22 August, 2023

How Can I Start a Business in RAK ICC?

business in rak icc

Do you want to start a business in the UAE? If so, then you’re at the right place. RAK ICC is one of the most preferred choices by the people in UAE. It is a business-friendly free zone with a range of advantages and incentives for businesses looking to set up shop in the area.

This blog aims to provide all the necessary information about RAK ICC if you want to start a business there. Whether you have a small business, a large organisation or are just getting started, RAK Free zone business setup provides you with many benefits. It is also a tax effective choice for people who want to get started while keeping their budget in mind.

What is an offshore Company?

An offshore company is established outside the UAE to enjoy tax relaxation and lenient rules. These companies also help the owner to get asset protection and confidentiality.

What are the benefits of establishing a business in RAK ICC?

Establishing a company in the United Arab Emirates’ (UAE) RAK International Corporate Centre (RAK ICC) has a number of advantages, such as:

  • 100% foreign ownership: RAK ICC permits 100% foreign ownership of businesses, giving investors total control over the latter’s operations and assets.
  • Tax benefits: Companies in RAK ICC are free from individual income taxes, which attracts enterprises that are concerned about taxes.
  • No currency restrictions: RAK ICC administers a free currency policy, letting enterprises to easily transfer money in and out of the free zone.
  • Strategic position: The Middle East, Africa, and South Asian markets are all easily accessible from RAK ICC’s location in the United Arab Emirates.
  • Simplified business establishment: Companies may easily establish a presence in the free zone, thanks to the RAK ICC’s simple and efficient company setup procedure.
  • Quality infrastructure: To meet the demands of businesses, RAK ICC provides contemporary, well-equipped infrastructure, including office spaces, business centres, and virtual offices.
  • Professional support services: To assist businesses in starting up swiftly and effectively, RAK ICC offers a variety of professional support services, including company formation, visa processing, and accounting services.
  • Dynamic business community: RAK ICC is home to a vibrant business community that offers chances for business growth, networking, and cooperation.
  • Common Law:British law for disputes.

What are the documents required for business setup in RAK Freezone?

The following papers are normally necessary to establish a business in the RAK International Corporate Centre (RAK ICC) in the United Arab Emirates (UAE):

  • Business plan: A thorough strategy defining your company’s goals, the goods or services you’ll provide, and your target market.
  • Passport copies: Copies of the shareholders’ passports as well as the passports of any other important firm employees.
  • Proof of address: Utility bills or bank statements are acceptable forms of identification for the shareholder(s) and any other important company workers.
  • Approval of the company name: The RAK ICC Authority must approve the name of your business.
  • Trade authorization: A trade authorization is a legal permit that enables you to conduct business at RAK ICC.

You can go on with the registration and incorporation of your business offshore once these documents have been submitted and accepted. Please be aware that depending on the nature of your company and the sort of company you are starting up, the particular needs and documents may change.

What are the steps to set your business in RAK ICC in UAE?

The following stages are normally involved in establishing a business in the RAK International Corporate Centre (RAK ICC) in the United Arab Emirates (UAE):

  • Select a business activity: Make that the RAK ICC Authority has authorised the sort of commercial activity you wish to do.
  • Select your business structure: Choose the sort of business structure you wish to create, such as a branch office, free zone firm, or free zone institution.
  • Choose a name for your company: Pick a company name that is distinctive, compliant with RAK ICC rules, and recognised by the RAK ICC Authority.
  • Develop a business plan: Create a thorough business plan that describes your industry, the services or goods you will provide, and your target market.
  • Obtain a trade licence: You must apply for and be granted a trade licence in order to legally do business in RAK ICC.
  • Open a corporate bank account: To handle your company’s financial transactions, open a corporate bank account with RAK ICC.
  • Start doing business: You can start doing business at the RAK ICC after all the prerequisites have been satisfied.

How can RadiantBiz help you in setting up your business in RAK ICC?

When starting a business in the UAE’s free zone, RadiantBiz may be a great advantage. We have in-depth knowledge of the legal and regulatory requirements associated with establishing a business in the RAK ICC, in addition to significant knowledge and expertise of the local business environment. With our assistance, you can easily manage the difficult process of forming a corporation, making sure that all essential procedures are followed and that you adhere to all applicable laws. Additionally, we may assist you in selecting the best business structure, acquiring the required licenses and permissions, and locating adequate office space in the free zone. Working with RadiantBiz allows you to concentrate on expanding your company while they handle the legal and administrative details of company creation.