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Company Formation in Ras Al Khaimah

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Overview of Company registration in Ras Al Khaimah

As the northernmost emirate in the United Arab Emirates in Al Khaimah, in the UAE, it is one of seven emirates in which there are several promising prospects. It's close to Dubai, and it's easy to reach by a variety of modes of transport. It's got big seaports and international airports that connect it to the rest of the world. As a result, there will be a great investment opportunity in registering Companies in Ras Al Khaimah.

The emirates are mainly known for their free zones. Likewise, the Ras-Al-Khaimah is also a Free trade zone. An amazing substitute for Dubai for company registration is known as the Ras Al Khaimah Free Trade Zone. In this free zone, there are many business types and warehouses; also, the best part is that there are no taxes paid in the free trade zone for the enterprises which are operating from there.

Documents for company formation in Ras Al Khaimah

The documents required for company registration in Ras Al Khaimah are as follows

  • Approval of ministries
  • Application for Licence
  • Memorandum of Association
  • Article of association
  • Data of the Company's Shareholders and Directors
  • Passport and Visa Copies
  • Commercial property
  • Copy of the trade name certificate
  • No objection certificates

Procedure for Company Formation in Ras Al Khaimah

Company registration in Ras Al Khaimah process is mentioned below

Step 1- Choose the Business Activity

The first and main step to registering your company formation in Ras Al Khaimah offshore company is to decide what type of business activity you want to start, which can be a commercial, professional, or industrial business activity.

Step 2- Legal Form of the Business

In this step, you need to regulate the type of corporate entity for your business. This depends on the type of business you are scheduling to do, and it will also depend on the shareholders you are planning to have. Ras Al Khaimah offers some business structure that are

  • Free-Zone Company
  • Mainland Company
  • Offshore Company

Step 3- Jurisdiction finalization

For the company formation in Ras Al Khaimah, you will have to finalize in what area you will register your company in. In Ras Al Khaimah, the areas that are for business are the Mainland, the Free zone, and the offshore.

Step 4- Initial approval

You will have to get the initial approval before you get the company name certificate. You will be allowed to go forward with the business license and other procedures once you get the initial approval. You also will have to notarize and prepare the Memorandum of Association, which will have all the company structure and operation information.

Step 5- Trade Name Registration

In this step, you will have to finalize the name and give it to the Department of Economic Development. The name you picked should be unique.

Step 6- Apply and Submit

Now, to get the consent of the required authorities, you have to visit them. The required authorities you must visit will depend on your business activity.

Step 7- Get a business license

In this step, it is time to get your business licenses. If there is a need, you will have to complete any other requirements that the Department of Economic Development will ask before your business license is issued. You also will have to notarize and prepare the Memorandum of Association, which will have all the company structure and operation information.

Step 8- Office on Rent

For the company formation in Ras Al Khaimah, the last step will include finding a place to set up your company. When you find the place for your company, the Monitoring and Consumer Protection Administration in the Department of Economic Development will visit the place, and then you will get the final approval.

Requirements for incorporation of the Company in Ras Al Khaimah

You need to understand what are the main requirements for company formation in Ras Al Khaimah before you dive into the businesses which are mentioned below

Capital requirement

There should be a minimum share of capital of 1000AED for the Ras Al Khaimah company.

The payment should be made in UAE dirhams, which should be 1000 AED. In a series, there can be different classes of shares, and each will have its own set of privileges, limitations, and constraints.

Requirement of Visa

When you plan to live and work in Ras Al Khaimah, then you will need to obtain the necessary Visas for yourself and your other employees.

Local Sponsorship

In Ras Al Khaimah, you may require a local sponsor to establish your business, although Free zone companies do not have this requirement.

Company Space

You may be required to lease the office space, which will depend on your business structure in Ras Al Khaimah. The flexible office space solutions often benefit the Free Zone companies.

Advantages of Company Formation in Ras Al Khaimah

In UAE, Ras Al Khaimah is the most organized place for business. It has a strategic location with business-friendly policies. There are some more advantages of company formation in Ras Al Khaimah, which are mentioned below.

Cost Operative

Company formation in Ras Al Khaimah is an amazing plan for those who are looking to decrease their operating expenses, as Ras Al Khaimah offers competitive costs. Compared to other emirates in the UAE, the price of residing and operating in Ras Al Khaimah is lower.

