RAS AL KHAIMAH
RAS AL KHAIMAH
The interest of international investors is focused on the landscape of business setup in RAK free zones on account of the multiple benefits. The strategic location of Ras Al Khaimah (RAK) has piqued the interests of entrepreneurs as it’s the only emirate in the UAE situated close to the Strait of Hormuz. Moreover, the free zones in RAK are located at the entrance of the Arabian Gulf, which gives a competitive advantage for businesses engaged in export, import or maritime activities.
Company formation in RAK free zones offers a wide range of benefits to investors including excellent connectivity, unique licenses & activities, robust infrastructure etc. Moreover, the process of business registration in RAK free zones is flexible and straightforward. Investors who wish to start a business are advised to consult with business setup consultants in UAE to avoid potential roadblocks. Read ahead to know better about free zones in RAK:
Types of Licenses Permitted in RAK Free Zones
A trade license is mandatory to start any business in RAK Free Zones. The licenses issued by respective free zone authorities are linked to the business activities permitted to be carried out within the free zone premises. Business setup consultants in RAK can advise the investors about selecting the right trade license. Depending on the activity types, company formation in RAK free zones allows the investors to choose from the following business licenses:
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Industrial licenses are offered by both RAK Maritime City and RAKEZ Authority. An industrial license facilitates activities such as manufacturing, processing, assembling, packaging etc. As per the rules of business setup in RAK free zones, obtaining an industrial license may involve additional documentation and approvals. Therefore, it is advisable to apply for an industrial license through business setup consultants in RAK.
A commercial license permits business activities such as import, export, sale, distribution and storage of goods specified in the trade license. A commercial license in RAK free zones cover a wide range of profitable business activities. Free zones in RAK offer a robust infrastructure to conduct commercial license activities. Investors with access to business setup services in RAK can easily obtain a commercial license.
General Trading License
A general trading license in RAK free zones permits the import, export, warehousing and distribution of an unlimited number of products. Unlike a normal trading license, the products need not be similar. Company formation consultants in RAK can help entrepreneurs to obtain a general trading license easily.
Types of Legal Structures in RAK Free Zones
As per the rules of business setup in RAK free zones, investors are required to identify a company structure to start the incorporation process. The legal structure can be determined based on the number of shareholders and the nature of the business. Depending on the number of partners or shareholders, the following types of companies can be registered in RAK Free Zones:
Free Zone Establishment
A Free Zone Establishment can be incorporated up in RAK free zones with a single shareholder. The shareholder can be either an individual or a company. Business setup experts in RAK can help investors to establish an FZE without any hassle.
Free Zone Company
At least two shareholders are required to set up a Free Zone Company (FZC) in RAK free zones. As per the implementing regulations of business setup in RAK free zones, the number of shareholders can’t exceed five. Both natural persons, companies or a mix of two can serve as shareholders in RAK FZE.
Companies that are already incorporated can open their branch offices within RAK free zones. Both UAE based companies and foreign companies can open their branches in RAK free zones. The legal identity of a branch is dependent upon the parent company. This means the activities of the parent and the branch should match. Consult with business setup consultants in RAK to open a branch office within a free zone.
Top Features of RAK Free Zones
Free zones in RAK are rapidly growing trade hubs offering unparalleled benefits for foreign investors. Knowing the benefits and top highlights are essential before choosing a free zone for company formation in RAK. Business set up advisers in RAK can advise entrepreneurs on the benefits of the free zones. Some of the common benefits are listed below:
Strategic Location in Ras Al Khaimah
Ras Al Khaimah has recorded enviable economic growth in recent years, attracting the attention of investors into the emirate. Ras Al Khaimah is regarded as a cost-effective emirate to live, work, and run a business entity. Free zone company formation in RAK free zones provides the benefit of proximity to the Strait of Hormuz.
Excellent Connectivity & Proximity to Ports
Companies incorporated in RAK free zones can benefit from the emirate’s excellent local, regional and global connectivity due to its access to major highways and international airports. The free zones are located near Saqr Port, which is the largest bulk port in the Middle East.
Common Free Zone Benefits
The process of free zone business setup in RAK offers the following general benefits to foreign investors:
- 100% foreign ownership of the company
- Zero corporate tax
- Zero customs duty and tariff
- World-class infrastructure and communication facilities
- Easy access to global markets
- 100% repatriation of profits and capital
- No restriction to hire foreign workers
- The flexible business setup process
- Easy to open a bank account
- Easy to sponsor UAE Residence Visas of employees, family, drivers, maids etc.
Documents Required for Company Formation in RAK Maritime City
Foreign investors must present the following documents to open a company in RAK free zones:
- Application form for trade license
- A brief description of the business project
- Passport copies of the owner (s) or Manager
- Bank statement to prove minimum balance account to meet the capital requirement
- Company resolution for FZC
- POA to appoint a representative/manager for FZC
Leading Free Zones in Ras Al Khaimah
There are two major world-renowned free zones in RAK that offer robust facilities and cost-effective licenses for foreign investors. The free zones provide viable ownership structures and efficient business setup services in RAK as well. There are two free zones in RAK offering the best company formation options for foreign entrepreneurs. They are:
Business Setup Services in Ras Al Khaimah, UAE
The environment of business setup in RAK Free Zones is best suited for companies of all sizes including startups, SMEs and big corporate groups. RAK free zones offer the best facilities, infrastructure and regulations to enable a smooth company incorporation process for foreign investors. However, new entrepreneurs may struggle with the requirements, laws and procedures. Availing of business setup services in RAK is a viable solution to resolve this issue.
Jitendra Business Consultants (JBC) is one of the leading business setup consultants in RAK offering bespoke business setup services. We have a team of highly qualified business consultants who are well-versed in the UEA immigration laws and labour laws. By applying for a license through business setup experts in RAK, investors can dodge any sort of roadblocks arising out of registering a company alone. JBC can help the investors select the facilities and activities, draft the documents, navigate the PRO services, open a corporate bank account, process the visas etc. Contact us today for a quick business setup process in RAK or any other free zones in the UAE.