The Ras Al Khaimah Free Trade Zone (RAK FTZ), which was established in the year 2000, is a business and industrial hub of world-class caliber that offers a wide range of cost-effective packages and appealing incentives. At the moment, the free zone is home to close to 15,000 businesses that are represented by fifty distinct industries. Its goal is to become an industry leader in providing excellent service while simultaneously simplifying processes for business owners. As a consequence of this, it is well-known for the adaptable and reasonably priced solutions that it offers.
‘Make, Manage, Move’ is the initiative that RAK Industrial Strategy 2030 intends to implement in order to achieve its goal of increasing RAK’s GDP in the future. Under this scenario, businesses and other actors in the supply chain would be able to reap even higher benefits from the packages offered by RAK FTZ. Additionally, the engagement of RAK FTZ with strategic partners will continue to make it simpler for Indian company owners to launch their fledgling companies.
It should come as no surprise that RAK Free Trade Zone is an excellent location for businesses. The procedure of forming a business in Ras Al Khaimah, as well as the associated expenditures, are discussed in this blog.
Documents Required for the Establishment of a RAKEZ Business
Before beginning the process of forming a company in the RAK free zone, ensure that all the necessary documents are in order and valid. The required documents include the following:
- A copy of each visa and passport
- Two passport-sized photos
- The pages of the entry visa and stamp
For a comprehensive list of documents required by the relevant authorities, our Business Setup professionals are available to assist you.
Benefits associated with forming a company in RAK include the following:
Registration Procedure That Is Quick, Straightforward, and Cost-Effective:
The registration procedure in RAK is designed to be quick, efficient, and cost-effective, saving you significant time and resources.
Legal Jurisdiction Based on Common Law, With an Independent Judicial System:
The RAK International Court of Justice (ICC) functions within the framework of common law, providing businesses with the certainty of an open and transparent legal system supported by an independent judiciary.
Migration and Continuation From a Variety of Jurisdictions:
RAK ICC provides enterprises with the ability to relocate their operations from different jurisdictions or to continue their activities without interruptions.
Providing Solutions for Private and Corporate Wealth:
Due to its advantageous regulatory environment, numerous legal features, and comprehensive services, the RAK International Court of Justice (ICC) stands out as the preferred jurisdiction for both corporate structure and private wealth solutions.
Strategic Location and Access to Global Markets:
By selecting RAK ICC as your jurisdiction, you will benefit from our broad network and expertise in navigating global markets, gaining access to this thriving ecosystem. You are not just choosing a location; you are entering into an agreement with a strategic partner dedicated to your success.
Business Entities That Are Permitted to Operate Within the Mainland of RAK
When you first start your business on the RAK Mainland, you will have the opportunity to choose from several different categories of legal structures.
Limited Liability Company (LLC):
In the RAK Mainland, a limited liability company (LLC) is one of the most common types of legal structures. It affords its proprietors (shareholders) limited liability while allowing them greater flexibility in management and operational responsibilities.
Joint Venture Corporation:
A Joint Venture Corporation is established by two or more persons with the intention of working together on a specific business endeavor or activity. Each party is responsible for distributing the risks, costs, and profits in accordance with mutually agreed-upon provisions.
Corporation With Public and Private Shareholdings:
These organizations are established through the contributions of shareholders, who provide capital and share ownership through shares. Public Shareholding Companies can issue shares to the general public, whereas Private Shareholding Companies restrict the ownership of their shares to a select group of investors.
Organization That Is a Part of a Free Zone:
The RAK Mainland, often associated with free zones, also allows for the registration of companies that are considered free zone-based. These businesses can conduct their operations within the jurisdiction of the mainland while enjoying certain advantages, such as tax benefits and full foreign ownership.
Free Zone Establishment:
Similar to Free Zone Companies, Free Zone Establishments are allowed to conduct business within the mainland jurisdiction but are subject to the regulations imposed by the applicable free zone authority.
International Business Corporation (IBC):
An International Business Corporation (IBC), headquartered and managed in RAK Mainland, is designed to facilitate international business activities outside of the United Arab Emirates. It provides several advantages, including tax exemptions and confidentiality.
How can I register a business in Ras Al Khaimah?
Despite the permissive Ras Al Khaimah company setup, our experts can assist with legal and reporting formalities. KGRN’s experienced business specialists will help you expand your RAK firm in the following ways:
Company formation in Ras Al Khaimah is as follows:
- Determine Business Activity: Determine your company’s economic activities. Operations might be industrial, technical, or business. Products are produced and distributed by manufacturing, public, industrial, and retail companies. Professional firms provide accounting, consulting, and administrative services. Industrial companies make, store, and package goods.
- Determine Business Legal Structure: Next, choose a corporate agency from the list based on your business needs. Legal status depends on the company’s form and existence.
- Verify Location: Three major jurisdictions are RAK Mainland, Free Zone, and Offshore.
- Mainland companies can operate in and out of the UAE. Registration in RAK Mainland offers many opportunities for enterprises.
- RAK Free Trade Zone, 45 minutes from Dubai, is efficient and business-friendly. Despite limited office space, the zone has modern facilities and is straightforward to set up. You can choose from industrial warehouses, multi-floor offices, Flexi-desks, and central departments.
- Get Initial Approval: Investors might get initial approval before buying a company name certificate. The investor might apply for business permits and contact authorities for initial help. You can do the necessary commercial operations, but you need a license first.
- Register Your Trade Name: After choosing a business venue, choose a firm with a suitable trade name. Please submit the preferred firm name to the Department of Economic Development.
- Submit and Apply: After receiving initial clearance and meeting criteria and legal conditions, the investor may ask other authorities for consent. Many ministries are classified by activity; however, some operation types require Department of Economic Development clearance.
- Get Business License: After receiving authorities’ approval, the shareholder can comply with all business licensing criteria. Prior to permit reception, the Department of Economic Development can authorize this.
- Rent Office Space: Visit the Monitoring & Consumer Protection Administration of the Department of Economic Development to rent the business site during this period. They will also visit various authorities to assess and approve the company’s position.
Start Your Business in the RAK Free Zone With KGRN
The procedure for establishing a business in Ras Al Khaimah will be simplified to the greatest extent possible by KGRN. In addition, if your company has certain requirements, we are able to create individualized business setup packages specific to your needs. In order to get your business off the ground in Ras Al Khaimah, get in touch with us.
