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RAKEZ Free Zone

Business Setup in the RAK Economic Zone (RAKEZ), the UAE

RAKEZ Free Zone - Freezone Logo

Get the details about company formation in RAKEZ Free Zone

Phone number: +971 (4) 425 6062

Office hours: Sunday - Thursday from 9-00 to 17-30

  1. The benefits of registering a company in the Ras Al Khaimah economic zone
  2. Company registration in the UAE in the RAK
  3. Local infrastructure in the RAK free economic zone
  4. Documents for company registration in the Ras Al Khaimah free zone

Ras Al Khaimah (often abbreviated as RAK) is the northern Emirate in the UAE Federation. The city of Ras Al Khaimah is about 100 kilometers to the north of Dubai and 230 kilometers to the northeast of the capital, Abu Dhabi, RAK is connected with these business centers by highways. Also, there are regular flights between these Emirates. Ras Al Khaimah is the closest to Iran Emirate, its ports, are very close to the entrance to the Persian Gulf, which makes them very promising trading hubs.

Although Ras Al Khaimah is smaller than Abu Dhabi and Dubai, local leaders are keen to keep up with these recognized business centers. And several free economic zones have been created here for this purpose. The conditions of doing business in the Ras Al Khaimah economic zone (RAKEZ) are just as favorable as those in the free zones of Dubai, but the company formation cost is noticeably lower than in other Emirates. Since 2003, the RAK government has invested heavily in education and public utilities and has been conducting a policy of economic diversification, promoting industrialization, trade, and tourism in the region.

The RAK Free Economic Zone was established in 2000, and today it is one of the fastest growing and most cost-effective free economic zones in the UAE. As of 2019, more than 8,000 companies have already passed the company registration procedure in the Ras Al Khaimah economic zone.

With a reputation for accessibility, flexibility, and wide geographical reach, RAK Free Zone quickly became the preferred business center for the company setup in the UAE. Ras Al Khaimah is a region from which investors of any origin and any industry can easily access the developing markets of Asia, Africa, and the Middle East. The leadership of the free Zone RAK has opened offices not only in this Emirate, but also in Dubai, and in other countries, for example, in Germany. So, now information on company formation procedure in RAKEZ can be obtained in these offices. Here you can submit documents, get advice on opening an account, obtaining a visa and other important issues.

Location of Ras Al Khaimah free economic zone (Google maps)

Fig. 1 – Location of Ras Al Khaimah free economic zone (Google maps)

You can find all the relevant information about this jurisdiction on their official website: https://rakez.com/

The benefits of registering a company in the Ras Al Khaimah economic zone

Among the advantages that RAK Free Zone offers to foreign investors are the following:

  • The absence of any types of taxes. As well as other free zones in the UAE, companies registered in the Ras Al Khaimah economic zone are exempt from any taxes, both corporate and personal.
  • No duties on the import and export of goods. Except for cases when goods are intended for the domestic market of the United Arab Emirates, there are no import and export duties.
  • Full business ownership by foreigners. A foreigner in the Ras Al Khaimah economic zone can fully own his company, unlike the mainland of the UAE, where the share of the local citizen is required.
  • No restrictions on capital and profits repatriation. All your profits can be freely withdrawn abroad, there is also no currency control in the free zone.
  • A promising place for international trade. The strategic position of Mina Saqr port offers great opportunities for trade in the region.
  • Developed infrastructure. There is everything necessary for business development: offices, warehouses, building area, communications, and access to the labor market. Ras Al Khaimah Airport and the seaport, Port Khalid of Sharjah, Port of Khorfakan are located close to it.
  • Low cost of doing business. The cost of registering a company, the cost of energy, the cost of labor are lower than those in Dubai.

Also, the United Arab Emirates has concluded double taxation agreements with more than 70 countries, including Canada, China, France, Germany, Indonesia, the Republic of Korea, India, Italy, Malaysia, Pakistan, Spain, Turkey, and others.

Company registration in the UAE in the RAK

In the Ras Al Khaimah free zone, a foreign investor can register a company of three types:

  • A branch of a company from the UAE or a foreign company. This is a subsidiary of a foreign or local company; the branch is not a separate legal entity and is engaged in the same activities as the parent company. There is no requirement for the size of the share capital for branches;
  • FZE (Free Zone Establishment) is a separate legal entity; in fact, FZE is a limited liability company. A company of this type can have only one owner. The name of such a company should include the word "FZE."
  • FZC (Free Zone Company) is also a separate legal entity, but this company must have at least two owners (up to 50). The name of such a company should include the word "FZC." The minimum share capital for FZE/FZC is 100,000 dirhams.

