Company Formation in RAKEZ (Ras Al Khaimah Economic Zone), UAE
Starting a business can be tough, especially with many steps involved. Company formation in RAKEZ offers a tailored solution for easy setup and compliance with UAE regulations. This blog will guide you through the benefits, types of licenses, and steps to start your company at RAKEZ.
Benefits of Company Formation in RAKEZ
Company formation in RAKEZ offers many benefits for a range of businesses. Enjoy quick start-up processes and access to professional services.
Economical Business Hub
RAKEZ offers cost-effective options for new businesses. Initial setups start at AED 16,500 per year. Some packages go as low as AED 5,699 for a 0-Visa license. This makes RAKEZ ideal for startups and small enterprises.
Companies benefit from a tax-free corporate business environment in the UAE. This free trade zone also supports over 21,000 companies across various sectors. The strategic location adds value by providing easy access to international markets easily.
Simplified and Fast-Track Business Set-Up Processes
Setting up a company in RAKEZ is quick and easy. Licenses can be obtained in less than five minutes online. The free zone company setup usually takes 5-10 business days to complete. The process involves three simple steps. First, customize your package to fit your needs. Second, submit the application and required documents.
Finally, receive your business license promptly. This makes starting a business at RAKEZ efficient and stress-free for entrepreneurs looking to establish their presence in the UAE.
Access to Premium Education and Healthcare
RAKEZ ensures access to top-notch education and healthcare. Families can enroll their kids in high-quality schools with international curricula. These schools offer a range of programs, from primary to secondary levels. Universities also provide advanced degrees.
Healthcare services are just as impressive. Residents get care from world-class hospitals and clinics. They use the latest technology and have skilled medical staff. This makes RAKEZ ideal for both living and working in the United Arab Emirates (UAE).
Free Travel Visa and Ability to Open a Bank Account
Setting up a company in RAKEZ gives you great benefits. One major perk is the free travel visa. A freelance permit for a one-year visa costs AED 17,070, while a two-year visa costs AED 22,920. This allows quick and easy movement to and from the UAE. You can also open a bank account easily. Major banks welcome new business accounts. You’ll need your Emirates ID and other documents to get started.
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Key Takeaways
- RAKEZ offers a quick and easy company formation process. You can get a license online in under five minutes.
- Costs for starting up are low. License fee packages start at AED 6,000, with options as cheap as AED 5,699 for a no-visa license.
- RAKEZ business setup provides benefits including no corporate tax and access to top services like premium education and healthcare.
- RAKEZ offers a wide range of licenses for businesses: Commercial, Service, E-Commerce, Media, Educational, and General Trading.
- RAKEZ provides special packages exist for women entrepreneurs and SMEs to help them save money and grow quickly.
Types of Companies and Licenses in RAKEZ
RAKEZ offers different company structures and licenses for various business needs. Learn which type fits your business best by reading more about the choices available!
Free Zone and Non-Free Zone Entity Formations
Free zone businesses in RAKEZ offer many perks. They allow up to 100% foreign ownership. Companies can also repatriate all their profits. Non-free zone entities have different rules. Local regulations apply more strictly here. Businesses may need a local partner or sponsor.
FZ-LLC
FZ-LLC stands for Free Zone Limited Liability Company. An FZ-LLC is a perfect solution for SMEs that want to set up a company in the RAKEZ Free Zone. This company structure allows the formation of a business entity with 2 to 50 shareholders to have a collaborative environment suitable for business within the free zone.
Branch Office
Such structure enables a branch of a foreign company to open in the UAE and enjoy all the benefits of RAKEZ. Branches can be opened by foreign entities and UAE based firms can also open branches within the free zone to increase their operations and take advantage of the opportunities available in RAKEZ.
Types of Licenses Available for RAKEZ Company Formation
In RAKEZ, there are several types of licenses for wide range of business activities. The purpose of each license varies based on the nature of your business activity.
Commercial License
Suitable for trading activities.
Costs range from AED 17,840 to AED 54,426 for up to 4 visas.
For up to 6 visas, costs range from AED 70,818 to AED 77,764.
Service License
Ideal for businesses involved in providing services.
Cost varies with the number of visas needed (up to four), starting at AED 17,840 and going up to AED 54,426.
For up to six visas, costs range between AED 70,818 and AED 77,764.
E-Commerce License
Meant for online trading firms.
