RAK Free Zone Company Formation
Benefits of Company Formation in RAK Free Trade Zone
- 100% tax exemption from personal and corporate incomes.
- 100% repatriation of profits and capital from business.
- 100% ownership for both local and foreign businessmen and investors.
- No capital is required to get started.
- Lenient and easy-to-understand laws and regulations.
- State-of-the-art communication facilities.
- Straightforward and fast registration procedure.
- Located in a port at a distance of 95 km from Dubai.
- Reliable supply of energy from a power plant.
- Excellent transport connection with the major seaports and airports in the UAE.
- Registration Fees-7,000 AED
- General Trading License-15,000 AED
- Special Executive Office-26,000 AED
- IP-Installation Charges-550 AED
- IT Services Monthly Fixed Charges-360 AED
- Admin Service Charges-1,200 AED
- Total-50,110 AED
- Passports copy of each individual with validity 6 months (shareholders and Managers).
- NOC letter is the (shareholders and managers) are holding UAE residence visa.
- Trade name & activity
- Brief project description
Business Setup Procedure in Ras Al Khaimah Free Trade Zone
Here are the steps you are required to follow to set up a company in the RAK FTZ:
Select Business Activities
Not just in the Ras Al Khaimah Free Trade Zone, to start a business anywhere in the UAE you need to first select the business activities you want to perform. You need to check whether those business activities are allowed in the free zone you are looking to start your business in. The type of trade license you need to apply for will depend on the business activities you choose to perform. So, if the activities you chose are allowed, you need to choose the type of trade license that allows those business activities. The types of trade licenses in the RAK FTZ include the general trading license, the commercial trading license, the industrial trading license, and the consultancy/service trading license. If you are confused about which trade license you need to apply for, you can always contact our professional consultants.
Register Trade Name
For the formation of a new company anywhere in the UAE, you need to register a trading name that is not already in use. The name can be in use in other places of the world, but as long as it is not registered in the general journal of the UAE, you can use it. You can use various online tools to find if the name you have in mind is trademarked in the UAE or not.
Obtain the Necessary Approvals
You need to obtain various approvals from different agencies and government bodies depending on the business activities you choose to perform. Getting all these approvals on your own can be time-consuming and a stressful process. You can choose our services to get these approvals because our consultants have the necessary connections required to easily source all the approvals for your specific business.
Submit Documents and Pay Fees
After you have obtained all the necessary approvals, you need to submit all the required documents and pay the fees. The fee of registering for a trade license in RAK Free Zone without a visa is AED 11,440. Here are the documents that you need to submit to the Ras Al Khaimah Free Trade Zone Authority:
- Copies of all the shareholders’ passports.
- The list of proposed trade names for your business.
- The certificate of incorporation.
- The briefly described business objectives of your company.
- A reference letter from the bank.
- The filled-up application form.
Any error in these documents will cause expensive setbacks in the business setup process. That is why it is suggested to get services from experienced consultants who have worked with these documents before.
After you have obtained all the necessary approvals and documents, you need to apply for the trade license to the Ras Al Khaimah Free Trade Zone Authority. If everything is free from error, then you will receive the license within one week. However, if there are any errors then the process will be lengthened, and you will have to shoulder more expenses. That is why it is best to leave the registration process to the experts.