Founded in 2000, Ras Al Khaimah free zone is a quickly growing and affordable free zone in the United Arab Emirates. Today, this is home to more than 12,000 corporations from more than 100 nations with around 50 industries. RAK is an exceptional location to reside and also for a RAK company formation. RAL free zone gives several incentives at a lower ratio in comparison to the free zones in other emirates.
Business setup in Ras Al Khaimah free zone is an easy and seamless task, delivering you comply with all the lawful methods and paperwork strategies in which a skilled business advisor can give you assistance. Here we explain the process and advantages of starting a company in the RAK free zone.
The Process to Start a Business in RAK Free zone
1. Select a Business Activity
The first thing you need to decide on is the business activity to run your company. There are so many registered business activities that you need to choose from the right one. General, retail, or industrial businesses are comprised of selling or training commodities to other companies or end customers.
You can even select a professional business that gives personal or commercial services such as consulting, accounting, management, and many more. Whereas, industrial businesses are generally included in manufacturing, processing, and product packaging.
2. Choose a Business Name
This move is very crucial, you need to select a business name. You must ensure that the name you choose for your business must abide by the rules set by the free zone official. Any abusive language would be not allowed by the free zone official.
Also, comprising business owner's name should be comprised full instead of using starting or surname, which isn’t allowed. Once the selected company's name approves the stage of responsibility, it is recommended to check with officials in case the determined name is yet obtainable.
3. Obtain a Business License
As soon as the relevant authorities approve the company, shareholders can proceed to get a Dubai business license in Dubai for a Freezone company formation. Permission from the Economic Department of Dubai will be acquired prior to acquiring a business license that allowed conducting all business activities appointed in the business license.
4. Apply for a Visa
Another condition of a RAK company formation is to obtain a visa. As already mentioned, the procedure of making an application and getting a visa is the most suitable taken with the support of a professional who specializes in business setup and getting visas and business licenses.
5. Rent and Office Space
Finally, but certainly not least, is the move, renting a physical office space to run business activities from. A businessman or a shareholder in the business must just select and rent out an office after visiting the supervising and consumer protection administration in the Economic Department of the emirate.
Other than this, the businessman will even make a visit to other respective authorities to completely study and sanctioned the business location. Physical office space is required for certain business licenses to be issued and to conduct business activities.
Types of Business Licenses Available in RAK Free zone
Below-mentioned licenses are obtainable for a Freezone company formation in RAK –
- RAK free zone consulting and services license along with a real estate business license allow the user to business activities comprising, financial consulting activities, management, economics, legal issues, and investment. Other activities under this business license are – restaurants, travel agencies, catering, cargo, insurance, and more.
- RAK free zone commercial license permits different kinds of commercial activities comprising import, export, distribution, and storage of products as mentioned in the license.
- RAK free zone industrial license is essential for business activities like import of raw materials, manufacturing, assembling, processing, packaging, and exporting final creations. Clearance from RAK free zone viability and climate effect studies is compulsory for this business license.
- RAK free zone is a commercial license that permits activities such as import, export, distribution, warehousing, and more.
The Advantages of Starting a Business in RAK Free zone
RAK free zone is highly welcoming to a diversity of companies, thanks to its little bureaucracy and smooth RAK Offshore Company Formation procedure. Apart from this, many other advantages of RAK free zone are –
- All entrepreneurial services are obtainable in RAK free zone and available through the RAK portal 360. So, there’s a large reduction in the time to procedure documentation and approaches for free zone company formation in RAK.
- The running expenses and residing costs in RAK free zone are around 50% lower than in other provinces in the country.
- The RAK free zone also gives business packages formed exclusively for female businessmen. Hence, starting a woman-led company is smoother than ever now.
- An overseas businessman can get customized packages depending on their RAK free zone business establishment needs, choosing their business activities, business licenses, and facility kinds.
- Utilizing the RAK free zone’s dual business license framework, companies can run from the mainland and free zone with one office.
- Your company would advantage in comfortable logistics thanks to the closeness of RAK international port to major emirates.
