Ras Al Khaimah (RAK) is one of the seven Emirates of the United Arab Emirates (UAE). It is only 45 minutes away from Dubai and located near Oman. The government of Ras Al Khaimah has been doing its job in making the Emirate known. It is starting to emerge out of the rest of the Emirates as a go-to investment by business owners as RAK company formation is becoming notable in the UAE.
RAK is believed to have a strategic location, making it stand out from others. Besides, the Ras Al Khaimah economy is thriving even more with the RAK international companies that are residing there. Aside from the benefits that are listed below, RAK has ease of access and administrative processes that are convenient and is the cheapest to set up a business in and near to Port Saqr. Because of the latter alone, Ras Al Khaimah company formation is rising.
The Ras Al Khaimah trade license cost is affordable but there are some simple requirements before you can begin. One of the necessary things to have and do in conducting a business setup in Ras Al Khaimah is having two partners who are 21 years old and above. The maximum number of partners for one organization is 50. Expatriates who wish to conduct Ras Al Khaimah company formation needs to be prepared to have a local partner who will hold 51% of the business’ shares as it is one of the requirements as well.
Processing and understanding the procedures for obtaining a RAK trade license can be a little bit confusing. This is why consultants are around. These people are willing to speak with you with regard to Ras Al Khaimah business opportunities before you even decide as a finality that you are choosing the Emirate. There are a lot of manufacturing companies in Ras Al Khaimah
At long last, when you have made up your mind that you want to carry out a RAK business setup, they are the people who will not simply guide you but go to the concerned authorities, such as RAK economic department for the processing of your papers, and if needed, the land department Ras Al Khaimah as well and even the Ras Al Khaimah Investment Authority. If your business would require your goods to be stored or would need your tools or apparatuses to be placed in a good condition storage, consultants can advise you which warehouse in Ras Al Khaimah you should go for.
RAK company registration is fairly hassle-free with people helping you all steps of the way.
Thus, it is advisable that you have consultants on your side when you carry out Ras Al Khaimah company registration.
Ras Al Khaimah business opportunities are booming in the Emirate. Foreign investors are swarming in, making it one of the most developed Emirates. Aside from this, the reason that business setup in Ras Al Khaimah is becoming widely known is that it boasts advantages in its place.
Currency restrictions do not exist
There are no currency restrictions that are applied in RAK Mainland similar to other mainlands in the UAE.
No mandatory yearly auditing
Business setup in Ras Al Khaimah gives you an advantage in not having to think about a mandatory audit every year. The audit is an essential part of a company; however, scrambling around to meet deadlines and prepare for the audit day would be deducted from the worries of business owners.
Rent office anywhere
Whether you want to have your organization be situated at Ras Al Khaimah industrial area is completely up to you. You are free to choose the location that you want your company to settle in. Your strategy with your business location can then be applied here.
Conduct business with local market
Being on the mainland gives you the advantage of being near to the local market of RAK. This is most especially beneficial for companies that are catering to markets and deal with trading.
No limit on activities
There are parts of the UAE that business activities are restricted to certain categories only. In RAK mainland, however, business owners are free to select any business activity they please.
Zero capital requirement
RAK company formation cost is already affordable. Having zero capital requirement adds to the affordability of setting up your company in this Emirate, making it cost-effective.
Businessmen are still free from paying corporate and income taxes. The only tax that’s been implemented is the value-added tax (VAT) on a number of goods and services.
No limit on visas
Visas are not limited in RAK mainland. Companies situated there can obtain as many visas as they need for their employees because organizations grow and expand.
Any type of business can be carried out in RAK mainland with a few exceptions, such as banking, investment, and insurance.
FAR Consulting Middle East is one of the leading business setup consultants in Ras Al Khaimah. We can ensure that you will have your RAK trade license secured in your possession in the right time frame.
We can provide the following services when you let us handle your affairs when it comes to your Ras Al Khaimah company registration affairs:
- 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
The procedure of processing your RAK company formation would range from 2 to 4 weeks, which includes your Ras Al Khaimah business license.
Requirements for Ras Al Khaimah 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 in 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
RAK Company Formation Cost
The below table shows our estimation of RAK 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.
|Trade Name Reservation||Govt. Agency||One time||610||100% Adv.||View|
|Initial Approval for Your Business||Govt. Agency||One time||110||100% Adv.|
|Local Citizen – Sponsorship Fee||Your Business’ Local Sponsor||Yearly||15,000||100% Later||View|
|MOA – Legal Translation Services||Translation Services||One time||1,280||100% Adv.||View|
|Notarization of MOA||Govt. Agency||One time||960||100% Adv.||View|
|Licensing & Certificate of Incorporation Fees (for specific business activity)||Govt. Agency||Yearly||7,000||100% Adv.||View|
|File Opening – Immigration (Establishment Card)||Govt. Agency||One time||860||100% Adv.|
|File Opening – Ministry of Labour (Establishment Card)||Govt. Agency||One time||2,053||100% Adv.|
|E-Signature Card – Ministry of Labour||Govt. Agency||One time||1,000||100% Adv.|
|Farhat Office & Co. Fees – Your Business Registration Consultant’s Professional Fees|
All of the Following Services are Included:
» MOA drafting – Arabic/English
» Power of attorney drafting – A/E
» Side Agreement drafting – A/E
|Professional Fees/Farhat Office & Co.||One time||15,000||100% Adv.|
ATTENTION – NOTE