Best Infrastructure

In Ras Al Khaimah, you are offered the world's best-class infrastructure, which includes modern office space, warehouses, and industrial units. The Ras Al Khaimah is the ideal location for businesses that need modern facilities as their government supports arduously in infrastructure assignments.

Business-Friendly Policies

Ras Al Khaimah offers you the most business-friendly environment, with different policies promoting foreign investment. The Ras Al Khaimah has initiated many measures to support the businesses, which include the hundred per cent ownership, tax exemptions, and licensing process.

Strategic location

Do the company formation in Ras Al Khaimah. You will see that the location is close to the major markets in the Middle East, Africa, and Asia, which will provide companies with comfortable access to all these regions. The Ras Al Khaimah is connected to all the major ports, airports, and highways, which makes it a logistical place for business.

Ras Al Khaimah Free Zones

The Ras Al Khaimah free zones are affordable and trouble-free and also have a welcoming environment for customers who attract other nations to establish their businesses here. If you compare it to other UAE emirates, then you will see that the city offers the most cost-efficient company registration solutions. This makes Ras Al Khaimah support all types of company formations, no matter the size of these companies.

The RAK Investment Authority: RAKIA was founded in 2015 to create and encourage an investment atmosphere in the free zone. This free zone offers you excellent investment support, which then guarantees a low-cost, hassle-free Ras Al Khaimah business setup. The RAKIA free zone offers the strong government support, great infrastructure, and unmatched natural beauty, and it is a prime location as it is the meeting point of East and West.

RAK Maritime City Free Zone :This was established in 2001. This zone offers enterprises a one-stop shop with the harbour infrastructure inside the developed and established port, providing services to companies involved in shipbuilding and maritime services.

Ras Al Khaimah Economic Zone: In the RAKEZ, a wide range of business solutions are offered. It gives local and reserved investors a stage to expand their investments, which will allow them to enter local, regional, and global markets.

Ras Al Khaimah Media Free Zone: The Ras Al Khaimah Media City was established in 2006 and was an alternative to the Dubai Media

What services Enterslice can provide?

  • We at Enterslice will provide you with an overview of the process of company formation in Ras Al Khaimah, as well as its benefits and advantages.
  • Enterslice will guide you through available company formation in Ras Al Khaimah, such as Free zone, Offshore, and Mainland companieses.
  • Enterslice also provides the documentation for company formation, including legal forms, certificates, and identification documents, which will ensure that the client has all the paperwork required for the Ras Al Khaimah company formation.
  • Enterslice's expertise will navigate the whole regulation process in Ras Al Khaimah, ensuring compliance with local laws, rules, and all the licensing requirements.

Frequently Asked Questions

Although the government has taken several measures to make the process easier for the people who want to do business there, Setting up a business in Ras Al Khaimah can be difficult as it involves various legal and administrative steps.

Companies that are in RAK-free zones enjoy a 100 per cent corporate tax exemption and zero per cent in value-added tax for the first five years.

The company's incorporation process in Ras Al Khaimah can take about fifteen weeks to start a business in Ras Al Khaimah.

Depending on the type of business activity, the number of shareholders, and the size of the company, the cost of company registration can vary.

The Ras Al Khaimah offers you great opportunities in every sector of trade, which also includes the provision of professional services.

The pharmaceuticals, manufacturing, importing and exporting, food industries, and robotics are some of the best options to start a business in Ras Al Khaimah as they offer a variety of business activities.

Foreigners can establish businesses in the Mainland, free zone companies, and offshore companies.

In Ras Al Khaimah, the available business trade is Trade licenses, professional licenses, and industrial licenses.

In Ras Al Khaimah, the laws that are followed are mainly Federal laws, which the United Arab Emirates government issues, and also issued by the RAK government, which are the local laws and regulations.

Although in Ras Al Khaimah, most companies don't need to have a local resident director in most UAE banks, it will be required to have one of the directors be a resident of the UAE.

The name of the company with the suffix will depend on the type of company incorporated.

Yes, you have to get your trade name reserved, as it's mandatory.

The company usually takes three days to register in Ras Al Khaimah.

 

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