“To improve is to change, so to be perfect is to have changed often.”
The quote above mentioned has been implemented by one of the known Emirates of the UAE-Ras Al Khaimah. Recognized as the northernmost Emirate of the UAE, the region holds an area of 2,486 sq.km, RAK is turning out to be one of the leading investment hubs in the UAE that offers customizable solutions to business entrepreneurs. On the special occasion of Emirati Women’s Day, RAKEZ has taken an initiative to launch business packages for the female entrepreneurs, to encourage them to become the future business professionals. Being a female, if you hold a business dream, then this is the right time for you to take the necessary move.
A Gist About RAKEZ
The Ras-Al-Khaimah Economic Zone stands as a powerful business investment hub in the region of United Arab Emirates that offers solutions to freelancers, startups, SMEs in more than 50 business sectors. Recently, six new categories have been included to boost the Emirate’s economy. Starting a business in Ras-Al-Khaimah turns out to be a feasible solution for the business investors worldwide, and it is expected to grow more by 2020 as the Dubai Expo 2020 is on its way, which is projected to attract 25 million visitors.
The Initiative
On the 28th August 2019, a new initiative has been adopted by the RAKEZ by launching the Business Women Package, which is tailored exclusively for women entrepreneurs to come ahead and incorporate their business ideas. The zone provides a package wherein one can select either 1-Year or a 3-Year package comes with an option of selecting a 1-3 year. Individual facilities that can be availed by the female businesspersons are:
- Free usage of shared RAKEZ workstations
- Free printing of business cards
- Priority tokens will be available at the RAKEZ Centres
- Eligibility for UAE Residence Visa
Apart from the benefits mentioned above, the female entrepreneurs can opt for a special package that gives them the flexibility to choose from eight free zones licenses types which covers:
- Commercial
- Education
- E-Commerce
- General Trading
- Individual/ Professional
- Media
- Service
- Freelancer Permit
This stands as an exciting step for the women entrepreneurs to transform their business dreams into reality. Now, before you decide to step-in, you should be aware of the benefit that you will derive by establishing a business in RAK.
Benefits of Starting a Business in RAK
Some of the benefits of starting a business in RAK covers the following benefits:
- No tax on personal or corporate income generated
- No trade barriers
- Custom duties are exempted
- Business-friendly environment
- 100% foreign ownership
- 100% repatriation of capital invested and profits earned
- Easy accessibility to other Emirates and neighboring countries
- International business exposure.
The benefits mentioned above grabs the attention of foreign expats who want to start a business in RAK. Now, you must be wondering what’s the next step to be followed right. Let’s have a look at it.
How to Proceed Ahead?
To start a business in RAK, you need to go through the following steps:
- Select a business entity based on the number of investors and share capital available
- Apply and duly fill the application form for company registration
- Select an appropriate name for your business
- Upon confirmation, submit the proposed name to the Free Zone Authority in RAK
- Apply for the suitable business license and submit the required documents
- Draft the MOA and AOA of your company
- Obtain the required approvals
- Pay the required license fee and get your trading license
Thus, you can see that the region of Ras-Al-Khaimah turns out to be a feasible one when it comes to business incorporation. By doing so, you end-up getting multiple benefits at a cost-effective price. Additionally, business incorporations have been continuously increasing because of the World Expo. Starting a business at the earliest will help you to understand the market and grab the audience at ease.
However, it is to be noted that the initial phase of business ends up dealing with multiple legal proceedings. To ease the process, it is recommended to take the help of business consultants who can help you in the company incorporation process. At Commitbiz, we are dedicated to providing the same to our esteemed clients. Our business experts are well-versed with the incorporation process and can provide tailored-solutions accordingly. Contact us today to know more-we’d be glad to assist.
