RAK Maritime City (RMC) was created as a free zone by Emiri Decree in December 2009. It offers international port facilities and business services for companies seeking an efficient and secure environment for their operations. With different zones for retail, warehousing, cargo handling, industrial production and manufacturing, tank storage and shipbuilding or repairs, RAK Maritime City offers a variety of facilities for businesses from a variety of industries. The free zone seeks to attract businesses as a one-stop-shop with the benefits of a free zone environment, state of art, 21st-century harbor infrastructure within a developed and established port.
RAK Maritime Zone covers an area of several million square meters divided into zoned plots which can accommodate businesses of varying size and across multiple industrial sectors. It is strategically positioned near the Strait of Hormuz and therefore has a unique advantage in terms of fuel cost savings for tenants and its ports functionality and features.
Benefits of Setting Up a Company in RAK Maritime City
- 100% company ownership
- 100% tax exemption
- 100% foreign investment
- No customs duties and tariff
- Access to high-end infrastructure and communication
- Access to global market
- 100% repatriation of profits and capital
- Flexible policies for hiring a foreigner
- Easy business formation regulations
Types of Licenses in RAK Maritime City
There are 3 main types of licenses available in RAK Maritime City:
1. Commercial License
This license allows the holder to import, export, sell, distribute, and store items specified on the license.
2. General Trading License
A General Trading License can be obtained under a Commercial License, which allows for more than seven product lines.
3. Industrial License
This license allows the holder to import raw materials for the purpose of manufacturing, processing, and/or assembly of specified products.
Types of Legal Entities in RAK Maritime City
A company wishing to set up a business in RAK free zone can be registered as one of the following legal entities:
- Free Zone Establishment
- Free Zone Company
- Local Branch
- Foreign Branch
How to Set Up a Company in RAK Maritime City Free Zone?
Any company that wishes to operate at the RAK Maritime City (RMC) should register as a legal entity at the RMC, open a bank account, acquire a valid permit to undertake approved activities (business license) and sign a lease contract for using the selected facility at the RMC. Once all of these procedures have been completed successfully, the company will be entitled to activate a bank account, apply for the approved number of visas (UAE residence permits) and to start business activities in the RMC. To register your business in RAK Maritime City Free zone, the following procedure must be undertaken:
- Download an application form online from the RAK free zone website and fill all the details correctly
- Submit all the necessary documents once the application is approved by the RAK authorities
- Get the Memorandum of Association of the company notarized at the registrar
- Register the companies trade name
- Fulfill the licensing requirements after you get the Certificate of Incorporation
- Get the type of license you require for your business activity by paying the fee
Documents Required to Set Up a Company in RAK Maritime City
- Application form of company incorporation and license
- A brief description of the company/project
- Copy of passport of both owner and manager
- Company resolution
- Bank statement to prove you have the required capital for the company
- Registration certificate
Why Set Up a Company in RAK Maritime City?
RAK Maritime City free zone not just brings huge benefits to the entrepreneurs but also supports you through every step of incorporation by easing out its legal framework to set up a company. This free zone is a project of huge dimensions which in turn will have a long-lasting impact on the maritime industry across the region. If you have made your mind to set up your company in the Ras Al Khaimah free zone, then we at Commitbiz can help you guide through every step of incorporation. Our advisors have years of experience in this field and can make this process easy and hassle-free. Contact us today for more information.