Why RAK Free Zone Is The First Choice Amongst All UAE Free Zone Company Formations?
Written By Antima – 16th Sep’22
Table of Contents
- What are the benefits of starting a business in the RAK free zone?
- List of all the business licenses in RAK free zone
- What is the RAK dual license?
- Various free zone parks in the RAK
- Steps to start a business in RAK free zone
- List of documents required to apply for the license
- Who is the licensing authority for your business in RAKEZ?
- How can RadiantBiz assist you with business setup in RAKEZ?
Ras Al Khaimah (RAK) is the largest and capital city of the Emirates of Ras Al Khaimah and one of the seven emirates of the United Arab Emirates (UAE). It is also the sixth largest city in the UAE, providing excellent chances for an exciting lifestyle as well as establishing a business in the country.
Ras Al Khaimah Economic Zone (RAKEZ) is situated in the middle of Ras Al Khaimah, UAE. It is an important industrial hub for many free zones and non-free zone enterprises from more than 50 diverse industries.
With a choice of licenses and bespoke facilities for your business, RAK free zone provides significant potential to global investors. It also offers excellent logistics facilities to businesses which in turn helps to lower the overall operational costs. Thus, it assures a smooth process for the successful launch of your company in the UAE.
What are the benefits of starting a business in the RAK free zone?
- RAK free zone is considered as one of the best places for business setup in Dubai freezone. This popularity rises due to the advanced infrastructure, and great connectivity.
- RAK freezone is best for companies that require a warehouse facility. You are allowed to have customizable warehouses and industrial plots for bigger projects.
- The RAK freezone is exempt from tax and has great connectivity with many seaports and airports all over the UAE.
- You can hold 100% ownership of your company with no restriction on currencies
- The RAK freezone is exempt from import and re-export duties.
- Companies can have an account in the local bank and carry out regular transactions flexibly.
- Business setup in the RAK freezone is very easy and quick that can be achieved at quite lower costs.
List of all the business licenses you can apply for in RAK free zone
- Commercial – You can trade goods and services with a commercial license.
- Educational – It enables you to open an educational institution or a consultancy firm in the RAK free zone.
- E-commerce – An E-commerce license permits you to sell items and services online.
- General trading – You must apply for this license if you trade in a variety of items.
- Individual – When you are a sole proprietor with a single activity or skill, an individual license is essential.
- Industrial – This license is required if you manufacture, import, package, and ship items.
- Media – This license is for the administration of media-related company operations.
- Service – A service license is required for any company organization that provides services or consults in any field.
- Freelance – This license would be required for freelance professionals in media, education, information technology, and analysis.
What is the RAK dual license?
Another great benefit of the RAK economic zone is that it allows the investors to hold a dual license. This is great for those who are looking to invest in multiple products & services under one entity. What does it mean for your business? You can combine commercial and professional operations under one license and operate effortlessly throughout the UAE, both on the mainland and in free zones. Furthermore, RAKEZ developed this dual licensing arrangement in partnership with RAK DED.
What are the various free zone parks in the RAK?
1. Business park
The business park consists of all the world-class infrastructures for many big offices and is located in the heart of Ras Al Khaimah’s business district.
2. Industrial park
The industrial park is located along the coastal road, approx 18 km from the city center of Ras Al Khaimah. It is home to several large-scale industrial plots and 2 warehouses for every business size.
3. Technology park
The technology park is located to the south of the city center and offers great opportunities for light industries and automated manufacturing.
4. Academic zone
As the name goes, the academic zone includes educational institutions that offer academic programs to the larger UAE communities.
Steps to start a business in RAK free zone
Here’s a list of steps to start a business in RAK free zone-
1. Decide your business activity
Begin with choosing your desired business activity, RAK free zone permits a wide range of business activities such as commercial, educational, e-commerce, media, etc.
2. Choose a company name
Deciding on a business name is a critical step in RAK Freezone Company Formation. However, you must adhere to the official criteria and procedures for naming your corporation.
3. Select your business requirements
This step comprises selecting all of your company’s requirements in the RAK free zone such as business license, and related facilities.
4. Apply for the license
Applying for a business license is a simple process in the RAK free zone. You simply need to have your documentation ready before applying for the license based on your business niche.
5. Obtain your visa
After completing the license application, you must obtain a visa to continue with your business setting in the RAK free zone.
6. Open a business bank account
Having a business bank account is a vital step for any business and we suggest you get complete assistance on how to open a business bank in Dubai from RadiantBiz because we have a vast 15 years of experience in the business banking domain.
List of documents required to apply for the license
- A business plan
- Passport copies for all shareholders
- Copies of visas for all shareholders
- NOC (if applicable)
Who is the licensing authority for your business in RAKEZ?
When you are starting your business in RAKEZ, you need to apply for a business license. The legal licensing authorities that would issue the license are the Ras Al Khaimah Economic Zone (RAKEZ) and the Ras Al Khaimah Department of Economic Development (RAK DED).
How can RadiantBiz assist you with business setup in RAKEZ?
RadiantBiz is the leading business setup consultant in the UAE who can assist you with a successful business setup in RAKEZ. Our team has all the necessary expertise and resources right from selecting the correct business license, paperwork, corporate banking services, and visa applications. We understand your business requirements and guide you throughout the process of your business establishment in the Emirates.