BUSINESS SETUP IN RAK FREE ZONE
Ras Al Khaimah is one of the fastest-growing free trade zones in the United Arab Emirates. The investments RAK receives are from over 12,000 companies and are as diverse as over 100 countries. It is one of the most sought investment destinations.
BENEFITS OF BUSINESS SETUP IN RAK FREEZONE
1. Tax-free zone: The main source of attraction for investors to invest in the UAE are the freezones. Similarly, RAK free zones enjoy tax-free benefits which attract investors. This makes it one amongst the prime locations to start a business in.
2. Dedicated investment sectors of RAK free zone
Industrial sector: focuses mainly on large manufacturing associations
Trade sector: prioritises trade-related organizations and their needs
Construction sector: Looks at providing facilities to increase infrastructure
Banking and investment sector: the main focus is to attract investors and handle all issues concerning finance.
Tourism sector: Investment toward increasing tourism to increase its revenue towards the economy.
Agri/cultivation sector: Facilities all activities and work that can make cultivation and Agriculture better.
Service sector: Focuses on activities improving the service provided.
3. Low setup cost: Since RAK is a tax-free zone, the cost is already at a low cost. The other facility that RAK provides is the low cost of labor. As mentioned above, there are sectors dedicated particularly for different businesses which allow the investor to choose warehouses and offices tailor-made for the business concern.
4. Easy access to the international market: The RAK region makes it easy for the business to reach out to the international market and the MENA regions. This gives the businesses opportunities to look ou at a larger market.
5. Other Benefits Of Setting Up A Company In Rak Free Zone
Full foreign ownership is allowed
Easy and quick incorporation procedure
Clear regulatory legal framework
Access to all large airports and seaports in the UAE
BUSINESS LICENSES IN THE RAS AL KHAIMAH FREE ZONE
In order to open a company in the Ras Al Khaimah Free Zone, investors must select the appropriate business license.
There are four types of licenses to be obtained within the Ras Al Khaimah Free Zone
Commercial license
General trading license
Industrial license
Consultancy or services license
The business license is issued for a limited period of time which is usually one year. This may be renewed on a yearly basis provided that audit reports are submitted when applying for renewal. Companies licensed by the RAK FTZ Authority are also required to appoint a local agent in order to supply any goods or services in the UAE market.
REQUIRED DOCUMENTS TO OPEN A COMPANY IN THE RAK FTZ
The company registration procedure in the Ras Al Khaimah Free Zone is quite simple when compared to other Free zones. The required documents to open a company in the RAK FTZ are:
Application form
Certificate of incorporation
Brief description of the business objectives
Bank reference letter
Shareholders’ passport copies
List of trade names application form
For more details on company registration in the Ras Al Khaimah Free Zone, please contact us on info@danburite.ae, Contact: 00971568080092