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Prodigy

Ras Al Khaimah Economic Zone (RAKEZ)

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Ras Al Khaimah Economic Zone (RAKEZ)

At Prodigy Corporate Services, we understand the importance of finding the right location for your business to thrive. That’s why we highly recommend Ras Al Khaimah Economic Zone (RAKEZ) as a premier business destination in the United Arab Emirates (UAE). RAKEZ offers a wide range of benefits and opportunities for entrepreneurs and companies seeking to establish their presence in this dynamic region.

RAKEZ, strategically located in the emirate of Ras Al Khaimah, provides a favorable business environment with its state-of-the-art infrastructure, streamlined processes, and investor-friendly policies. Whether you are a small startup or a multinational corporation, RAKEZ caters to the diverse needs of businesses across various sectors, including manufacturing, trading, services, and more.

Process to Register a company in Ras Al Khaimah Economic Zone (RAKEZ)

The process of setting up a business in Ras Al Khaimah Economic Zone (RAKEZ) involves several steps. Here is an overview of the process:

  1. Determine Business Activity: First, you need to identify the type of business activity you wish to undertake in RAKEZ. Whether it’s trading, manufacturing, service provision, or any other specific activity, it’s essential to determine the nature of your business.
  2. Choose the Business Entity: RAKEZ offers various business entities to choose from, including free zone companies and non-free zone companies. Select the appropriate entity based on your requirements, taking into account factors such as ownership, liability, and legal framework.
  3. Select a License Type: Depending on your business activity, you’ll need to select the appropriate license type. RAKEZ offers commercial licenses, industrial licenses, and educational licenses, among others. Each license type corresponds to specific business activities, so choose the one that aligns with your operations.
  4. Choose the Facility: RAKEZ provides a range of options for office spaces, warehouses, showrooms, and industrial units. Select the facility that suits your business needs, keeping in mind factors such as size, location, and infrastructure requirements.
  5. Submit Application: Once you have finalized your business activity, entity, license type, and facility, you can proceed to submit your application to RAKEZ. The application form typically includes details about your business, shareholders, directors, and other relevant information. Ensure that all the required documents and supporting materials are included with the application.
  6. Review and Approval: RAKEZ will review your application and documents. They may request additional information or clarification during the review process. Once the application is deemed complete and compliant, RAKEZ will issue an initial approval.
  7. Lease Agreement and Payment: After receiving the initial approval, you will need to sign the lease agreement for your chosen facility within RAKEZ. You will also need to make the necessary payments, including the license fee, facility lease fee, and other applicable charges.
  8. Visa Processing: RAKEZ offers visa services for employees and shareholders of companies registered within the economic zone. You can initiate the visa application process for yourself and your employees, providing the required documents and undergoing the necessary medical and background checks.
  9. Company Registration and Licensing: Once the lease agreement is signed, payments are made, and visa applications are in progress, the final step is to complete the company registration process. This involves obtaining the trade license and other necessary permits from the relevant authorities.
  10. Commence Business Operations: With all the formalities completed, you are now ready to commence your business operations within RAKEZ. You can start hiring employees, setting up your workspace, and engaging in your chosen business activities.

It’s important to note that the exact process and requirements may vary depending on the specific business activity, entity type, and other factors. It’s recommended to consult with a business setup specialist or RAKEZ representatives to ensure a smooth and efficient process.

Documents required to register a company in Ras Al Khaimah Economic Zone (RAKEZ)

To set up a business in Ras Al Khaimah Economic Zone (RAKEZ), you will typically be required to provide several documents. The specific documents may vary based on the type of business entity and license you are applying for. Here is a general list of documents commonly required for RAKEZ company formation:

