Company setup in Ras Al Khaimah Economic Zone (RAKEZ)

Setting up a business can be a daunting task, but Ras Al Khaimah Economic Zone (RAKEZ) offers a unique opportunity for entrepreneurs looking to establish their presence in the UAE. RAKEZ, located in the northernmost emirate of Ras Al Khaimah, is a thriving economic zone that provides a supportive environment for businesses of all sizes. But what exactly is RAKEZ, and why should you consider setting up your business here?

What is RAKEZ?

RAKEZ is a free economic zone that was established to attract and facilitate business investments in Ras Al Khaimah. It merges two former free zones, RAK Free Trade Zone and RAK Investment Authority, creating a powerhouse for business and industrial growth. RAKEZ offers a range of services and facilities designed to help businesses succeed, including state-of-the-art infrastructure, flexible office spaces, and a streamlined setup process.

Importance of Setting Up a Business in RAKEZ

Choosing RAKEZ for your business setup comes with numerous advantages. The strategic location, coupled with the business-friendly policies, makes RAKEZ an attractive destination for entrepreneurs and investors. Whether you’re looking to establish a new business or expand an existing one, RAKEZ provides the ideal environment to grow and thrive.

Benefits of Setting Up a Business in RAKEZ

Tax Advantages

One of the most significant benefits of setting up a business in RAKEZ is the tax advantages. Businesses in RAKEZ enjoy a tax-free environment, which means no corporate or personal income taxes. This allows companies to maximize their profits and reinvest in their growth.

Strategic Location

RAKEZ’s location is another key benefit. Situated close to major international markets, RAKEZ offers easy access to the Middle East, Europe, and Asia. The proximity to Ras Al Khaimah International Airport and major seaports facilitates smooth logistics and trade operations.

Business-Friendly Environment

RAKEZ is known for its business-friendly environment. The zone offers a simplified and efficient business setup process, making it easier for entrepreneurs to start their operations quickly. Additionally, RAKEZ provides various support services, such as legal assistance, administrative support, and marketing services, to help businesses succeed.

Types of Business Licenses in RAKEZ

When setting up a business in RAKEZ, choosing the right type of license is crucial. RAKEZ offers several types of business licenses to cater to different business activities:

Trading License

A trading license allows businesses to engage in import, export, and distribution of goods. This license is ideal for companies involved in trading activities.

Service License

A service license permits businesses to offer services such as consulting, IT services, and professional services. This license is suitable for service-oriented businesses.

Industrial License

An industrial license is necessary for businesses involved in manufacturing and production activities. This license allows companies to set up factories and production units within RAKEZ.

Educational License

An educational license is required for institutions and organizations involved in educational and training activities. This license is ideal for schools, training centers, and educational consultancies.

Media License

A media license is designed for businesses involved in media-related activities, such as advertising, publishing, and broadcasting. This license is perfect for media companies and agencies.

Legal Structures for Businesses in RAKEZ

Choosing the right legal structure for your business is essential for its success. RAKEZ offers several legal structures to suit different business needs:

Free Zone Establishment (FZE)

An FZE is a single-shareholder limited liability company. It is an ideal option for entrepreneurs who want full control of their business.

Free Zone Company (FZC)

An FZC is a multi-shareholder limited liability company. This structure is suitable for businesses with multiple owners or investors.

Branch Office

A branch office allows an existing company to expand its operations to RAKEZ. This structure is ideal for businesses looking to establish a presence in the UAE without creating a new entity.

Step-by-Step Guide to Setting Up a Business in RAKEZ

Setting up a business in RAKEZ involves several steps. Here’s a comprehensive guide to help you navigate the process:

Initial Consultation

The first step is to consult with RAKEZ representatives to discuss your business requirements and understand the options available.

Choosing the Right License

Based on your business activities, choose the appropriate license type. RAKEZ offers various licenses to cater to different business needs.

Submitting the Application

Submit the necessary documents and application forms to RAKEZ. This includes your business plan, passport copies, and other required documents.

Leasing Office Space

Once your application is approved, lease office space within RAKEZ. RAKEZ offers flexible office solutions, including shared workspaces and dedicated offices.

Visa Processing

After leasing office space, proceed with visa processing for yourself and your employees. RAKEZ provides assistance with visa applications and renewals.

Required Documents for Business Setup

To set up a business in RAKEZ, you will need to provide several documents, including:

Passport Copies

Copies of the passports of the shareholders and directors are required.

Business Plan

A detailed business plan outlining your business activities and objectives is necessary.

Proof of Address

Provide proof of your residential address, such as a utility bill or rental agreement.

Memorandum of Association (MOA)

The MOA outlines the structure and purpose of your company.

Articles of Association (AOA)

The AOA defines the rules and regulations governing your company.

Cost of Setting Up a Business in RAKEZ

Setting up a business in RAKEZ involves various costs. Here’s a breakdown of the expenses:

License Fees

The cost of obtaining a business license varies based on the type of license and the business activities.

Office Space Leasing Costs

The cost of leasing office space depends on the type and size of the office. RAKEZ offers a range of office solutions to suit different budgets.

Visa Costs

Visa costs include application fees, processing fees, and renewal fees for yourself and your employees.

Miscellaneous Expenses

Other expenses may include administrative fees, marketing costs, and other operational expenses.

Business Support Services in RAKEZ

RAKEZ provides various support services to help businesses succeed:

Administrative Support

RAKEZ offers administrative services, including assistance with documentation and regulatory compliance.

Marketing Support

Marketing support services are available to help businesses promote their products and services.

Legal Support

RAKEZ provides legal assistance to help businesses navigate the legal landscape.

IT Support

IT support services are available to help businesses with their technology needs.

RAKEZ Business Community