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RAKEZ
RAK Company Formation
RAKEZ (Ras Al Khaimah Economic Zone) is an energy business and industrial center located at the center of Ras Al Khaimah, United Arab Emirates. RAKEZ was initiated by Ras Al Khaimah Government to provide its customised solutions in UAE company formation to free and non-free zone business ventures.
Key Features
Strategic Location: RAKEZ exposes investors to emerging markets in Middle East, North Africa, Europe, South and Central Asia
Diverse Business Community: RAKEZ is the home to more than 25,000 international companies that thrive in various industries of more than 50 sectors
Comprehensive Services: The economic zone provides:
- A wide range of business licenses
- Residence visa services
- Customizable facilities
- Value-added support services (accounting, translation, bank account opening, recruitment, marketing, etc.)
Business Setup Options
RAKEZ offers two types of entity formation:
1.Free Zone Entity:
1
Limited Liability Company (FZ-LLC)
2
Branch of a UAE-based company
3
Branch of a foreign company
Non-Free Zone Entity:
- Individual Establishment
- Single Person Limited Liability Company
- Limited Liability Company (LLC)
- Branch of a UAE-based company
- Branch of a foreign company
Benefits
- 100% Foreign Ownership:RAKEZ allows full foreign ownership for free zone companies
- Tax Incentives:The economic zone offers tax exemptions for up to 50 years
- Cost-Effective Solutions:RAKEZ provides affordable setup packages and modern facilities
- Flexible Workspaces:Options include shared workspaces, private offices, and customisable land plots
- Global Access:RAKEZ facilitates access to a global network of investors and customers
- No Foreign Exchange Controls:There are no regulations or trade barriers, making international operations easier
Specialised Zones
RAKEZ is divided into several specialised zones, catering to different business types:- Industrial Zones
- Business Zones
- Academic Zone
All the zones contain customized solutions and facilities to serve particular business needs.
RAKEZ gives an end to end business ecosystem of company to companies in search of establishment or expansion in the UAE. RAKEZ has emerged as one of the most popular destinations by entrepreneurs and companies operating in different industries due to its strategic location, versatile offerings as well as business friendly environment.
The organizational process of the company in RAKEZ (Ras Al Khaimah Economic Zone) is simple and can be accomplished in a number of steps. Here is just an outline of the procedure and costs:
Setup Procedure
Step 1: Choose Your Business Activities and License Type
Determine the nature of your business and select the appropriate license type (e.g., trading, service, industrial, or educational)
RAKEZ offers various options to suit different business needs.
Step 2: Select Your Legal Entity
Choose between a Free Zone Company (FZC) or a Free Zone Establishment (FZE)
- FZC: Allows multiple shareholders (up to 5) with a minimum share capital of AED 150,000
- FZE: Permits a single shareholder with a minimum share capital of AED 150,000
Step 3: Register Your Business Name
Secure a unique business name through the RAKEZ online portal, ensuring it complies with RAKEZ naming regulations.
Submit Your Application
Complete and submit the license application along with the necessary documents
Required documents typically include:
- Completed application form
- Passport copies of shareholders, directors, and general manager
- Business plan
- No Objection Certificate (NOC) for UAE residents
- Memorandum of Association (MOA)
Pay the Fees and Sign Agreements
After approval of your application, you are to pay due amounts and sign Memorandum of Association and lease agreement.
Receive Your License
You will get your business licence and other required permits after all the paper work and payments are done.
Apply for Visas
As required apply for investor and employee visa
Open a Bank Account
To facilitate the financial transactions of your company, you should open a corporate bank account with one of the banks in the UAE.
Costs
Setting up business in RAKEZ may cost you according to your needs. RAKEZ has however, a variety of cheap packs:
Biz Starter Package: With a retail price of AED 5,499, it is suitable to trade commercially, use in e-commerce, consultancy, media, e-gaming, and education entrepreneurships
All-inclusive Visa for Life Package: Priced at AED 16,500 per year with no hidden fees, offering long-term stability
Businesswomen Package: Starts from AED 6,000 per year
SME Business Setup Package: An all-inclusive package worth AED 16,500 per year, which includes a UAE residence visa
Basic Setup: Costs can be as low as AED 5,699 for a 0 Visa business license
These packages often include various benefits, such as:
- Business license
- Shared workstation or office space
- Assistance with bank account opening
- VAT registration and other compliance support
- Visa eligibility (varies by package)
It is necessary to say that there can be some extra costs depending on your particular business needs e.g. the requirements towards office space, amount of visas, selected activities.
For a precise quote tailored to your business requirements and cost-effective company setup support services, please get in touch with the Alpha Equity MC team for advice.