Business Setup In Ras Al Khaimah (RAK) Free Trade Zone
Business Formation in RAK Free Trade Zone (RAK FTZ)
One of the leading UAE free zones, RAK Free Trade Zone, was founded in the year 2000. It is situated right at the heart of Ras Al Khaimah. It is now Ras Al Khaimah Economic Zone (RAKEZ), which was formed to oversee RAK FTZ and RAK Investment Authority (RAKIA). This was made to have the two zones be overseen and ensure the proper handling of clients.
More than 8,600 companies are not set up in RAK Free Trade Zone from more than 100 countries in the world with more than 50 industries. It is easily one of the top choices of businessmen for RAK free zone company formation.
RAK Free Trade Zone has been awarded “Best Emerging Free Zone” for the second year running. It has become a world-class business hub. Its state-of-the-art infrastructure definitely helped in this, along with its hi-tech facilities.
The facilities in Ras Al Khaimah Free Trade Zone are as follows: flexi-desk facilities, standard offices, executive offices, warehouses, etc. In having a RAK Free Zone company formation in RAK FTZ, there are four types of legal entities that are allowed, and they are the following: free zone establishment (FZE), free zone company (FZC), branch of a local company, and branch of a foreign company. The investors can also choose from different license types for their RAK free zone business setup. These license types are commercial, consultancy/services, industrial, and educational. In short, the system that RAK free trade zone authority has in store for investors give the latter what their business requires.
RAK free zone business setup, like any other UAE free zones, has systematic and specific procedures for RAK company formation. Once you have finally come to the conclusion of wanting to conduct a business setup in UAE, and your choice for this company formation in UAE is RAK Free Trade Zone Authority, the business consultants should be reached by your side to guide you through. Almost every single company, if not all of them, that a business setup in UAE was guided by business consultants. This is for the reason that these people will give you the information you are looking for. Knowing the RAK free zone company setup cost before you go through with your decision is important as it prepares you with regard to your financial side of things. Since company formation in UAE should not be taken lightly and be done hastily, people who are specialized in this field are needed to advise you further.
They can also give you information about RAK free zone flexi desk cost for your office and RAK free zone virtual office if you’re planning to have one. Another benefit that you gain in having a business consultant is that you can ask about Ras Al Khaimah free zone trade license and everything you are eager to know about it. And of course, having a business consultant doesn’t only mean that your question of how to start a business in UAE free zone will be answered but also, they will be the one to go to the concerned government departments, like Ras Al Khaimah Economic Department.
There are a lot to choose from UAE free trade zones and a lot to know about RAK free zone company setup. When you have the right people, you can be ensured to have a good start.
With the right people on your side, you can simply wait and be ensured that company formation in RAK Free Trade Zone is done properly and in the correct manner.
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Following industries you can setup in RAK FTZ
We covers all the following industries, even if your industry not in list you can consult with us we can help you setup.
Benefits of Business Setup in RAK FTZ
Ras Al Khaimah Free Trade Zone Authority has been around for almost two decades. It is continuously helping the economy of the UAE along with other free zone establishments UAE. Investors after investors find this place and conduct business setup in Ras Al Khaimah free zone.
The below list is what gives these business owners a reason on why they look forward to establishing their company in this place.
- Fast and efficient business set-up and support services
- Fast-track UAE visa issuance
- A wide range of real estate facilities to suit your individual business needs
- Choice of free zone or non-free zone
- Low cost of business set-up and operations
- Ease of doing business
- 100% tax exemptions (no corporate or personal taxes)
- 100% foreign ownership in free zone companies
- 100% repatriation of capital and profits
- The Massed Services, which provides translation of documents, recruitment of employees, procurement support, creation and printing of corporate materials, and many other services
Business Setup Requirements & Procedure
Documents Required for RAK Free Trade Zone:
- Proof of tradename reservation (our firm’s task)
- Proof of initial approval for the activities (our firm’s task)
- Passport copies of the shareholders
- Passport copy and CV (resume) of the manager
- Personal information sheet of each shareholder and manager (template will be forwarded by our firm)
- Lease agreement (documents)—having a physical address for your business/office is mandatory in the UAE. The rent on average within the free zone area is USD 25 up to USD 45 per sq. ft. (USD 225 up to USD 400 per sq. m.). Our firm can assist you while searching for your physical address. You can learn more about leasing and rental cost here. (This item will be required only after we obtain the initial approval from the authority.)
