SETUP YOUR BUSINESS IN RAS AL KHAIMAH

Free Zones in Ras Al Khaimah

Free Zones in Ras Al Khaimah : Among the seven emirates in the UAE lies Ras al Khaimah (RAK). Moreover, RAK stands as the fastest-growing free trade zone in the country. Renowned for its state-of-the-art infrastructure, the RAK free zone holds the title of one of the most sought-after investment destinations in the United Arab Emirates.

Ras Al Khaimah stands out for its strategic location in the UAE, though there are a wealth of free zones in the Emirates. Far eastern nations like India, Iran, China, Pakistan, and the Commonwealth of Independent States (CIS) are closest to Ras Al Khaimah.

Besides hassle-free administrative procedures, ease of access, and proximity, Port Saqr, which lays close to a primary shipping lane passing through the Strait of Hormuz, is an offshoring destination and a prominent port in the northern part of the Emirates.

RAK Free Zones Licenses

Annually, businesses in Ras Al Khaimah require a suitable license for establishment. The Free Zone Authority oversees the issuance and registration of business licenses for non-resident companies, while the federal government regulates the licensing procedures. The Ras Al Khaimah free zone authorities offer four types of licenses to accommodate diverse business needs.

A hassle-free process is handled when setting up a business in the free zones. You have to follow the steps to set up a business in Ras Al Khaimah free zones:

The Type of Business Activity determination

Before initiating the license issuance procedure, you must decide the type of business activity.

You must abide by the rules and regulations of each activity. In certain locations, there are some activities forbidden, which you have to keep an account of before proceeding further.

The Trade Name Registration

Once you determine the business activity, it is mandatory to choose a suitable and unique trade name for your company. Initial approval must be obtained by the investor before registering the trade name with the authorities.

Obtain Approvals from the Free Zone Authority

Once you get the initial approval for your trade name and fulfil all the requirements, you must obtain approval for the issuance of the business license.

Issuance of License

With the approval of the concerned authorities, the investor can proceed to fulfil the legal requirements of business license issuance from its free zone authority. You can obtain the license within a week as you navigate through the process. The authorities issue licenses annually, requiring renewal each year. To apply for renewal, you must submit the audit reports.

Steps to Obtain a License from RAK Free Zone

You have to consider the legal procedures and the documentation formalities when you submit to the free zone authority before starting a business in the Ras Al Khaimah free zone. The type of business activity determines the list. The general guidelines below describe the steps and documents required to obtain a business license in RAK free zones:

  • You must determine the legal form of your business and the type of economic activity.
  • The application of the companyโ€™s registration
  • The submission of the proposed company name to the free zone authority
  • Company documents must be submitted to obtain a trade license.
  • Notarization of the companyโ€™s Memorandum of Association (MOA)
  • The companyโ€™s trade name registration
  • The initial approval gained
  • The special approvals
  • The required documents for the issuance of a payment voucher must be submitted.
  • The licensing requirement is fulfilled.
  • The trade license is issued by paying a license fee.

The documents needed to obtain a License from RAK Free Zone

  • The application form
  • The incorporation certificate
  • A description of business objectives
  • Reference letter from the bank
  • Shareholderโ€™s passport copy
  • The proposed list of trade names

The Reason to Set Up a Business at RAK Free Zone

The influx of foreign investors in Ras Al Khaimah is one of the most developed economies in the Emirates, which has rendered tremendous economic development.

A thriving economy, state-of-the-art infrastructural development, friendly trade relations with neighbouring countries, and liberal government policies are some of the factors that attract major foreign investment in RAK free trade zones.

The reason for setting up a business at RAK free zones is: the physical presence in the emirate gains trust among the natives that forges long-term customer relationships to get trade contacts in the United Arab Emirates.

The incentives enjoyed by the investors in RAK free zone company formation are as follows:

  • No corporate income or personal taxes
  • There are no trade barriers, foreign exchange controls, or quotas.
  • There is no customs duty on export, import, or services.
  • The business-friendly legal framework has hassle-free company laws that ensure the security of investment.
  • Investors gain from the government-sponsored incentives.
  • You get 100% ownership.
  • There is a 100% tax exemption on all commercial levies for export and import.
  • The capital and profits gain 100% returns.
  • The easy process and business-friendly environment for the company setup
  • Can gain access to all seaports and large airports in the United Arab Emirates

There is a true trading hub with an economy that will expand and thrive in Ras Al Khaimah. The Ras Al Khaimah free zone authority commits to empowering free zones with world-class economic zones along with cost-effective, customizable services and packages. Black Swan Business Setup Services provides a one-stop solution for RAK company registration and helps businesses fulfil legal formalities and obtain necessary documentation.