If you’re looking to do business in the UAE, the nation’s free zones should be one of the first areas that you research. Located all over the Emirates, free zones are a cost-effective way to set up in the UAE and can be hugely beneficial for many entrepreneurs.
The many benefits of free zone membership include 0% personal and corporate income tax and 100% exemption from customs tax. Also, unlike in many other countries, UAE free zone businesses also benefit from the freedom of being able to repatriate all invested capital and profits. There are also no foreign exchange controls or currency restrictions.
These are just the benefits you can expect to find in any of the UAE’s free zones. Look into each individual zone more closely, and it becomes clear that each also offers its own unique set of advantages.
Take Ras al Khaimah Economic Zone (RAKEZ) for example. RAKEZ actually comprises RAK Free Trade Zone (RAKFTZ) and the RAK Investment Authority (RAKIA), within which are several individual zones: Al Hulaila Industrial Zone, RAKEZ Business Zone, Al Hamra Industrial Zone, RAKEZ Academic Zone, and Al Ghail Industrial Zone.
Set up here and as well as benefiting from the advantages above, you can also make use of the free zone’s one-stop-shop for government services and its easy connectivity to several major logistics hubs.
Business setup in Ras al Khaimah
Ras al Khaimah lies at the northernmost part of the United Arab Emirates and prides itself on being one of the leading destinations for company formation in the UAE.
The emirate has a proven record of safety and stability as backed by renowned credit rating agencies such as Fitch Ratings and S&P. Ras al Khaimah is home to several major logistical hubs including seaports, an international airport, and several multi-lane superhighways, offering companies easy access the all-important trade flows between the east and the west.
The emirate is not all business, however. Ras al Khaimah has plenty to offer in terms of quality living too. Those setting up here are sure to experience rich local culture, scenic views of majestic mountains and year-round sunny weather at a cost that’s way below many other of the world’s famous industry hubs.
Business setup in RAK Free Zone
RAKEZ is one of the leading investment hubs in the UAE that offers customisable solutions to free zone and non-free zone businesses. From freelancers and startups to SMEs and industrialists, RAKEZ is home to a multinational community that is flourishing in over 50 industries.
Establishing a company in RAKEZ gives you the flexibility to choose a free zone or a non-free zone (mainland) entity formation, along with the following benefits:
- 100% ownership
- Fast and efficient business setup processes
- Wide-ranging business and industrial facilities and value-added services
- Provision to build on-site staff and labour accommodation
- One-stop-shop, a central location for 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 the MENA and Asia regions
RAKEZ features six dedicated zones catering to all business requirements:
AL GHAIL INDUSTRIAL ZONE: The ideal option for entrepreneurs looking to establish large-scale industrial manufacturing enterprises. The zone features warehousing, land for development and staff accommodation.
AL HAMRA INDUSTRIAL ZONE: A modern industrial hub suited to both light industries as well as heavy industry projects.
RAKEZ ACADEMIC ZONE: The Academic Zone is home to qualified educational institutions and service providers. It features offices, academic premises, and land for development.
ALHULAILA INDUSTRIAL ZONE: Best suited to businesses on the heavier side of industrial manufacturing. The zone features land for development, warehousing, staff accommodation, and office space.
RAKEZ MEDIA ZONE: RAKEZ Media Zone is home to media firms and professionals in various fields including Media production, TV and Radio Broadcasting, Event Management, Animation, Music and Entertainment, as well as Publishing.
RAKEZ BUSINESS ZONE: A premier business environment, comprising first-class business centres, office space and a supportive hub for startups, entrepreneurs, and SMEs. This zone offers flexi-desk packages as well as permanent office space.
RAK Free Zone packages
There are several RAK free zone license types to choose from. These include Commercial, Education, e-commerce, General Trading, Individual/Professional, Industrial, Media, Service, and Freelancer.
The package that’s right for you will depend on the nature and size of your business. In any case, with so many to choose from, you can be sure one of the RAK free zone packages will be a good fit. It’s a good idea to work with a company formation specialist at this stage who can help to determine the best RAK free zone company formation option to suit your needs.
With so many licenses to choose from, determining the exact RAK free zone company setup cost can be difficult. However, RAKEZ is known for being cost-effective with low startup costs, so there’s almost certainly an option to suit every budget.
As RAKEZ offers both flexi-desk and freelancer packages, without the need to commit to office space, RAK license fees are generally low. The same is true for larger businesses too. RAKEZ prides itself on being open to all, and as such it keeps its RAK free zone license costs down to remain an attractive proposition for companies large and small.
RAK Free Zone company setup
The exact steps required to start your company in RAKEZ will once again depend on the nature of your business and the package that best suits your needs. In most cases, however, you will be asked to provide:
- Completed application form
- Passport copy of the proposed owner or owners
- Two coloured passport size photos with white background
- Proof of share capital, as required
In most cases, RAK free zone business setup can be completed within a matter of days. However, it is important to keep in mind that errors in your application can lead to delays or even rejection. That’s why it’s a good idea to work with a company formation specialist such as CREATIVE ZONE when forming a new business in the UAE. We are a team of company registration professionals who are passionate about bringing the dreams of aspiring entrepreneurs and SMEs to life.
Our experts can establish your company on your behalf, make your license and visa applications, and take care of all the necessary admin – leaving you free to get on with running your business.