Ras Al Khaimah Economic Zone (RAKEZ) is a burgeoning economic centre in the United Arab Emirates because to its convenient location, relaxed restrictions, and wide variety of opportunities. It provides a broad range of licenses for different types of businesses, helping their owners keep track of everything they do. RAKEZ also has a variety of commercial real estate possibilities, including office and warehouse space, as well as undeveloped property. Foreign investors may possess an unrestricted stake in the company, and there are no limits on remittances. Transactions in the zone are streamlined, and helpful personnel is always on hand to answer questions and provide guidance. If you’re an entrepreneur wanting to grow your business into the Middle East, RAKEZ can help you reach your full potential and stand out from the crowd.
Advantages of setting up a company in the Rakez:
- First and foremost, full ownership and full repatriation of profits
- Second, neither individuals nor businesses are subject to an income tax.
- Thirdly, there is no customs duty levied on items that are re-exported.
- Consequently, it offers an endless amount of area for the industrial activity to expand, together with land plots for operation.
- In addition to that, it features flexible accommodations and is economical.
- In addition, there is a wide range of possible warehouse sizes in close proximity to both airports and seaports.
- In addition to this, it grants Limited Liability Company status.
- The opening of bank accounts in the UAE is made possible through this.
- As a consequence, audit companies in RAK are highly qualified.
- It is possible to attribute a country’s legal system. Take, for example, the Common Law of England.
- It is possible to publish many categories of shares.
- The window for incorporation is somewhat large (24 hours).
- The United Arab Emirates (UAE) offers services for virtual offices.
Types of the license provided by the RAKEZ:
The Ras Al Khaimah Economic Zone (RAKEZ) offers a huge variety of licenses to meet diverse enterprise desires and sports. These licenses are categorised into numerous awesome areas, each tailored to precise forms of groups and professional offerings. Here is a top level view of the special license classes provided by means of RAKEZ:
Commercial License
This license is suitable for businesses engaged in buying and selling sports, import-export, and standard business operations. It lets in groups to legally operate in each the neighborhood and worldwide markets, facilitating growth and expansion opportunities. Additionally, RAKEZ presents aid services along with visa processing and get right of entry to to brand new infrastructure to make sure easy business operations.
Individual License
Individual entrepreneurs can gain this license to behavior their enterprise activities in Ras Al Khaimah. It is mainly appropriate for specialists who want to establish their own agencies, along with experts, freelancers, and small-scale carrier vendors. This license gives flexibility and autonomy, allowing individuals to effectively run their businesses while profiting from the RAKEZ enterprise network.
Professional License
Professionals like medical doctors, attorneys, engineers, and specialists can steady this license to offer their specialised offerings. This license enables experts to exercise their expertise and meet the particular wishes of clients in Ras Al Khaimah. With this license, professionals can set up their personal practices and offer outstanding offerings in their respective fields, contributing to the growth and improvement of the commercial enterprise community in RAKEZ.
Media License
Businesses concerned in media production, broadcasting, and related sports can attain this license. It lets in media organizations to legally function in the enterprise, undertaking sports such as content introduction, advertising, and distribution. This license presents possibilities for media organizations to thrive in Ras Al Khaimah and contribute to the colourful media landscape inside the location.
E-trade License
This license is designed for online groups and e-trade systems running inside RAKEZ. With this license, on-line groups can legally conduct their operations, inclusive of on line income, virtual advertising, and digital payments. It supports the increase of e-trade platforms in Ras Al Khaimah, contributing to the vicinity’s expanding virtual economy.
Tourism License
Companies operating in the tourism and hospitality zone, which include accommodations, tour companies, and excursion operators, can apply for this license. It allows businesses to offer a wide variety of tourism offerings, such as lodging, transportation, and guided excursions. This license additionally enables them to faucet into the thriving tourism enterprise in Ras Al Khaimah and cater to the growing variety of site visitors to the vicinity.
General Trading License
Businesses engaged in general trading and wholesale activities can secure this license. With a preferred trading license, organizations have the flexibility to import and export a whole lot of goods, such as electronics, clothing, and food merchandise. This license opens up possibilities for organizations to set up partnerships with international providers and extend their customer base each locally and globally.
