Ras Al Khaimah Economic Zone (RAKEZ)

In recent times, individuals like you are interested in setting up businesses due to factors like profitability, reliability, flexibility, among others. However, for the success and growth of the business, you must be aware of the right location, jurisdiction, requirements, type of entity to form, and other details.

Go through this article as it provides information about the types of licenses required, entities, and steps for setting up a business in Ras Al Khaimah Economic Zone.

Insights about the Ras Al Khaimah Economic Zone

The Ras Al Khaimah Economic Zone (RAKEZ) situated in the heart of Ras Al Khaimah was launched to combine Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). It is one of the biggest free zones in the UAE and offers a wide range of services to different types of businesses.

RAK Economic Zone is a business powerhouse and a leading industrial hub. It includes industrial, academic, media, and business zones offering various facilities. It has administrative offices and business centre facilities in Dubai and Abu Dhabi, making it a favourable location for business incorporation. The economic zone supports startups, entrepreneurs, SMEs, and industrialists and aims to become a one-stop shop for business owners in the UAE.

Reasons for Business Setup in RAK Economic Zone

Are you still wondering about why to set up a business in the economic zone? Here are certain benefits of opening a business. Let us take a look at them -

a) Low Set up Costs

Setting up a business in Ras Al Khaimah involves low set-up costs. The government offers various set up options with unique cost strategies and tailored solutions.

b) Easy Incorporation

The company formation process in RAKEZ is straightforward and simple. It allows you to start business operations within days.

c) Various Facilities

You can use various facilities for setting up your business in RAKEZ. The economic zone is favourable for startups and SMEs because it offers plenty of services, personalised workstations, land and warehouses of different sizes.

d) Allows various Business Activities

Ras Al Khaimah Economic Zone is known for its different zones established for specific industries, such as manufacturing, trading, services, and others. These zones allow you to carry out various business activities, leading to more business establishments in the Emirate.

Types of Entities for Business Setup in RAK Economic Zone

There are three main types of entities and each one of them is mentioned below -

i) Legal Entity

  • Free Zone Limited Liability Company (FZ-LLC)

ii) Non-Free Zone Entity

  • Individual Establishment

  • Limited Liability Company (LLC)

iii) Branches

  • Branch of a UAE-Based Company

  • Branch of a Foreign Company

Types of Licenses Available in Ras Al Khaimah

For business setup in Ras Al Khaimah Economic Zone, you will be required to avail a relevant license based on the business activity you want to carry out. The different types of license include -

  • Commercial License.
  • Educational License.
  • E-Commerce License.
  • General Trading License.
  • Individual/Professional License.
  • Industrial License.
  • Media License.
  • Professional License.
  • Service License.
  • Freelance Permit.

Company Formation in Ras Al Khaimah Economic Zone

When it comes to company formation in RAKEZ, you are required to follow certain steps. Let us take a look at the steps -

Step 1 - Select Business Activity

Identify the nature of your business and choose the right business activity.

Step 2 - Choose Business Structure

Select the appropriate business structure that compliments the nature, objectives, and activities of your business.

Step 3 - Select Trade Name

Pick a unique name for your business adhering to the legal regulations of RAKEZ.

Step 4 - Avail Business License

Depending on the chosen business activity, you must apply for a relevant business license.

Step 5 - Avail Visa

Apply for visas for your business members so that they can easily reside and work in the economic zone.

Step 6 - Documentation

Submit the required documents to the authorities along with the application form.

Step 7 - Open Bank Account

Open a bank account for your business to facilitate easy and transparent transactions.

Starting a business in the RAK Economic Zone is a favourable option for business owners like you, who wish to conduct operations in the UAE. Factors like strategic location, low set up costs, simplified procedure, and a business-friendly environment that helps grow your business.

Setting up a business in the economic zone enables you to avail various services and facilities. It is beneficial to reach out to a consultancy firm like Commitbiz as our experts can guide you in the right direction. We provide top-quality services and help you establish your dream business in the Ras Al Khaimah Economic Zone (RAKEZ).

FAQs

What are the trending business opportunities in Ras Al Khaimah Economic Zone?

Technology and innovation, energy sectors, manufacturing and industrial sectors, and e-commerce and digital services are some of the trending business opportunities in RAK.

How is RAKEZ a strategic location for businesses?

Ras Al Khaimah is connected to the borders of Oman and the northern emirate in the UAE. It has a beach coastline on the Arabian Gulf, a highway to Dubai, and international airports.

What are the cost factors affecting business setup in Ras Al Khaimah Economic Zone?

The fees payable for license, visa application, registration, and certification are some of the cost factors affecting business setup in RAKEZ.

 

What are the documents required for setting up a business in RAKEZ?

Some of the documents which needs to be submitted to the authorities include Memorandum of Association (MoA), Articles of Association (AoA), certificate of incorporation, bank reference letter, board resolution, among others.