Business Setup in Ras Al Khaimah Free Zones

Ras Al Khaimah Free Zones

The Ras Al Khaimah Free Trade Zone was established in 2000 and is now becoming a world-class business and also an industrial centre. Business set up in Ras Al Khaimah will offer you attractive incentives and many cost-competitive packages. The Ras Al Khaimah Free Zones are currently home to over 15,000 businesses from over 50 sectors. The business setup in Ras Al Khaimah Free Zones aims to continue the process of easing entrepreneurs and attaining excellence in services. However, Business setup In Ras Al Khaimah Free Zones is known for its cost-effective and ideal packages.

The future aim of Ras Al Khaimah, or the industrial strategy for 2030, is to boost its GDP from its initiative, which is to ‘Make, Manage, Move’. After this initiative, the RAK FTZs packages will provide benefits to all the entrepreneurs and other supply chains.

Benefits of Business setup in Ras Al Khaimah Free zones

Ras Al Khaimah has very little bureaucracy with a simple setup. Also, it is incredibly welcoming to a variety of businesses. The several benefits for business setup in Ras Al Khaimah free zones are mentioned below

• There is a huge decrease in the time for the administration process and requests for RAK Free Zone Company formation because all the entrepreneurial services are available in the Ras Al Khaimah Free Zone and accessible from the Ras Al Khaimah Portal 360.
• The other benefit of business setup in Ras Al Khaimah free zones is that the cost of functioning and living in Ras Al Khaimah Free zones is up to 50% less than the other regions of the UAE.
• In Ras Al Khaimah, it is easy to start a women-led business, as RAK FTZ provides business packages made exclusively for female entrepreneurs.
• You can also operate from the free zone and mainland from one office when you use the RAK FTZ’s dual license structure.
• Thanks to the proximity of Saqr Port and Rak International Port, if you do Business setup in Ras Al Khaimah, then your business will benefit from convenient logistics.
• If you plan to do the Business setup in Ras Al Khaimah Freez zones,, you will be able to have customizable offices,, which means you can build on-site staff and labour accommodations. You will also have a state-of-the-art warehouse, customizable offices, and industrial land plots for large projects.
• There are wide highway networks, cutting-edge digital organizations, and world-class services that are provided to your business by the RAK FTZ.
• The Ras Al Khaimah offers you the 100% business ownership. In which you will be able to completely expel profit earned and capital invested. Also, the UAE has a tax-free atmosphere.

Documents Required for the Company Formation in Ras Al Khaimah Free Zones

You must arrange all your relevant and valid documents before starting the company formation in Ras Al Khaimah. The following documents are mentioned below

• Passport and Visas Copies
• Passport-size photos two
• Stamp pages and Entry visa
• Application for registering
• Business Plan
• UBO Declaration Form

Steps For Business Setup in Ras Al Khaimah Free Zones

Once you have all the documents required for the business setup in Ras Al Khaimah Free zones, you can start with the process for business setup in Ras Al Khaimah. The steps are mentioned below

Step 1- Business Activity

The first step for business setup in the Ras Al Khaimah free zone is to decide your business activity, as the RAK free zones offer you a wide range of business activities. These include activities like commercial, educational, e-commerce, and so on. You need to pick the easiest and best business option for yourself. Enterslice can help you with the whole registration process.

Step 2- Pick a name

The first impression of your company is its name. So, choosing an appropriate name is a big responsibility. After choosing an appropriate name, you will have to register it with the concerned authorities. For naming the companies, the government of the UAE has certain norms that need to be kept in focus.

Step 3- Company Structure

In this step of business setup in Ras Al Khaimah Free zones, you have to decide on your company structure, which is a key decision for your business. The only thing that will make your company run efficiently is the proper structure of your company. You can choose your company structure from a foreign company's Sole proprietorship, LLC.

Step 4- Licence

For the Business setup in Ras Al Khaimah Free zones, you will have to apply for the appropriate license that is needed by your business. The Ras Al Khaimah provides various license options. It also provides you with dual license structures. Under the License in RAK FTZ, you will also have certain restrictions on some activities that you can do in one license, and you will also be required to apply for your visas with any third-party NOCs.

Step 5- Facility

For Business setup in Ras Al Khaimah, choosing and leasing a facility is mandatory. After you have applied for the license, you will have to choose a suitable facility. In Ras Al Khaimah, a variety of facilities are available, such as Co-working spaces and services, staff and executive officers. The factors that should be considered are amenities, size, and budget.