Shareholder(s) must be either personally present or the whole registration procedure can be completed by an authorized person in the free zone. When registering a company in the RAK, UAE, one may open bank accounts in major banks operating in the local market, as well as in the other UAE Emirates. A company owner must appoint an auditor and submit annual reports as required by the governing bodies.

Any company registered in the Ras Al Khaimah economic zone is required to get a license. A license in RAKEZ is a document permitting activities in one of the selected areas:

  • Commercial. This license allows your company to import, export, distribute or store goods. You can choose any specific or general trade license. Most companies registered with RAKEZ have this type of license.
  • Consulting/services. This type of license gives your company the right to provide services or consult. Consultation in matters of logistics and customs control, business consulting, etc., require a consulting license.
  • Industrial. Having got such a license, a company can produce, process, package, and export finished products.
  • Educational. A company may conduct courses and training on the territory of this FEZ. To do this, you must obtain an educational license.

By registering a company in a RAKEZ free zone, a foreign investor gets the right to obtain a resident visa. It is also possible to issue a visa for family members (spouses and children) and employees. The number of visas for employees is determined depending on the size of the office, type of company and type of activity.

Local infrastructure in the RAK free economic zone

Here we consider the options available to a foreign entrepreneur who plans to open a company in the Ras Al Khaimah free economic zone.

Table 1 – Infrastructure facilities that can be rented for business

Facility

Description

FLEXI-table

Flexi Infrastructure is provided for the specific needs of small businesses. Shared workstations (Flexi-tables) or offices (Flexi-offices) include services provided by first-class business centers.

Standard office

Fully furnished and equipped office space with access to the corporate services of the business center, office management services, cleaning services and parking for medium-sized businesses at competitive rates that will ensure maximum return on investment. It is a cost-effective option for securing your business in the UAE and the world.

Executive office

Fully serviced office with access to corporate services of the business center, office management services, cleaning services and parking for medium-sized businesses at competitive rates that will ensure maximum return on investment.

Shell & core offices

Office space that can be customized to meet business needs. There are various sizes of undeveloped infrastructure with the flexibility that will suit your business requirements.

Warehouses

Warehouses that meet industry requirements for light industry, storage of goods and main assembly, and are available for rental on a year-round or time-limited basis.

Industrial land plots

Low-cost land plots for industrial construction of various size, close to seaports and airports, as well as easy access to Dubai seaport facilities.

Documents for company registration in the Ras Al Khaimah free zone

The list of documents required for the registration of FZE and FZC companies differs from the that for registration of a branch. Here is what you need to collect to open a new FZE/FZC company:

  • Application forms, duly signed by the authorized party.
  • Applicant’s personal data, Power of Attorney, Applicant’s Signature Copy and a valid passport copy, signature sample application, copies of the manager’s, director’s and secretary’s passports.
  • A brief description of the project for which the company is registered in the UAE.
  • Bank letter on the initial share capital of 100,000 dirhams or more according to the share capital of the company.
  • Certificate of Registration or Certificate of Good Standing of the parent company, Memorandum of Association and Charter of the parent company (corporate shareholder).
  • Council resolution, which requires the establishment of the FZE/FZC in the RAK Free Zone, a sample signature application, passport copies and a power of attorney of the manager, director, and secretary. (corporate shareholder)
  • Extract from the bank of the parent company, showing a balance equal to or greater than the share capital of the proposed company.

To open a branch, you must collect the following set of documents:

  • Application forms, duly signed by the authorized party.
  • A brief description of the project for which the company is registered in the UAE.
  • Certificate of Registration or Good Standing Certificate, Memorandum and Articles of Association of the parent company, an application with signature samples, copies of passports and a power of attorney for the manager and directors.
  • Council Resolution, which requires the establishment of a branch in the Free Zone of the RAK and guarantees full financial commitment.
  • A letter from the parent company about the appointment of a manager.
  • Extract from the bank of the parent company, showing a balance equal to or greater than the share capital of the proposed company.

You can complete all the above procedures related to registering a company with RAKEZ by yourself, or you can apply for the services of business consulting companies that will help you make the right choice of jurisdiction, deal with communication issues with local authorities, help you obtain a license and a visa, open an account in a bank. It is required for you to be present only at the time of signing the documents. Using the services of professional business consulting companies, you will save your time and efforts.

If you have any questions about registering a company with RAKEZ, contact our specialists and they will help you overcome all the obstacles in your path to starting a business in the UAE.

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RAKEZ Free Zone

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