Ras al-Khaimah (RAK) is located in the northern part of the United Arab Emirates (UAE), bordering Oman’s exclave of Musandam, and is the first port of call for all the northern emirates. RAK is an emerging business destination in the Middle East that has been awarded as the “Best Emerging Free Zone” second time in a row. It’s strategic location (proximity of Port Saqr makes it closest to Northern markets like India, Pakistan, Iran, CIS, China, etc.), efficient administration, global connectivity, proximity to Dubai (45 minutes), and ease of trans-shipment gives RAK an edge despite the abundance of other business hubs in the UAE.
Benefits of Business Setup in RAK
- The free zones in RAK provide world-class infrastructural network, excellent logistic facilities, and all the advantages of a global business hub at lower costs, making it a highly economic investment.
- The legal framework of RAK doesn’t assert companies to have an office space for business registration, giving them an opportunity to ascertain the business reality before expanding their business.
- RAK has competitive real-estate prices and the provision of the property is available on leases.
- RAK has no restrictions on currency exchange or on recruiting labor.
- Apart from free zones, RAK also has a mainland and offshore company formation for investors
Process of Company Formation in RAK
- Decide the kind of business activity your company would be carrying out.
- Select a company name and reserving it with the Company Registrar.
- Deposit the mandated minimum capital amount in the bank account, as per the location and business type of the company.
- Assess the employee strength required to operate the business
- Register for a license depending upon your business activity [the types of licenses issued in RAK are: (1) Trading/Commercial License, (2) Service License, (3) Industrial License, and (4) Publishing License (for media city)].
- Get the shareholders’ (individual shareholders, corporate shareholders, or both) sign on the company formation documents and complete business setup formalities in the presence of government authorities.