Based on the business activity, you may also lease warehouses and land. If it is required, you can also provide your staff with accommodations in the industrial zones.

Step 6- Business License

After all the business requirements are completed, you will be able to have your business license. The trade license may be a commercial license, professional license, or industrial license.

Step 7- Lauch Business

After all the steps are done, you can Launch your business and start the necessary business activities that you have planned to do.

Types of Freezone locations For Ras Al Khaimah Free zone

In RAK, individuals can establish their business in different locations, which are

• Ras Al Khaimah Economic Zone- RAKEZ is the centre of the businesses and industries in the UAE. The RAKEZ is famous because of its customizable solutions and business-friendly advantages.
• Rak Maritime City Free Zone – RMCFZ is a government entity that started in 2009 to look into the expansion and operation of the RAK maritime city. This zone is responsible for the transportation of goods and people by sea.
• RAK Investment Free Zone – This is another government entity focused on economic growth and creating more industries in the UAE. It was established in 2005 with huge investment authorities for businesses that were looking for a place in the market.
• Ras Al Khaimah Media Free Zone – This zone, which is also known as RAK Media City, was established in 2006. In this business zone, the main purpose is to provide chances to media and entertainment companies in the Middle East.

Types of licenses that are available in the RAK Free Trade Zone

If you want to work with the chosen activity of your business, the owner of the business will need to acquire the license of the particular authorities, which will be issued by the trade license in Ras Al Khaimah. Every license is appropriate depending on your business, which are mentioned below

• Industrial License – This License is important for business activities such as manufacturing, processing, collecting, packaging, importing raw materials, and exporting finished products. The Rak FTZ feasibility clearance and environmental impact studies are compulsory for this license.
• Commercial License – This will allow numerous types of commercial activities, which include import, export, storage, and item distribution as specified in the license.
• Consulting and Services License – The holder is permitted to conduct activities that include consulting services in finance, investment, management, legal issues, economies, etc. Some other activities that are under this license are restaurants and catering services, Insurance, cargo, and others.
• General Trading License- Under the commercial License, a general trading license is obtained, which will allow for the seven product lines; however, it is generally issued in 2-3 working days.
• Media License- This License is applied by the people who are doing media-related business activities in UAE. TV and marketing, talent management, etc.
• Professional License- In the country, whoever offers professional services is given a professional license.

The cost of Business setup in Ras Al Khaimah Free zones

 Many factors determine the cost of business setup in Ras Al Khaimah Free zones, which includes the type of business you have chosen, The licenses your business needs, fees, and more. If you want to have workforce accommodation, then your setup cost will increase more. Therefore, there cannot be a specific amount that can be said.

If there is any approximate idea thatwe can give you, then the license will cost you AED 12,900 to AED 28,000, but you also have to consider the other costs.

Factors which affect the cost of business setup in RAK Free Zones

Let’s look at the factors that might affect the cost of Business setup in Ras AL Khaimah Free zones as follows

Business Activities

Various business activities are welcome in Ras Al Khaimah free zones, like trading, freelancing, etc., which makes the RAK-free zones an attractive place for the business, which will affect the cost of the business because, for each activity, there is a different cost depending on the resources, requirements compliance, etc.

Structure and Jurisdiction

While you do the Business setup in Ras Al Khaimah Free zones, then, the type of company formation and business structure chosen by the management will decide the cost of the setup. Every cost varies from free zone companies to international companies, and for this thorough research, Enterslice will help you.

Company’s Size

The other factor which can affect the cost is the size of the company. Larger companies will need big office spaces and many other things, whereas smaller companies will need few license costs and other requirements.

Visa Processing

In UAE, whatever businesses are there will need to register for visas for the members and employees of the company; therefore, this factor will affect the cost of the business setup in Ras Al Khaimah free zones.

Legal Fees

There will be certain legal and professional fees, which will also affect the cost of Business setup in Ras Al Khaimah Free zones. Some examples of this are accounting activities, banking services, engaging with lawyers, etc.

What services Enterslice can provide?

• We at Enterslice provide expert consultation services with a focus on your business needs; we will guide you through the entire process of Business setup in Ras Al Khaimah Free Zones.
• You can tap into Enterslice's extensive Legal expertise to ensure compliance with local regulations and make your incorporation process easy.
• We at Enterslice offer you personalized solutions that will cater to various business types and sizes, making sure that your business setup in Ras Al Khaimah Free Zones aligns perfectly with your business objectives.
• You can leave all the paperwork and necessary documentation needed to Enterslice, and we will guide you through the whole process to make it easy for you.