Business Setup in Ras Al Khaimah Free Zone
Business setup in Ras Al Khaimah Free Zone
Welcome to Prodigy Corporate Services, your trusted partner for business setup in the UAE. We offer a wide range of services to help you establish your company in the UAE, including company formation, PRO services, and visa processing.
If you’re looking to set up your business in the UAE, one of the best places to do so is in the Rak Free Zone. Located in the emirate of Ras Al Khaimah, the Rak Free Zone is a fast-growing business hub that offers a wide range of benefits for entrepreneurs and companies.
One of the main advantages of setting up your business in the Rak Free Zone is its strategic location. With easy access to both the UAE’s major seaports and airports, the Rak Free Zone is an ideal location for businesses involved in international trade. Additionally, the Rak Free Zone offers a wide range of facilities and services to support businesses, including world-class infrastructure, modern office spaces, and access to a skilled workforce.
At Prodigy Corporate Services, we can help you take advantage of all the benefits that the Rak Free Zone has to offer. Our team of experienced professionals can guide you through every step of the company formation process, from selecting the right business license to registering your company with the relevant authorities.
We also provide a range of additional services to help you get your business up and running, including assistance with opening bank accounts, obtaining visas, and obtaining necessary permits and approvals. Our goal is to make the process of setting up your business in the Rak Free Zone as seamless and stress-free as possible, so that you can focus on growing your business and achieving your goals.
So if you’re interested in setting up your business in the Rak Free Zone, contact us today to learn more about how we can help you get started.
Process to register the company in Ras Al Khaimah Free Zone
Certainly, here is some content about the process to register a company in the Rak Free Zone:
The process of registering a company in the Rak Free Zone is relatively straightforward, but it’s important to follow the proper procedures to ensure that your business is fully compliant with local laws and regulations. Here are the steps involved in setting up a company in the Rak Free Zone:
- Choose a business activity and a legal form: The first step in setting up a company in the Rak Free Zone is to choose a business activity and a legal form. The Rak Free Zone offers a wide range of business activities, from trading and manufacturing to consulting and services. You will also need to decide whether to set up a free zone establishment (FZE) or a free zone company (FZCO).
- Submit your application: Once you have decided on your business activity and legal form, you will need to submit an application to the Rak Free Zone Authority. This application will include details about your proposed business, such as your business plan, financial projections, and details about your shareholders and directors.
- Obtain initial approval: After you submit your application, you will need to obtain initial approval from the Rak Free Zone Authority. This approval will allow you to proceed with the next steps in the registration process.
- Reserve your company name: Once you have obtained initial approval, you will need to reserve your company name. This will ensure that no one else can use the same name for their business.
- Sign the lease agreement: Before you can proceed with the final steps in the registration process, you will need to sign a lease agreement for your office or warehouse space in the Rak Free Zone. This lease agreement is required to obtain your trade license.
- Obtain your trade license: Once you have signed your lease agreement, you can obtain your trade license from the Rak Free Zone Authority. This license will allow you to legally conduct business in the UAE.
- Register for visas and other permits: Finally, you will need to register for visas for your employees and any other necessary permits and approvals, such as a customs code or an environmental permit.
At Prodigy Corporate Services, we can guide you through every step of the process to register your company in the Rak Free Zone. Our experienced professionals can help you choose the right business activity and legal form, submit your application, sign your lease agreement, and obtain your trade license and other necessary permits and approvals. Contact us today to learn more about our business setup services.
Documents required to register a company in Ras Al Khaimah Free Zone
Here are some of the documents that are typically required to register a company in the Rak Free Zone:
- Business plan: A detailed business plan is usually required as part of the registration process. The business plan should outline your proposed business activities, financial projections, and other important details.
- Passport copies: Passport copies for all shareholders, directors, and managers of the company will be required.
- Residence visa copies: Copies of the residence visas for all shareholders, directors, and managers will also be required.
- No Objection Certificate (NOC): A NOC from the current sponsor of each shareholder, director, and manager is required to register the company.
- Bank reference letter: A bank reference letter from the shareholders is required to show proof of funds for the company.
- Power of attorney: A power of attorney may be required if any of the shareholders or directors are unable to attend in person for the registration process.
- Lease agreement: A lease agreement for the office or warehouse space in the Rak Free Zone is required to obtain the trade license.
- Trade license application: The trade license application form must be filled out and submitted to the Rak Free Zone Authority.
- Memorandum of Association (MOA): The MOA is a legal document that outlines the company’s objectives, activities, and other important details. It must be notarized and submitted to the Rak Free Zone Authority.
These are some of the documents that are typically required to register a company in the Rak Free Zone. The specific requirements may vary depending on the nature of your business and other factors. At Prodigy Corporate Services, we can help you navigate the registration process and ensure that you have all the necessary documents in order.
Advantages of registering a compnay in Ras Al Khaimah Free Zone
There are many advantages to registering a company in the Rak Free Zone, including:
- 100% foreign ownership: One of the biggest advantages of setting up a company in the Rak Free Zone is that you can have 100% foreign ownership. This means that you do not need to have a local sponsor or partner to start your business.
- Tax exemptions: Companies registered in the Rak Free Zone enjoy a range of tax exemptions, including no corporate or income tax, no customs duties on imports or exports, and no value-added tax (VAT).
- Easy company registration: The registration process for setting up a company in the Rak Free Zone is fast and straightforward, with a streamlined application process and minimal paperwork requirements.
