RAK Free Zones

Since people can set up their businesses in a variety of places, it is crucial to comprehend each one. Now let’s get started.

a) Ras Al Khaimah Economic Zone (RAKEZ): The UAE’s business and industrial hub is this freezone. The RAKEZ free zone has expanded recently as a result of its business-friendly advantages and adaptable solutions.

b) The Ras Al Khaimah Maritime City Free Zone (RMCFZ) is a government organization that was established in 2009 to oversee the growth and management of the city. Transportation of people, goods, and products by sea is carried out by this free zone.

c) RAK Investment Free Zone: Another government organization dedicated to fostering economic expansion and the development of new industries in the United Arab Emirates is the RAK Investment Authority. In 2005, there were a lot of investment authorities for companies looking to

d) Ras Al Khaimah Media Free Zone:
The RAK media city free zone, was launched in 2006. It is a business zone, and its purpose is to provide opportunities to media and entertainment companies in the Middle East.

Entrepreneurs must choose the appropriate business structures and business activities when establishing a business in Ras Al Khaimah. The authority grants the necessary licenses, indicating their approval, to enable any kind of business activity. The following are the licenses:

a) Industrial License: People who manufacture, import, export, and package goods according to government regulations are granted an industrial license.

b) Commercial License: Companies that engage in national trade are granted commercial licenses. Buying, selling, and other transactions are all included in trading.

c) General Trading License: By combining industrial and trading licenses, a general trading license serves a broader range of products and industries.

d) Media License: People who conduct business in the UAE that involves the media must apply for a media license. such as talent management, radio and television sales and marketing, etc.

e) Professional License: A professional license is given to people who provide professional services in the nation.

f) Service License: This type of license is given to people who provide services in any industry. Some examples include working in restaurants, running clubs, etc.

The following are some advantages of establishing a business in the emirate:

• • No import, export, or service-related customs fees.

• company laws and a hassle-free, business-friendly legal framework that guarantee investment security.
• The government-sponsored incentives offered to investors are an additional advantage of setting up a business in the RAK Free Zone.
• Complete ownership.
• 100% of import and export commercial levies are exempt from taxes.
• 100% profit and capital return.
• a business-friendly atmosphere and a simple company-formation process.
  access to the UAE’s major seaports and airports.

By now, we are well versed with the basic requirements of RAK Free Zone company setup, but it is essential to understand the process of setting up the business, which is as follows

Step 1: Select the Business Activity: After incorporation, the entity will start operating, so it’s critical to select the business activities. In accordance with legal requirements, business activities must be selected based on the nature and goals of the enterprise.

Step 2: Select the Business Structure: Prior to incorporating the entity, business owners must select the best kind of business structure that aligns with their goals, operations, etc.

Step 3-Initial Approval: In order to proceed with the subsequent procedures and license registrations for RAK Free Zone company formation, the business must now secure prior approvals.

Step 4-Register a Business Name: The management must choose a name for the company in this step. A company’s identity and mission are conveyed by its name. The name needs to be original and follow the Free Zone’s legal requirements.

Step 5: Submit Documents: In order to successfully incorporate and obtain the required registrations, the business must submit a number of application forms and documents to the appropriate authorities.

Step 6: Apply for a Business License: As was previously mentioned, in order to operate a business with the relevant activities without running afoul of the law, it is crucial to register for the proper Ras Al Khaimah trade license.

Step 7: Post-Incorporation Steps: To effectively launch a business in the Ras Al Khaimah Free Zone, a company must finish post-incorporation procedures such as leasing office space, opening a bank account, etc., after obtaining an incorporation certificate.

The following paperwork is required for a seamless business setup in the RAK free trade zone:

i) Individual Documents
Let’s start by examining the paperwork that residents of the Ras Al Khaimah Free Zone must have.

• Registration and Licensing Application.
• Visa Copy.
• Certificate of No Objection if the members reside in the United Arab Emirates.
• A business plan.
• Copies of the company members’ color passports.
• Emirates ID copies of the company’s employees.
• A copy of your passport and the UBO Declaration Form.

ii) Corporate Entity and Branch Documents
Let’s take a look at the particular documents needed by corporate entities and branches in the RAK Free Trade Zone.