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Rak Freezone License

Ras Al Khaimah Economic Zone (RAKEZ) is a powerhouse business and industrial hub strategically located in the heart of Ras Al Khaimah, United Arab Emirates (UAE) that offers wide-ranging customizable solutions to investors from all over the globe. Established in 2017, RAKEZ currently houses over 14,000 multinational companies from more than 100 countries covering over 50 industries, making it one of the largest economic zones in the region.

RAKEZ uniquely offers free zone and non-free zone entity formations and provides its clients easy access to fast-growing markets in the Middle East, North Africa, Europe, and South, and Central Asia through the major logistical hubs available in the emirate. These include five seaports, an international airport, and multi-lane superhighways.

The authority is a customer-focused entity offering cost-effective and efficient services. With its simplified business set-up processes, fast-track visa, license issuance, and ongoing business support services in a one-stop-shop environment, clients are ensured to experience complete ease of doing business with assistance every step of the way.

Benefits of starting RAK Freezone License

Based in the heart of Ras Al Khaimah, RAKEZ is one of the leading investment hubs in the UAE that offers solutions to free zone and non-free zone businesses. From freelancers and startups to SMEs and industrialists, the economic zone’s multinational community of over 14,500 companies is flourishing in over 50 industries.

  • - Free zone and non-free zone entity formations
  • - 100% foreign ownership
  • - Fast and efficient business set-up processes
  • - Wide-ranging business and industrial facilities
  • - Provision to build on-site staff and labor accommodation
  • - One-stop shop for all government services
  • - Self-service customer portal
  • - Connectivity to major logistical hubs and multi-lane superhighways
  • - Accessibility via an international spread of regional offices
  • - Easy access to markets across MENA, Europe, and Asia regions
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Business Setup in Dubai

Documents Required For RAK Free Zone License

  • Passport of shareholders copy

  • Proof of trade name reservation

  • Initial approval of the business activity

  • The business facility lease agreement

Disadvantage Of RAK Freezone License

  • 1. Auditing is Mandatory
  • 2. Company Formation and Visa Application
  • 3. Physical Presence Required
  • Award-Winning Freezone

It is officially required by the RAKEZ authority to have accountancy. In practice, you will have to hire a RAKEZ partner to do the auditing for your Freezone company. IFZA Freezone does not have this requirement

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You can have your RAKEZ Freezone company up and running in around 7 days with the Emirates Setup Worry-free package. The visa application will take around 2 weeks. The process is slower than in some other Freezones.

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To apply for a license with RAKEZ, your physical presence is required inside a RAKEZ office. If you have a UAE entry stamp on your passport, you can sign in their offices in Germany (Cologne) or Turkey (Istanbul) instead. Some other Freezones offer the possibility of electronic signatures. But if you decide on RAKEZ we can handle all the tedious paperwork.

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The Ras Al Khaimah Freezone used to be one of the most popular free zones in the UAE but has lost some of its glory recently. Other free zones have now overtaken them and the setup procedure in RAKEZ is a bit more complicated and takes longer than in Dubai for example. BCM Corporate is an official partner of the RAKEZ Free Trade Zone and we have helped countless companies in the setup procedure. RAKEZ used to be one of our favorite Freezones.

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Business setup in UAE

Types of Licenses in RAK Free Zones License

  • Commercial License
  • General Trading License
  • Industrial License
  • Consultancy Service License

Commercial License

To set up a business in Ras Al Khaimah free zones, a suitable license is required. The registration and issuance of business licenses to non-resident companies in Ras Al Khaimah are handled by the Free Zone Authority and other licensing procedures are regulated by the federal government. There are 4 types of licenses you can get from Ras Al Khaimah free zone authorities:

  • For trading, import, and export activities
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General Trading License

For businesses involved in industrial and manufacturing activities

Industrial License

Similar to a trading license but involves products from the industrial sector only

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Consultancy Service License

For service providers, professionals, artisans, craftsmen

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Procedure to Obtain a License from RAK Free Zone

Starting a business in Ras Al Khaimah free zone is easy, but you need to take care of certain legal procedures and documentation formalities that must be submitted to the free zone authority. The list varies by type of business activity. Below is a general guideline for the steps and documents needed to get your business license in the RAK-free zone.

 

  1. Determine the type of economic activity and legal form of your business

  2. Apply for company registration

  3. Submit the proposed company name to the Free Zone authority

  4. Submit the company documents to obtain a trade license

  5. Get the company’s Memorandum of Association (MOA) notarized

  6. Register the company’s trade name

  7. Obtain initial approval

  8. Get special approvals

  9. Submit the required documents for issuance of payment voucher

  10. Fulfill the licensing requirements

  11. Get a trade license issued by paying a license fee

Why Set Up a Business in RAK Free Zone?

Ras Al Khaimah witnessed an influx of foreign investors as it is one of the most developed economies in the Emirates that have seen tremendous economic development. Liberal government policies, state-of-the-art infrastructural development, a thriving economy, and friendly trade relations with neighboring countries are some of the many factors that attract major foreign investment in RAK free trade zones.

Apart from this, another reason why you should consider setting up a business in RAK free trade zone is that having a physical presence in the Emirate builds trust among the natives and helps in forging long-term customer relationships and obtaining trade contacts in the UAE. Apart from this, there are many incentives enjoyed by investors in RAK free zone company formation:

  • No tax on personal or corporate income
  • No foreign exchange controls, quotas, or trade barriers
  • No customs duty on import, export, or services
  • Hassle-free and business-friendly legal framework and company laws that ensure the security of investment
  • Government-sponsored incentives for investors
  • 100% ownership
  • 100% tax exemption on all commercial levies for import and export
  • 100% return on capital and profits
  • Business-friendly environment and easy process to set up a company
  • Access to all large airports and seaports in the UAE
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Business setup in Dubai

Below is an estimation of RAK free zone company setup cost:

 

Trading License Fee [without visa]

AED 11,440

Pre-approval

AED 100

Contact us for RAK Freezone License

We at BCM Corporate services LLC, extend our quality services to our clients with well-experienced & qualified Business consultants with rich expertise in document attestation Services in Dubai so RAK Freezone License the client’s requirements of Business setup in Dubai. can be completed on time with satisfactory Results outcome. Please feel free to reach us for your Business setup and  Bookkeeping and Accounting Firms in Dubai requirements on our email id: info@branches.ae or call us on +971502585921

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+971-551196792

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