- Access to world-class infrastructure: The Rak Free Zone offers modern infrastructure and state-of-the-art facilities, including office and warehouse space, logistics and distribution services, and advanced telecommunications and IT infrastructure.
- Strategic location: The Rak Free Zone is located in the heart of the UAE, with easy access to major ports, airports, and highways. This makes it an ideal location for businesses looking to reach customers in the Middle East, Asia, Europe, and Africa.
- Simplified visa process: Companies registered in the Rak Free Zone can apply for visas for their employees and dependents with ease, thanks to a simplified visa process that offers fast processing times and minimal documentation requirements.
- Free zone benefits: As a free zone entity, companies registered in the Rak Free Zone enjoy a range of benefits, including streamlined procedures, simplified customs clearance, and easy access to business services and support.
These are just a few of the many advantages of registering a company in the Rak Free Zone. At Prodigy Corporate Services, we can help you take advantage of these benefits and set up your business for success. Contact us today to learn more about our business setup services.
Exact cost of registering a company in Ras Al Khaimah Free Zone
The exact cost of registering a company in the Rak Free Zone can vary depending on a number of factors, including the type of company you wish to set up, the size of your business, and the specific services you require. Here are some of the costs you can expect to pay when registering a company in the Rak Free Zone:
- Registration fee: The registration fee for setting up a company in the Rak Free Zone ranges from AED 3,000 to AED 15,000 depending on the type of company and the services required.
- License fee: The annual license fee for a company in the Rak Free Zone starts at AED 5,500 for a trading license and AED 11,000 for a service license. Additional fees may apply depending on the nature of your business.
- Visa fees: The cost of visa fees can vary depending on the number of visas required and the type of visa. The visa fees include a security deposit, medical test fees, and visa stamping fees.
- Office space rental: The cost of renting office space in the Rak Free Zone can vary depending on the size and location of the office. Prices start at around AED 15,000 per year for a small office.
- Bank account opening fee: The fee for opening a bank account in the UAE can vary depending on the bank and the type of account. Some banks may require a minimum deposit to open an account.
These are some of the main costs you can expect when registering a company in the Rak Free Zone. At Prodigy Corporate Services, we can help you determine the exact costs for your business setup and provide a comprehensive breakdown of all fees and expenses. Contact us today to learn more about our business setup services.
How Many Free Zones Are There In Ras Al Khaimah , UAE, And What Are Their Names?
Here is a list of the free zones in Ras Al Khaimah (RAK), UAE, along with brief descriptions of each:
- Ras Al Khaimah Economic Zone (RAKEZ): RAKEZ is one of the largest and fastest-growing free zones in the UAE. It offers a wide range of business activities, including industrial, commercial, and service sectors. RAKEZ provides state-of-the-art facilities, cost-effective solutions, and attractive incentives to support various industries.
- Ras Al Khaimah Free Trade Zone (RAK FTZ): RAK FTZ is a well-established free zone that caters to a diverse range of industries such as manufacturing, trading, consulting, and service sectors. It offers cost-effective solutions, modern infrastructure, and a business-friendly environment to support both startups and established businesses.
- RAK Maritime City Free Zone (RAKMC): RAKMC is a specialized free zone focusing on maritime and logistics industries. It provides comprehensive services and facilities to support businesses involved in shipping, maritime services, offshore support, and related activities. RAKMC offers strategic location advantages and a simplified regulatory framework.
- RAK Investment Authority (RAKIA): RAKIA is a free zone that focuses on industrial and manufacturing activities. It offers investors a range of incentives, including tax exemptions, easy company setup, and access to well-developed infrastructure. RAKIA is particularly suitable for businesses involved in heavy industries, manufacturing, and logistics.
- Al Hamra Industrial Zone (AHIZ): AHIZ is an industrial free zone located in Ras Al Khaimah. It provides a dedicated platform for manufacturing and light industrial activities. AHIZ offers cost-effective leasing options, easy business setup procedures, and modern facilities to support the growth of industrial businesses.
FAQ'S
Frequently Asked Questions
What is the minimum capital required to set up a company in the Rak Free Zone?
There is no minimum capital requirement to set up a company in the Rak Free Zone. However, you will need to provide a bank reference letter to prove that you have sufficient funds to support your business.
Do I need to have a local sponsor or partner to set up a company in the Rak Free Zone?
No, you do not need to have a local sponsor or partner to set up a company in the Rak Free Zone. You can have 100% foreign ownership of your business.
How long does it take to register a company in the Rak Free Zone?
The registration process for setting up a company in the Rak Free Zone can be completed in as little as 2-3 days, provided that you have all the required documents and information.
What documents do I need to provide to register a company in the Rak Free Zone?
The documents required to register a company in the Rak Free Zone include a completed application form, a bank reference letter, a business plan, and copies of the shareholders’ passports and visas.
What types of companies can be registered in the Rak Free Zone?
The Rak Free Zone offers a range of company formation options, including Free Zone Establishment (FZE), Free Zone Company (FZC), Branch of a Foreign Company, and Branch of a UAE Company.
Can I open a corporate bank account for my company in the Rak Free Zone?
Yes, you can open a corporate bank account for your company in the Rak Free Zone. We can assist you with the bank account opening process.
Do I need to have a physical office in the Rak Free Zone?
Yes, you will need to have a physical office in the Rak Free Zone in order to register your company. The Rak Free Zone offers a range of office space options to suit your needs and budget.
These are just a few of the many FAQs about registering a company in the Rak Free Zone. If you have any other questions or would like more information, please don’t hesitate to contact us at Prodigy Corporate Services.
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