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Business Setup In Ras Al Khaimah Investment Authority (RAKIA)

Business Formation in RAK Investment Authority (RAKIA)

Ras Al Khaimah Investment Authority (RAKIA) was founded in 2005. Emiri Decree No. (2)/2005 was issued by the late Sheikh Saqr Bin Muhammad Al Qasimi, constituting RAKIA free zone. It was done to reinforce the investment climate and have the RAK’s economic sectors be promoted.

It is composed of two industrial parks that give investors choices to choose from when conducting RAK free zone business setup.Before anything else, there are two different business types in the UAE, namely free zone company and non-free zone company. This is also important for businessmen to know before they go into having a business setup in UAE. Also, the legal entities that are allowed RAKIA free zone are the following: establishment for a non-free zone company, limited liability company (LLC), free zone establishment (FZE), free zone LLC (FZ LLC), and branch of a local or foreign company. These alternatives are essential to be known by the business owners so they are aware what choices are open for their RAK free zone business setup.

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  • Following industries you can setup in RAK Investment Authority

    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 RAKIA

    RAK free trade zone UAE offers facilities and solutions that give the investors what they need for their companies. There are over 500 manufacturers and thousands of SMEs that are being housed by RAKIA, proving to be a helpful Ras Al Khaimah free trade zone for RAK’s economy and the UAE itself as well.

    There a number of benefits that investors find in this zone. Below is the list of the advantages that it offers, making the business owners want to establish their organization in this location:

    • 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
    • A 45-minute drive from Dubai
    • Easy access to strategic markets in the MENA Region
    • 31% of world’s population in the 4-hour flying radius
    • Proximity to express highways, seaports and airports
  • Business Setup Requirements & Procedure

    Requirements for RAKIA free zone company registration

    • 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 RAKIA

    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 business 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 RAKIA

    The below table shows our estimation of RAKIA company formation cost, which also includes the Ras Al Khaimah trade license cost. You can review it and send us an inquiry if you have any clarifications.

    Business Setup in RAKIA Free Zone
    Table of estimated government cost & professional fees
    Trade License option/activity Cost in US$ Cost in AED
    New Licence US$ 3,424 AED 12,500
    One-time Registration US$ 1,095 AED 4,000
    Office Space Lease (annual) US$ 8,630 AED 31,500
    Our Firm Professional Fees US$ 5,000 AED 18,365

    ATTENTION – NOTE

    All fees for government and related authorities are an estimation only. The exact government fees will be determined at the time of submission of the applications. We are obligated to provide our clients with all receipts of government and related agencies against the amount that will be paid. Every amount that will expense for your business registration will be supported by documents. In case of shortage, the client has to repay us. In case of excess, we have to refund the client.

    Our professional fee covers consultation, drafting of legal documents, introducing reliable local citizen service-agent when required, assisting in document notarization from the local notary public, assisting in local bank account opening, and applying to the concerned authorities on your behalf.