Ras Al Khaimah Investment Authority (RAKIA) - At a Glance
In order to spur foreign investment in the Emirate of Ras Al Khaimah (Northern UAE Emirate), RAKIA was established in 2005, as per the Emiri Decree No. (2)/ 2005 by H.H. Sheikh Saqr Bin Muhammad Al Qasimi, the Ruler and the Supreme Council Member of RAK. RAKIA was developed with an aim to attract investments from domestic and foreign markets, create wealth, and uplift the living standard of the people of Ras Al Khaimah. RAK Investment Authority commenced its operations as an authority to work towards strengthening the investment opportunities in the Emirate of Ras Al Khaimah and to promote its various economic sectors. RAKIA offers unbelievable investment opportunities and facilitates alternative business ventures at a comparatively lower rate as compared to any other Emirates in the UAE.
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Situated at the trading crossroads of the East and the West, Ras Al Khaimah Investment Authority Free zone is a 1.15 hour drive from the Dubai International Airport, and benefits from its easy access to the emerging economies like the Indian Subcontinent, Africa, and CIS countries. Favourable geographical location, an international airport, flexible government policies, time-zone advantage, excellent connectivity through land, sea, & air, advanced infrastructure, secure & fully convertible currency, and matchless natural beauty, make the Emirate of Ras Al Khaimah as a destination of choice for leisure travellers and investors belonging to the real estate, construction, manufacturing, services, and tourism sector.
Growth over the Years
Free zones in this area primarily act as real estate ventures, issuing licenses, and RAKIA was also setup to develop and manage the industrial parks including the free zones and industrial zones in the Jazeera Al Hamra and Al Ghail industrial park areas of Ras Al Khaimah. However, today it boasts of a large client base with commercial and consulting activities, including advisory services and equity participation, which has helped RAKIA, register an unprecedented economic surge with over US$2.5 billion revenue generation only from industrial investments, that too within 3 to 4 years of its inception.
Setting up Business in RAKIA
Ras Al Khaimah Investment Authority has successfully accomplished its responsibility of promoting the socio-economic growth of the Emirate of RAK, and acts as a one-stop-solution provider for all investor needs. The primary responsibility of this investment committee is to formulate investment guidelines, decide on the investment criteria, and develop investment strategy for any investment commenced in RAKIA.
RAKIA is a legal body that enjoys financial and managerial independence and provides every required logistics and infrastructure support to investors including partnering with them for their projects in the UAE. Its key services includes offering commercial space, industrial plots, warehouses, building permits, labour accommodation, visas, etc. Ras Al Khaimah Investment Authority has structured itself around 8 strategic business units and 6 products, these are:
Each business unit is headed by an experienced professional, who is responsible for its performance and also of all the companies falling under it. These professionals are authorised to make independent executive decisions in the best interest of RAKIA.
Advantages of Setting up Business in RAKIA
Innovative development initiatives of RAKIA have played an important role in making Ras Al Khaimah one of the fastest growing economies in the Middle East. Start-ups, small to medium and bigger enterprises are provided with state-of-the-art infrastructure, lucrative incentives, and cost-effective business registration options to promote potential growth in the region. Business setup in RAKIA Free Zone is dream come true for entrepreneurs due to the following reasons:
Tax and Investment Incentives
- 100% corporate and personal tax exemption
- 100% tax exemption on import and export
- 100% foreign ownership
- 100% repatriation of capital and profits
- No customs duty or foreign exchange control
- No currency restrictions
Liberal Legal Framework
- Avoidance of double taxation with many countries
- Comprehensive master planning for growth
- Cost competitiveness & logistics advantage
- Liberal labour laws
- Lower costs of doing business (up to 30 per cent) as compared to other locations
- No restrictions on hiring of expatriates
Excellent Business Infrastructure
- Accommodation city with lodging facility for all workers
- Business towers and office space
- Commercial centre
- Executive residences
- Customized office space solutions for lease
- High-tech facilities for communication
- Land on lease for industrial activities
- One-stop–shop for all investor’s needs
- Pre-built Warehouses / Light Industrial Units and fully serviced basic fit-out for companies with furniture and equipment
- Well-developed industrial infrastructure
Types of Business Licenses Available in RAKIA and RAK Media City
RAK Investment Authority issues following types of business license options to investors for business setup:
Commercial Trade License: allows the registered entity to trade (import, export and distribution) in products specified in the license as per the RAKIA rules and regulations
Consulting / Service License: allows the registered entity to execute services like lawyers, accounting firms and business consultancy, as specified in the license
General Trading License:allows the registered entity to import, distribute and store goods as per rules and regulations of RAKIA
Industrial License: allows the registered entity to import raw materials and manufacture specified products, and conduct assembling, processing, packaging and exporting of the finished product to any country of choice
Types of Legal Entities in RAKIA
Business licensing at Ras Al Khaimah Investment Authority by an individual or a corporate entity is possible in any of the following legal forms:
Business Set Up Process in Ras Al Khaimah Investment Authority
Setting up a business in RAKIA involves elaborate planning and critical decision making through different phases of the business setup process, and is bound by predetermined rules and regulation. Team at Commitbiz is well-versed with the entire RAKIA business incorporation process, and can help you decide the type of business activity to be performed, choose appropriate legal structures, get land, offices and accommodation on lease, hire bilingual staff, arrange for the necessary documents, take care of business licensing and registration procedures, and apply for license on your behalf, etc. In a nutshell, Commitbiz facilitates RAKIA company incorporation using a five-step process:
Commitbiz for Company Incorporation in RAKIA
Commitbiz has been facilitating all kinds of businesses setup their operations in Ras Al Khaimah by taking care of their business setup process from start to finish. Our team provides strategic inputs on your business plan and handles all your legal documentation formalities, providing a structure that works best for your company.
Our vast industry experience, operational transparency and client centric procedures ensure that you receive all the amenities and world-class infrastructure in Ras Al Khaimah. Our business development team follows best business incorporation procedures that guarantee unhindered business growth, and provide a hassle-free company formation experience to our clients. Contact us for business setup in Ras Al Khaimah Investment Authority, our team will be glad to assist you.
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