  1. Application Form: A completed application form provided by RAKEZ, including all relevant details about your business activity, shareholders, directors, and other necessary information.
  2. Passport Copies: Clear and colored copies of the passports of all shareholders, directors, and managers involved in the company. The passport copies should be valid and include all relevant pages.
  3. Visa Entry Stamp Page: A copy of the entry stamp page of the passport for each shareholder, director, and manager who has previously entered the UAE.
  4. No Objection Certificate (NOC): If one of the shareholders or directors is employed in the UAE, a No Objection Certificate from their current employer is required.
  5. Personal CV/Resume: A detailed curriculum vitae or resume for each shareholder, director, and manager involved in the company.
  6. Proof of Address: Documents such as utility bills or bank statements as proof of address for each shareholder, director, and manager.
  7. Memorandum of Association (MOA): If the shareholder is a corporate entity, a copy of the Memorandum of Association or equivalent document is required.
  8. Board Resolution: A board resolution or power of attorney document authorizing the representative to establish and operate the company on behalf of the shareholders.
  9. Lease Agreement: A copy of the lease agreement for the chosen facility within RAKEZ, indicating the registered business address.
  10. Financial Documents: Depending on the type of business activity, you may need to provide financial documents such as bank statements, audited financial statements, or business plans.
  11. Reference Letters: Reference letters from banks or professional advisors attesting to the good standing and reputation of the shareholders or directors may be required.
  12. Additional Permits: For certain business activities, additional permits or certifications may be necessary, such as health or safety certificates.

Advantages of registering a company in Ras Al Khaimah Economic Zone (RAKEZ)

  1. Free Zone Flexibility: RAKEZ offers free zone and non-free zone options, allowing you to choose the most suitable business setup for your specific requirements. Enjoy the benefits of 100% ownership, repatriation of profits, and exemption from corporate and personal taxes, ensuring maximum returns on your investment.
  2. World-Class Infrastructure: RAKEZ boasts modern infrastructure and facilities that meet international standards. From cutting-edge office spaces and industrial units to state-of-the-art warehouses and showrooms, RAKEZ provides the ideal environment to operate and expand your business seamlessly.
  3. Strategic Location: Located strategically between Europe, Asia, and Africa, Ras Al Khaimah offers easy access to major markets. With its proximity to international airports, seaports, and extensive road networks, RAKEZ enables efficient logistics and global connectivity, facilitating international trade.
  4. Business Support Services: RAKEZ is committed to supporting businesses at every stage of their journey. From company registration and licensing to visa processing and corporate banking, RAKEZ provides comprehensive support services, easing the setup process and allowing you to focus on your core business activities.
  5. Investment Opportunities: RAKEZ is home to a diverse range of industries, attracting a wide array of investment opportunities. Collaborate with local and international partners, access a skilled workforce, and tap into the growing consumer market in the UAE and beyond.

Exact cost of registering a company in Ras Al Khaimah Economic Zone (RAKEZ)

  1. License Fee: The license fee in RAKEZ can range from AED 5,000 to AED 30,000 or more per year, depending on the type of business activity and license category.
  2. Facility Lease Fee: The facility lease fee will depend on the type, size, and location of the facility you choose. Office spaces can range from AED 10,000 to AED 50,000 or more per year, while warehouse and showroom spaces can vary significantly based on their specifications.
  3. Incorporation and Registration Fees: The incorporation and registration fees for establishing a company in RAKEZ can range from AED 3,000 to AED 10,000 or more, depending on the type of business entity and other factors.
  4. Visa and Immigration Fees: The visa and immigration fees will depend on the type of visa and the duration of stay required. For example, employment visa fees can range from AED 2,000 to AED 5,000 or more per person.
  5. Additional Services: The fees for additional services such as visa processing, legal and documentation services, and sponsorship services can vary based on the specific service and requirements.
  6. Renewal Fees: The renewal fees for license and facility lease renewal will be similar to the initial fees, depending on the duration and terms of renewal.

FAQ'S

Frequently Asked Questions

RAKEZ, short for Ras Al Khaimah Economic Zone, is a business hub in the United Arab Emirates (UAE) that offers a wide range of benefits and facilities for businesses to establish their presence. It provides an attractive environment for local and international companies across various industries.

Some advantages of choosing RAKEZ for your business setup include 100% ownership, tax exemptions, a strategic location, world-class infrastructure, streamlined processes, access to a skilled workforce, and a supportive business environment.

RAKEZ offers various license types, including commercial licenses, industrial licenses, service licenses, media licenses, educational licenses, and more. The license type depends on the nature of your business activity.