RAKEZ business setup
As per the guidance of His Highness Sheikh Saud bin Saqr Al Qasimi, United Arab Emirates Supreme Council Member and Ruler of Ras Al Khaimah, RAS AL KHAIMAH economic zone was established to oversee and consolidate the specialized zones and clients of both Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA). RAKEZ is one of the largest economic zones, covering almost 33 million square metres of land and housing over 13,000 companies, currently served by RAK FTZ and RAKIA from over 100 countries representing above 50 sectors.
RAKEZ is a continuation of RAK FTZ in 2000 and RAKIA in 2005. RAKEZ is committed to its promise of empowering clients and investors by offering a cost-effective and world-class economic zone with customizable packages and services as well as state-of-the-art facilities.
What are the features of RAKEZ business setup?
Blessed with a strategic location, RAKEZ connects investors to growing markets of the Middle East, North Africa, Europe as well as South and Central Asia.
Having a strategic location, some of the other features include,
- Free zone and non-free zone entity formation
- 100% ownership
- Fast and efficient business setup processes
- Wide-ranging business and industrial facilities and value-added services
- Provision to build on-site staff and labour accommodation
- One-stop shop facility for services
- Self-service customer portal
- Connectivity to major logistical hubs and multilane super highways
- Accessibility via an international spread of regional offices
What are the different structures of company formation in RAKEZ?
RAKEZ is divided into specialized zones, viz., RAKEZ Business Zone, Al Hamra Industrial Zone, Al Ghail Industrial Zone, Al Hulaila Industrial Zone and RAKEZ Academic Zone for catering to various sectors including trading, services, consultancy, manufacturing, industrial projects, logistics, schools, universities, institutes, academic consultancy and services.
Structuring of Business Operations in the Free Zones and Non- Free Zones
The business operations in a Free Zone can be structured in either one of the following ways:
- Branch of a foreign company or locally registered entities;
- As a Free Zone Establishment (FZE), wherein there is only one shareholder
- As a Free Zone Limited Liability Company (FZ-LLC), wherein there are 2 – 5 shareholders
The business operations in a Non-Free Zone can be structured in either one of the following ways:
- INDIVIDUAL ESTABLISHMENT: Sole owner
- LIMITED LIABILITY COMPANY (LLC): 2 or more shareholders (upto 50 shareholders)
Note: A non-free zone operation will need a UAE national partner.
In case of a FREE ZONE COMPANY SETUP in RAKEZ (FZE) and Free Zone Limited Liability Company (FZ-LLC) the minimum capital requirement is AED 100,000). However, it is not mandatory to evidence the deposit of the capital amount.
In case of non-free zone company the company shall have sufficient capital to achieve the purpose of its incorporation and the capital shall consist of shares equal in value. On a proposal made by the Minister in coordination with the competent authorities, the Cabinet may issue a decision determining the minimum limit of the capital of the company.
The business can opt for Flexi facilities, Standard Offices, Warehouse and Industrial Land depending on the activities they propose to carry out in RAKEZ.
What is the procedure for RAKEZ business setup?
RAKEZ is a perfect place to start your business in the UAE. To start your business, follow the below given three steps,
- Choose the right package – Initially, select the suitable entity, facility and license. Selecting these factors will determine the package of your business. Now, you have completed the 25% of business setup process.
- Submit application and documents – In this step, A & A associates guide you through all the procedures and guidelines of business setup in RAKEZ. We make sure that all the requirements are met and documents are arranged from your side. After submitting the necessary documents, the applicant will receive a notification from the authority and move towards the payment of fees.
Payment can be initiated in three different ways, they are, Direct cash payment at free trade zone office , Online payment through website, Bank transfer to account mentioned on your invoice
- Collecting Business license
The final step would be to collect your business license along with the registration and bank letter, after completing the licensing formalities. After getting the license, move on to your visa application process.
What are the documents required for RAKEZ business setup?
Document preparation is challenging and requires a lot of work. The documents required vary according to the business type and legal entity,
Some of the common documents required in all categories include,
- Registration and licensing application
- Chamber of commerce membership application
- Application for DED
- Visa copy or entry stamp of shareholders or directors
- NOC for manager in case of an UAE national
- Emirates ID of shareholder
- Summary or business plan
- Passport copy of directors or shareholders.
- Trade license copy
- MoA and AoA
What are the benefits of RAKEZ company setup?
- Complete ownership
- No personal or corporate income
- No customs duty
- Variety of warehouses located in close proximity with seaports and airports
- Industrial plot with the aim of development
- Reasonable facilities
How A & A associates support RAKEZ business setup?
A & A associates support business setup in RAKEZ with perfect documentation, licensing, visa application, business registration, banking procedures, and all other essential legal formalities to start your business venture.
We ensure great service in a cost-effective manner! Get started with your RAKEZ business setup, contact us for complete help and guidance!