Education License
Educational establishments together with colleges, schooling facilities, and universities can reap this license. It lets in these establishments to legally function and offer educational services to college students. This license additionally permits them to collaborate with other instructional agencies, both domestically and internationally, fostering expertise trade and enhancing the great of schooling supplied. Additionally, this license may also offer possibilities for instructional establishments to draw overseas students and make a contribution to the growth of the neighborhood training area.
Consultancy License
This license is for organizations presenting consulting services in diverse fields, inclusive of control, finance, and IT. By acquiring a consultancy license, companies can legally operate and provide their know-how to customers within the region. This license also lets in them to shape partnerships with local companies, facilitating expertise switch and selling financial increase in the vicinity. Furthermore, having a consultancy license can open doorways for organizations to extend their operations globally and attract international customers searching for specialized consulting services.
Services License
This license covers a wide range of carrier-primarily based organizations, such as IT offerings, advertising and marketing businesses, and more. With a offerings license, corporations can legally operate and provide their knowledge to clients inside the region. This license additionally allows them to set up collaborations with neighborhood service companies, fostering the exchange of ideas and contributing to the overall development of the vicinity. Additionally, having a services license can enhance a organisation’s reputation and credibility, making it more attractive to capability clients each regionally and internationally.
The fee of each license differs based on the visa eligibility, office facility, and the type of ownership. The FZE for single ownership and FZ LLC are for a partnership from 2 to 5 partners.
Setting up a company in the RAKEZ:
If you choose Ras Al Khaimah as your new business set up area, it is such a time-saving and amazing idea. It can be done within a week, involving a lot of time consumption. Personally, the businessman can visit the place. The visit needn’t be till the Rakez; instead, you can visit the representative office of the free zone in Dubai.
The Rakez also has international offices in India, Turkey, and Germany, where your applications can be filed. It has offered help to over 13000 and more companies around the globe in more than 100 countries above 50 sectors. This encompasses both Free Zone and non-Free Zone entities registration in Ras Al Khaimah.
Ras Al Khaimah Company’s register is not open to the public and it is kept confidential. Audit firms in ras al khaimah are well known throughout the world and are entrusted completely.
Unfortunately, if your application is rejected for any major reason after the payment, a refund is available.
RAKEZ audit and RAKEZ approved auditors:
One of the most crucial processes in a company is auditing. All the financial records of the company need to be filed accurately. The statements of the audit are important features to lead a confident and precise job. Rakez approved auditors are responsible for all the auditings in the Rakez companies. The Ras Al Khaimah Economic Zone approved auditors to audit both the industrial and non-industrial companies in the zone.
The RAKEZ (Ras Al Khaimah Economic Zone) Residence visa:
In the Rakez, the cost of every visa is based on the status of the applicant’s current location, if the application is being processed inside or outside the UAE. The visa amendment is done only if the applicant has canceled his/her previous residence visa or if he/she is transferring within the Rakez.
In case, if you are willing to apply for the UAE residence visa of the UAE, you should first apply for the Status Change service which will not require you to exit the UAE country. Hence, you can enjoy the hassle-free process.
Renewal of the license:
The Ras Al Khaimah license renewal has to occur periodically. The process for the same is easy and quick. The shareholder need not walk down in person to apply for the license renewal. The Rakez requires financial audits of the companies. The shareholder needs to submit the audit report at the end of the financial year by their own choice of the month.
Why KGRN?
- KGRN is an accounting business in Dubai that serves a variety of purposes and has a presence across the world.
- It provides accounting and tax preparation services of a comprehensive kind.
- KGRN is a company that has been properly registered and licensed.
- The organization uses the most qualified professionals in Dubai’s outsourced accounting services.
- They are there to provide direction at every stage of the process.
- Their services do not include any other unmentioned costs or fees.
- KGRN is proud to have a substantial number of loyal consumers.
- It is expected that packages will be delivered on schedule.
- They provide real-time information as well as continual assistance.
- In Dubai, KGRN’s monthly accounting services promote open communication and help ensure accurate financial reporting.
- They are able to simplify work by having relationships with the most qualified auditors on the Rakez auditor’s list.
For more info, please contact,
Gopu Rama Naidu, CPA FCA
Email: [email protected]
Phone: +971 504 520648 | +971 455 70204
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