The RAK Investment Authority and the RAK Free Zone were combined to become the Ras Al Khaimah Economic Zone (RAKEZ). RAKEZ is located in the emirate of Ras Al Khaimah in the United Arab Emirates. Businesses in Ras Al Khaimah are known to prosper mostly due to the stable and safe economic climate of the city of Dubai. RAKEZ firms are instances of this in the real world. Ras Al Khaimah’s flexible corporate setup options and continuous contact via its highways, airport, and seaports make it the perfect place for any kind of business. Because of this, RAKEZ is the free zone of choice for many independent contractors, small and medium-sized enterprises, multinational firms, and large industries.
Advantages of the RAKEZ Free Zone:
- Approximately four thousand (4,000) commercial activities are permitted in the Ras Al Khaimah Economic Zone.
- It is possible to set up a company without having to travel to the UAE.
- RAKEZ companies are an affordable option for setting up a business.
- The Ras Al Khaimah Economic Zone has areas designated for business, education, and industrial activities.
- The absolute minimum of documentation is required to register a firm.
- Individual licenses are granted to freelancers by the Ras Al Khaimah Economic Zone.
- In the Ras Al Khaimah Economic Zone, the processes for incorporating a firm are quick and easy.
- RAKEZ provides female entrepreneurs with special schemes.
How to setup a RAKEZ Free Zone Company:
- Define the legal parameters
Any type of free zone company in Dubai requires a legal structure. The number of shareholders and the nature of the obligation determine the legal structure in the main. like Branch, FZ LLC, and FZE.
- Choose your line of business.
Depending on the type of business you intend to operate, you can select the appropriate activities among those that the free zone permits.
- Select the style of office space.
Depending on your demands, the free zone offers both virtual and actual office space options.
- Obtain first authorizations
Depending on the specifics of your company operation, you might need to obtain pre-approval from the relevant government bodies.
- Send in a request for a business license.Depending on the sort of business you operate, you can submit an application for the appropriate license and the required documentation.
Documents Required for RAKEZ Free Zone Company Setup
- Colored copy of a passport or Emirates ID (for residents of the UAE).
- Entry stamp and copy of visa (if the individual is in the UAE).
- Original certificate of no objection for the general manager (available to UAE residents only).
- Plan of business.
- A resolution passed by the shareholders established RAKEZ and named a general manager (for corporate shareholders).
- Trade license or current business registration certificate (for corporation shareholders).
- Articles of association and memorandum (for corporate shareholders).
- Certificates of incumbency (for corporate shareholders) or certificates of good standing.
Starting a business in the RAK Free Zone gives investors and business owners access to previously unheard-of opportunities for success in one of the busiest commercial districts in the United Arab Emirates. By understanding the benefits, procedures, and important elements outlined in this handbook, aspiring business owners can boldly and decisively embark on their venture, creating the foundation for success and growth in the vibrant RAK Free Zone.