Business Setup In Ras Al Khaimah Media City Free Zone
Business Formation in RAK Media Free Zone
RAK Media Free Zone was established in January 2006. It is considered to be a direct competitor of Dubai Media City. Due to the increasing cost of living in Dubai, they are making this zone as an advantageous choice for investors who want a cheaper way of living. With its benefits with a matching affordable environment, investors find it enticing, hence the RAK free zone company setup is rising in this place.
Companies that fall under the category of media should be thinking of having their business set up in RAK Media Free Zone. Business owners will find that this zone is dedicated and designed to meet their requirements so as to effectively perform as a media company. Among UAE free zones, RAK Media Free Zone is considered to be economical, even compared to its competitor, Dubai Media City. Companies in Ras Al Khaimah Free Zone can choose from the following types of licenses: publishing licenses, TV and radio broadcasting licenses, production and post-production licenses, media and marketing services licenses, business and information services licenses, music production and recording licenses, etc.
RAK Free Zone company formation, like any other free zones, has procedures that people should follow to have a business setup in UAE. Once it has been decided by your side that you would like to conduct a company formation in UAE in this zone, business consultants should be contacted. Admittedly, almost every company, if not all, that decided to RAK Free Zone business setup has leaned on the expertise of business consultants. This is because these people are able to provide you with the information that you need to obtain about UAE free zones or anything with regard to company formation in UAE. In knowing the RAK Free Zone company setup cost along with RAK Free Zone flexi desk cost, your budgeting will be even more accurate as it will be applied for the whole year of a business operation. Another benefit that you gain in having a business consultant on your side is that you can ask about RAK Free Zone virtual office and even about the Ras Al Khaimah Free Zone trade license. And the main advantage, of course, is that they are the ones who go to the concerned departments where your documents should be submitted, like Ras Al Khaimah Economic Department. Having the right people on your side will ensure the proper way of carrying out your RAK Media City Free Zone business setup.
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Following industries you can setup in RAK Media Free Zone
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 Media Free Zone
For more than a decade, RAK Free Trade Zone UAE has been a continuous help in the UAE’s thriving economy, making it one of the go-to business hubs in the world. Investors are being attracted to its advantages with regard to a lot of things (e.g., RAK Free Zone flexi desk cost and the fact that they have a RAK Free Zone virtual office). This is why RAK Free Zone business setup is becoming notable in the UAE.
The below list is what gives the business owners a reason to establish their business in this zone.
- 100% repatriation of capital and profits
- Single window clearance (one-stop shop)
- No currency restrictions
- 100% tax exemptions (no corporate or personal taxes)
- 100% foreign ownership in free zone companies
Business Setup Requirements & Procedure
Documents Required for RAK Media Free 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 Media Free Zone
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 Media Free Zone
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