- Notarized and attested Power of Attorney appointing our firm as your legal representative, so that we can act on your behalf and/or on behalf of the shareholders (template will be forwarded by our firm).
- There are some activities which might require third-party/authority pre-approval—accordingly, additional cost and professional fees might be applicable.
- Also during the process, the authorities might require a few other documents.
Additional Documents Required for a Corporate Shareholder
- Attested and notarized Memorandum of Association/Article of Association—it must be attested from the UAE Embassy at the place of origin
- Board resolution must be resolute by the board of directors of your existing company/entity at the place of origin expressing the intent of establishing a new setup abroad. It must be attested and notarized by the UAE Embassy (template will be forwarded by our firm).
- Certificate of registration (if applicable) of your existing company/entity, license, or certificate of incorporation must be attested and notarized by the UAE Embassy
The procedure of processing your RAKIA Free Zone company formation will range from 2 to 4 weeks.
Support Services Offered in RAK FTZ
FAR Consulting Middle East is one of the leading consulting companies in the UAE. We are capable of giving clients the information they need, such as RAK free zone flexi desk cost and RAK free zone virtual office based on what they need.
The following below is a list of services that we can provide when you let us work with you:
- Applying and following up on behalf of the client until the collection of the Certificate of Business Registration (Trade License)
- Representing the client in front of the authorities
- Assisting the client in bank account opening
- Assisting the client in account opening with the Ministry of Labour
- Assisting the client in account opening with the UAE immigration
- Assisting the client in leasing a premise as an address for the business
Business Setup Cost in RAK FTZ
The Ras Al Khaimah Economic Zone (RAKEZ) is one of most preferable free zones for its strategic location and flexibility for various business activities. Recently in 2017, RAKFTZ and RAKIA were merged into a single entity, RAKEZ which encourages businesses from different fields to setup their companies in the said free zone. Farahat & Co has an experienced team that can assist in Ras Al Khaimah free zone company formation. The fee table below explains estimated RAK free zone company setup cost. Please do contact us for further information and schemes on business setup in Fujairah Free Zones.
Cost for Business setup in Ras Al Khaimah Economic Zone (RAKEZ)
Business Registration and Licensing Cost Fees Pre-Approval Fee AED 250.00 Preparation of MOA and AOA (Memorandum and Articles of Association) AED 2,500.00 Knowledge Fee & Innovation Fee AED 20.00 Setting up a branch office (Select one of the following) Commercial License (Starting from) AED 14,300.00 E-Commerce License (Starting from) AED 18,800.00 Training License Package (Starting from) AED 18,800.00 Service License Package (Starting from) AED 17,800.00 General Trading License (Starting from) AED 32,185.00 Individual/Professional License Package AED 16,835.00 Media License Package (Starting from) AED 24,565.00 Education Support Services License Package (Starting from) AED 17,300.00 Freelance Permit (Starting from) AED 6,100.00 Media Influencer AED 3,500.00 Additional Fees for Business Registration E – Channel Registration AED 2,200.00 E – Channel Refundable Deposit AED 5,050.00 Visa Processing Cost Bank Guarantee/Deposit AED 2,000.00 Medical Test AED 270.00 Emirates ID application AED 370.00 Employment/Residence Visa (Select one of the following) Employment/Residence Visa – In Country (including local amendment) AED 3,870.00 Employment / Residence Visa – Out of the Country AED 2,970.00 Investor/Partner Residence Visa – In Country AED 4,850.00 Investor/Partner Residence Visa -Out of the Country (including local amendment) AED 3,950.00