks:
- Devoted to businesses and corporations to invest.
- Classified as an industrial zone to accommodate heavy manufacturing enterprises.
- Features light makers as well as firms involved in the trade.
- A world-class education destination.
Why Set Up a Business in the RAK Free Zone?
- No tax on personal or corporate income
- Zero foreign exchange controls, quotas, or trade barriers
- No customs duty on import or export
- Simple and business-friendly legal framework and company laws to ensure secure business operations.
- Government-sponsored incentives for investors
- 100% ownership
- Tax exemption on all commercial levies for import and export
- 100% return on capital and profits
- Business-friendly conditions and easy process for business setup in RAK free zone.
- Near to all major airports and seaports in the UAE