Company Formation in RAKIA Free Zone 2019

by commitbizadmin 04, Oct 2019

Company Formation in RAKIA Free Zone 2019

Launched in the year 2005, Ras Al Khaimah Investment Authority is a free zone acts as a one-stop-solution for all the investor’s needs. It was established with a mandate to attract quality investments in key sectors of RAK economy such as industry, tourism, and real estate. The services provided by the RAK free zone includes business licenses, visas, industrial plots, labor, warehouses, accommodation, commercial space, building permits. Ras al Khaimah investment authority provides all the necessary infrastructure and approvals under one umbrella for all the investors, including partnering them for their projects in the UAE. The semi-governmental body will have a legal character and would enjoy financial and managerial independence.

RAKIA free zones aim is to offer comprehensive solutions to the requirements of every investor and provide value and customer satisfaction, ensure the least transaction, conversion cost, enable business person to flourish in the quickest possible time and to make an investment in Ras Al Khaimah simple, ease, and pleasant experience.

Benefits of Business Setup in RAKIA Free Zone

  • 100% foreign ownership
  • 100% repatriation of capital and profits
  • 100% exemption on corporate and personal tax
  • No foreign exchange control
  • Liberal labor laws
  • Exemption of import and export taxes
  • Absence of restrictions on hiring expatriates
  • Comprehensive master planning for growth
  • One-stop-shop for all investors needs
  • Well-developed industrial infrastructure

Strategic Business Units in RAKIA

There are eight strategic business units in this zone. They are as follows-

  1. Industrial Parks 
  2. Education/ Technology 
  3. Real Estate 
  4. Transportation 
  5. Investments 
  6. Manufacturing & Energy 
  7. RAK Offshore and 
  8. RERA

Each business unit is headed by an experienced professional who is ultimately responsible for the overall performance of all the companies under their business units. They are empowered to act independently and possess the necessary authority to make and implement decisions that are in the best interest of RAKIA.

Facilities Provided by RAKIA Free Zone

  • Warehouse- RAKIA offers warehouses in different sizes for both free zone and non-free zone jurisdictions. The sizes begin from 311m2, and the investors are allowed to construct offices within the pre-built warehouses
  • Industrial Land- The free zone provides land on a long-term, renewable lease for industrial ventures in its two industrial parks in Al Hamra and Al Ghail in RAK
  • Offices- RAKIA Free Zone offers offices that are ideal for businesses with mid-to-long-term plans in the region. Branch and manufacturing units can be benefited from this
  • Flexi Facilities- The free zone also offers business setup packages that are cost-effective options for business professionals who require solutions on a time slot basis, perfect for startups wanting to explore the market

License Types in RAKIA Free Zone

  • Industrial
  • Trading
  • Commercial
  • General Trading
  • Consulting/Service
  • Media

Legal Entities in RAKIA Free Zone

  • Free Zone Establishment
  • Limited Liability Company
  • Local or Foreign Branch

Procedure to Start a Company in Ras Al Khaimah Investment Authority FZ

In order to start a business in RAK free zone, you have to follow the below-mentioned steps.

  1. Determine the types of business activity. The first step is crucial as this step will help you in initiating business license procedure
  2. Determine the legal category of establishment
  3. Register the business name. It is important to choose a unique business name for your company. The investor can obtain the initial approval before obtaining the trade name certificate
  4. Obtain initial approval. The primary approval allows the investor to continue with business license issuance procedures and address the concerned department to obtain their consent to conduct the required business activity, though not conducting the activity without first obtaining the license
  5. After obtaining the initial approval for the business, the applicant must visit the concerned authorities to get their approval. These departments are defined according to the required activity
  6. Issuance of business license. Once the approval of the concerned authorities is obtained, the investor may continue to the stage of fulfilling all the necessary requirements of obtaining the business license from the free zone authority before finally receiving the license

After the business license and certificate of incorporation is issued, you can legally start your business.

If you want to start a business in Ras Al Khaimah Investment Authority Free Zone, we at Commitbiz can help you with it. Our experts in RAK are well-versed with the legal formalities and can make the business setup process hassle-free. Contact us today- we’d be happy to assist you.