Ras Al Khaimah Economic Zone (RAKEZ) is a thriving free economic zone situated in Ras Al Khaimah, United Arab Emirates. Designed to attract foreign investment and foster business growth, RAKEZ Free Zone offers a wealth of opportunities through various incentives, state-of-the-art infrastructure, and strategic advantages. This guide will provide a detailed overview of setting up a business in RAKEZ Free Zone, highlighting the benefits, processes, and costs involved.
Why Choose RAKEZ Free Zone?
Tax Benefits and Ownership Advantages
RAKEZ Free Zone provides numerous tax incentives and ownership benefits to businesses:
- 0% Corporate Tax: Businesses enjoy a tax-free environment within the free zone.
- 100% Foreign Ownership: No need for a local sponsor or partner.
- Repatriation of Profits: Full repatriation of profits and capital is allowed, enhancing financial flexibility.
Strategic Location
RAKEZ Free Zone is strategically located near key transportation hubs, including major seaports and airports, facilitating seamless logistics and trade operations. Its proximity to Ras Al Khaimah International Airport and other major UAE ports ensures excellent connectivity for businesses.
Cost-Effective Business Setup
RAKEZ offers competitive setup costs, flexible office solutions, and no minimum capital requirements, making it an attractive option for startups, SMEs, and large enterprises alike.
Business Setup Process in RAKEZ Free Zone:
Step-by-Step Guide
Setting up a business in RAKEZ Free Zone is a streamlined process, involving several key steps:
- Determine Business Activity and Legal Structure: Identify your business activity and choose the appropriate legal structure, such as Free Zone Company (FZC), Free Zone Establishment (FZE), or a branch.
- Reserve Company Name: Secure your company name through RAKEZ’s online portal.or with help of business consultants like us.
- Submit License Application: Complete and submit the license application with the necessary documents.
- Make Payment: Pay the required fees for license issuance.
- Sign MOA and Lease Agreement: Sign the Memorandum of Association (MOA) and lease agreement.
- Obtain Business License: Receive your business license and other formation documents.
- Visa Processing: Apply for investor and employee visas as needed.
- Complete Setup: Finalize the setup and commence business operations.
- Open Bank Account: Open a corporate bank account to manage financial transactions.
Required Documents:
The documents required to establish a business in RAKEZ Free Zone vary based on the type of entity:
For Individual Shareholders:
- Passport copy
- Visa page copy
- Emirates ID
- Passport-sized photos
- Personal information sheet or application form
- Three name choices for the company
For Corporate Shareholders: Additional documents may be required based on the business activity and RAKEZ’s regulations.
Facilities and Infrastructure:
RAKEZ Free Zone boasts an array of modern facilities and infrastructure designed to support various business activities:
Office Spaces
RAKEZ offers a range of office solutions, from flexi-desks and co-working spaces to fully furnished executive offices, catering to businesses of all sizes.
Warehouses and Industrial Zones
The free zone provides state-of-the-art warehouses and industrial zones equipped with advanced facilities, making it ideal for manufacturing, storage, and distribution operations.
Business Support Services
RAKEZ offers comprehensive business support services, including legal, financial, administrative, and IT support, ensuring smooth and efficient operations for businesses.
Industry Focus in RAKEZ Free Zone:
RAKEZ Free Zone supports a diverse range of industries, creating a versatile business environment. Key sectors include:
- Manufacturing: Equipped with cutting-edge facilities for production and assembly.
- Trading: Strategic location for import and export businesses.
- Logistics: Advanced infrastructure for warehousing and distribution.
- Services: Ideal for consultancy, IT, and professional services.
- E-commerce: Specialized licenses for online trading and e-commerce businesses.
Types of Licenses in RAKEZ Free Zone:
RAKEZ Free Zone offers various licenses tailored to different business activities:
- Commercial License: For trading activities.
- General Trading License: For businesses dealing in a wide range of products.
- Media License: For media, advertising, and entertainment companies.
- Educational License: For educational institutions and training centers.
- Professional License: For individual professionals and consultants.
- Service License: For service-oriented businesses.
- E-commerce License: For online trading and e-commerce activities.
- Industrial License: For manufacturing and industrial operations.
- Freelancer License: For freelancers and individual entrepreneurs.
Legal Structure Options:
Entrepreneurs in RAKEZ Free Zone can choose from two primary legal structures:
- Free Zone Limited Liability Company (FZ-LLC): Suitable for businesses with 2-50 shareholders, offering flexibility and a supportive business environment.
- Branch: Allows foreign or UAE companies to establish a branch and benefit from RAKEZ’s strategic advantages.
Costs and Fees:
RAKEZ offers a variety of business setup packages to suit different needs and budgets. The cost of setting up a business can starts from AED 6k for a zero-visa business license. The total cost depends on factors such as the type of business activities, number of shareholders, and office space requirements.Renewal costs include fees for renewing business licenses and visas, which need to be accounted for in annual budgeting.
Timeline for Business Setup
Setting up a business in RAKEZ Free Zone can typically be completed within 10 business days:
RAKEZ Free Zone is an exceptional destination for businesses seeking to establish a presence in the UAE. With its strategic location, competitive setup costs, extensive facilities, and supportive business environment, RAKEZ Free Zone offers unparalleled opportunities for growth and success. Whether you're a startup, SME, or large corporation, RAKEZ Free Zone offers the perfect platform to meet your business goals and expand your reach in the Middle East and beyond.
Navigating the process of obtaining a business license in RAKEZ Free Zone can be complex, but our expert team is here to simplify it for you. From initial consultation to final license issuance, we provide end-to-end support, ensuring all legal requirements and documentation are handled efficiently. Our services include business activity assessment, legal structure selection, name reservation, and document preparation. We also facilitate seamless communication with RAKEZ authorities, expedite approvals, and assist with visa processing and bank account setup. With our guidance, you can focus on your business while we manage the intricacies of the licensing process, ensuring a smooth and successful setup in RAKEZ Free Zone.Contact us Plan My Firm today !.