In today’s busy schedule, the mass population of the world is engaged in an active life. Lack of time and multiple inventions in the corporate world has given birth to several waste products which we were not aware of at the initial stage. Plastics, chemicals and numerous harmful substances are released into the air and water that has disturbed the ecological imbalance of nature. According to the latest reports, the Global Waste Management Market size is expected to hold a value of $530 billion by 2025. Numerous effective measures have been initiated in different parts of the world to decrease or recycle waste residues. Leaving no stone unturned, the United Arab Emirates, known as the growing business hub, has taken the initiative to take adequate measures in this area.
Ras-Al-Khaimah, one of the seven Emirates of the UAE, is focusing on the waste management scenario. The region has been dedicated as a perfect place to start a waste management business, and this is what you are going to get an idea in this blog. Starting a business in the UAE has been made much easier as compared to the earlier scenario. If you hold an interest to initiate your company in this domain, then do read ahead.
A Brief on Ras-Al-Khaimah
Situated on the northern part of the UAE, the RAK stands as one of the seven Emirates covering an area of 2,468 square kilometers, holding an estimated population of almost five lakhs. Surrounded by the Hajar Mountains, the region is best suited for ceramic industries. Business investors and entrepreneurs find RAK as a suitable location as it is a developing area and holds immense opportunities from the business perspective. Next, let’s move on to the waste management scenario prevailing in RAK.
Waste Management Business in RAK
Understanding the need and demand of the waste management business, the United Arab Emirates have taken a significant move this year. In Jan 2019, the region has taken the initiative of opening the first waste management factory to bring out a solution to the existing issues. With the upcoming Expo 2020, the Government is planning to decrease the waste reduce by 75% by the year 2021.
How to Start a Waste Management Business in RAK?
Well, to start a waste management business in the RAK, the following procedures are to be followed:
1.Determine the Business Activity
The first and foremost thing is that you need to determine your business activity. Once you are clear about the business proceedings, you can proceed ahead.
2.Select the Company Structure
The next step is to select the best company structure to set up our business. The region of RAK provides options for various entities like FZE, FZC, Branch of a Foreign Company, Branch of a UAE Company etc. Based on the business requirements, the respective structure is to be chosen.
3.Register a Trade Name
Next, you need to register your trade name with the Government Authorities of the region. You need to be made sure that the trade name turns out to be unique and shouldn’t hold any an offensive meaning.
4.Obtain the Required Approvals
The next move is to acquire the approvals from the Government Authorities. Once the permissions are met, you can go ahead with the business proceedings.
5.Obtain the Business License
Last, but not least, the respective business license needs to be obtained from the Government Authorities. This license will act as a legal permit that permits you to carry out the business proceedings. Here’s a list of the available business licenses in the UAE.
Now, let’s move in and have a look at the benefits.
Benefits of Starting a Business in RAK
Some of the benefits that you will be deriving by starting a business in RAK are stated below:
There is no need to pay taxes on the income earned by you, which turns out to be one of the attracting features to the business investors.
In case a company want to proceed ahead to liquidation, the biggest worry turns out to be the enormous investments made at the initial stage right! Well, you don’t need to bother that as RAK provides you with the complete flexibility to repatriate the total capital invested and profits made during the business cycle that you have made.
3.Flexible Laws on the Immigration
The region provides flexible laws on immigration and residence for the skilled and unskilled labourers engaged in the process, which means it is a better chance for the investors to hire workforce t ease.
4.No Currency Restrictions
You don’t need to worry about the restrictions regarding the currency that you are dealing with. RAK provides the complete freedom to trade business by accepting multiple currencies available in the world.
By establishing a waste management business, we are stepping towards a better tomorrow. The UAE has taken a good move and is inviting millions of foreign investors to come forward and join in. However, it is to be noted that carrying out the legal proceedings alone stands as a complicated process, and might turn out to be time-consuming. The best way to deal with this is to have a word with a business consultant who can help you in carrying out the business proceedings at ease.
Commitbiz Consultants is here to help you who focuses on providing the same to its esteemed clients. Our business experts are well-versed with the business incorporation proceedings and can help you in transforming your business dream into reality. To have a word, do contact us today-we’d be glad to assist.