How to set up a company in the Ras Al Khaimah (RAK) free zone? Discover the process, benefits and more.

One of the top locations for business setups is Ras Al Khaimah (RAK), which is located in the northernmost region of the United Arab Emirates (UAE). Located in the center of Ras Al Khaimah, the UAE’s most important economic and industrial hub, the Ras Al Khaimah Economic Zone (RAKEZ) offers specially tailored solutions for establishing your business in both free and non-free zones. The international community at RAKEZ is thriving in more than 50 industries, ranging from independent contractors and startups to small and medium-sized businesses (SMEs) and industrialists. Are you curious about the advantages of setting up a business in the Ras Al Khaimah free zone and how to do so? Look no further; RAKEZ offers you unmatched chances for success along with professional advice.

What is the Ras Al Khaimah (RAK) free zone in the UAE?

Operating inside a defined free trade zone, a free zone firm provides a number of benefits over conventional corporate forms. Of the +45 multidisciplinary free zones spread around the United Arab Emirates, Ras Al Khaimah (RAK) free zone is one of the most significant. Designed to accommodate the varied requirements of foreign investors and expatriates, the RAK free zone presents unmatched advantages, distinguishing it as a top location for profitable ventures.

How to set up a company in the Ras Al Khaimah (RAK) free zone?

Learn how to easily access the benefits of setting up a firm in the Ras Al Khaimah free zone. Your license can be obtained in three simple stages and processed in a few days, guaranteeing a smooth process from start to finish.

Step 1: Customise your package

Customize your package by working with our knowledgeable business development consultants. Select the facility, license type, and legal entity that best meet your company’s needs.

Step 2: Submit application & documents

At RAKEZ, our committed staff will help you finish your application and make sure all required paperwork is sent in on time. We walk you through the entire procedure to ensure that all standards are met without a hitch.

Step 3: Receive your business licence Your business license, registration set, and bank letter will be sent out right away after the licensing process is finished. The process of applying for a visa will then start.

A checklist of required documents:

It can be difficult to comprehend the procedure for establishing a business in the Ras Al Khaimah free zone, but fear not! We’ve made it easier for you at RAKEZ. The list of documents you require is provided below, according to the nature of your business and legal entity:

1 . Guideline for Trade Name Registration (free zone entities only)
2 . Application for registration and licensing
3 . Visa copy/entry stamp of shareholders, general manager, and director (if applicable)
4 . The original No Objection Certificate for shareholder(s) / general manager (if UAE resident)
5 . A business plan (only for a specific activity)
6 . A colour passport copy of shareholders, general manager and director (if applicable)
7 . Emirates ID copy of shareholders, general manager (if applicable)
8 . Ultimate Beneficial Ownership (UBO) declaration form along with a passport copy is required. (A UBO is normally an individual who ultimately owns or exercises effective control over the company.)

Benefits of setting up a company in Ras Al Khaimah free zone:

1 . 100% foreign ownership:
Establishing a free zone firm has many benefits, chief among them the ability for international investors to maintain 100% ownership without requiring a local sponsor or partner. This gives investors complete control over their company’s operations and the freedom to decide on their own how to proceed strategically.

2 . Low tax:

Previously, free zone companies in Ras Al Khaimah benefited from complete tax exemptions, encompassing corporate tax, personal income tax and import and export duties. However, it was announced that from June 2023, companies generating an annual profit turnover exceeding AED 375,000 are subject to a corporate tax rate of 9%. Despite this adjustment, it remains one of the world’s lowest corporate tax rates, presenting a substantial advantage for foreign investors seeking to minimise operational costs and maximise profits.

3 . No currency restrictions:

Currency limitations are another advantage of establishing a business in the Ras Al Khaimah free zone. It makes managing financial operations easier because investors are free to repatriate all profits and capital without facing any restrictions or hurdles.

4 . Easy company set-up:

In Ras Al Khaimah, establishing a free zone business is very simple, requiring little paperwork and a streamlined registration procedure. This makes it easier and more efficient for investors to launch a firm, allowing them to do so quickly and affordably.

5 . Access to global markets:

Businesses in Ras Al Khaimah’s free zone have access to a wide range of international markets in Europe, Asia, and Africa. This makes it easier for businesses to grow and connect with new clients, which eventually results in more success and profitability.

For the best results, if you’re wanting to launch a business in the United Arab Emirates, think about the advantages of establishing your enterprise in the Ras Al Khaimah Free Zone. By contacting the business setup specialists at Ras Al Khaimah Economic Zone (IBR GROUP), you may begin the process of establishing your firm in the RAK Free Zone.

More than 23,000 businesses in 50 different industries already use IBR GROUP as their preferred business hub. The economic zone featured business and industrial zones that could be tailored to suit the needs of different kinds of enterprises. Its one-stop shops offer all the help you need to set up your business, including papers, visas, government clearances, and much more.

In addition, IBR GROUP offers company support services like marketing, hiring, and bookkeeping and accounting. IBR GROUP’s help makes it possible for you to run your business with confidence, knowing that they will take care of all the necessary paperwork.