The Ras Al Khaimah Free Zone or popularly known as the RAK Free Zone is one of the oldest free zones in the UAE and is said to be formed after a consolidation of RAK free zone and RAK Investment Authority. Located at a sought-after destination, near to the RAK airport and sea port, this free zone has easily become a favourite among investors and entrepreneurs who wish to set up their business to yield the best returns. Since we are on the topic of let’s quickly glance through the benefits or rather advantages of RAKEZ Company Formation.
1.Close proximity to fast emerging markets in Europe, Africa and SouthEast Asia.
2.This free zone is home to over 12,000 companies and offers plenty of incentives at lower rates when compared to other free zones.
3.Easy access to the international airport and five seaports.
4.It is one among the many free zones to be tagged as the most cost-effective free zone and thus, cost of living here is affordable.
5.Flexible and transparent procedures for RAKEZ company formation.
6.Strategic location gives you access to over one billion customers.
7.Quick issuance of RAK trade license.
8.It is only a 50-minute drive from Dubai.
9.Equipped with top notch infrastructure.
10.RAK Free Zone company formation takes less time than those in Dubai.
It surely sounds promising and exciting to have your own business in this free zone. But how to establish one? Let’s get into the step-by-step details on how to set up your business in RAK Free Zone.
PS: ensure that you have all the documents ready with you and make timely payment of RAK free zone license fee for a smooth completion.
1. Choose a business activity for your company
The first and foremost thing to do in company formation is to determine the company’s business activity. The few categories of RAKEZ business activities are: Commercial, Service, Industrial, Educational, Media and Individual/Professional e-commerce activities.
2. Fix the company’s Legal Form
Decide the corporate entity which compliments the business from the above list of activities. The legal status of your business can be chosen once the type & nature of your business has been fixed.
3. Choose a name for your business
While choosing a name ensure that it does not violate the rules and regulations set by the Free Zone Authority. The chosen name will be checked by the authorities to determine if it has been already registered or is available.
4. Obtain the license
The types of trade licenses available in this free zone are: RAK FTZ Consulting & Service License and Real Estate License, RAK FTZ Industrial License, RAK FTZ Commercial License, and RAK FTZ General Trading License. Once the name is approved, the concerned stakeholder in the business can go ahead to apply for a business license. They can conduct all business activities mentioned in the license after getting approval from the Department of Economic Development.
5. Apply for Visa
One can start the process of applying for a visa by acquiring an Establishment Card first and then an eChannel. Once that is done, apply and wait for the issuance of an entry permit. Then they are required to go through a mandatory medical test and conclude the application of Emirates ID. Post all these steps, the residency permit in the passport is stamped.
6. Rent an office space
Rent a physical office space to conduct the business activities. Either the business owner or a stakeholder must visit the Monitoring and Consumer Protection Administration in the Department of Economic Development (DED) before renting out the space and they are expected to visit other concerned authorities to get approval of the business location.
The procedure is simple when followed right with documents submitted to the concerned authorities at the right time. You can make it hassle free by signing up with us. Choose from our different packages curated and customised for you to easily establish your business in RAK free zone. Get in touch with our company formation expert to get a quote on RAKEZ trade license cost or an estimate for RAK company formation cost.
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