Costs are similar to the commercial and service licenses.
Media License
Best for media and entertainment ventures.
Costs also fall within the same range as other licenses based on visas.
Educational License
Intended for educational institutions or training centers.
Pricing depends on the number of required visas (up to four) ranging from AED 17,840 to AED 54,426; (up to six) ranging from AED 70,818 and AED 77,764.
General Trading License
Best for businesses that trade various goods at both local and international level.
With up to two visas: cost ranges from AED 37,202 and goes up to AED 44,148.
With up to six visas: cost ranges from AED 77,818 going up high as AED 80k plus which stands around approx ~84k max limit point-wise mentioned as per our calculations* based upon researched data provided thus far though still subject discretion fact figures verification basis mathematical thresholds alike chart stats analytics source verified documentation info clarifications necessitate precisely exactly meant!
Businesswomen Packages
Specific Plans exist for female entrepreneurs offering cost-effective prices starting around 10,000 AED. Actual costs vary and comprise comprehensive inclusions to get started, offering all-inclusive options that can go up to approximately 100,000 AED. These packages cover extensive timelines, providing significant savings and substantial benefits for new economic endeavors, creating a conducive environment for exponential progress and robust returns, outweighing risks objectively.
Business License Issuance and Renewal Procedures
Business license issuance and renewal in RAKEZ are quick and simple. Companies can get licenses online in under five minutes.
Setting up your company at RAKEZ is fast and efficient with its digital procedures.
Initial Approval
Complete an application form. Choose your business activity. Submit necessary documents.
Documentation Requirements
Provide a passport copy.
Show proof of residence.
Submit shareholder details.
License Issuance
Pay the fees online.
Receive a suitable license for your business via email.
Annual Renewal
Visit the RAKEZ portal.
Update any required information.
Cost Efficiency & Access to Support Services
Lower renewal costs might apply annually. Assistance for obtaining visas and opening bank accounts is available.
RAKEZ Facilities and Services
RAKEZ Free Zone offers a range of modern warehouses and coworking spaces, providing flexible options for businesses. Read more about the state-of-the-art facilities and pro services available.
State-of-the-Art Warehouses And Industrial Land Plots
State-of-the-art warehouses in RAKEZ come in various sizes. These spaces are perfect for businesses of all scales. From small startups to large industrial projects, RAKEZ supports them all with land for development. The facilities have advanced infrastructure and technology. RAKEZ offers flexible options within its free trade zones. Businesses can easily find the right office space for manufacturing or storage needs.
Coworking Spaces and Shared Workstations
RAKEZ offers flexible coworking spaces and shared workstations. These spaces are ideal for startups and small businesses. Entrepreneurs can rent desks by the hour, day, or month. This flexibility helps manage costs. Shared workstations come with high-speed internet and office equipment. Businesses gain access to meeting rooms and networking opportunities in these vibrant environments. RAKEZ's coworking options support growth without long-term commitments.
Secretarial and Business Centre Services
RAKEZ offers secretarial and business center services to help companies grow. These services include answering phone calls, managing mail, and scheduling meetings. This support frees up time for entrepreneurs to focus on their core tasks. The business centers also provide meeting rooms, conference facilities, and high-speed internet. They act as a one-stop shop for essential government services like visa processing and licensing. This makes it easy for businesses to operate smoothly in the Ras Al Khaimah Economic Zone (RAKEZ).
Steps to Set Up a Free Zone Company at RAKEZ
The first step of company formation in RAKEZ is to secure initial approval and gather your documents. Read on to understand the full process!
Initial Approval and Documents Required for Business Setup
Company formation in RAKEZ is straightforward. The initial approval and documentation phase involves key steps.
This phase sets the foundation for your business in RAKEZ, making it essential to complete these steps carefully to streamline progress.
1. Submit Business Plan:
Provide a clear and unique business plan. Outline your goals and operations.
2. Select Business Activity:
Choose the type of business you will run. Ensure it fits within RAKEZ guidelines.
3. Choose Company Name:
Pick a unique company name. Make sure it complies with naming rules.
4. Prepare Documents:
Fill out the application form for Free Zone company formation. Include your passport copy and identification documents. Add proof of address and recent photos.
5. Get Shareholder Details:
Submit information about all shareholders. Include their passports and other ID proofs.
6. Provide Initial Capital Proof:
Show evidence of initial capital investment.
7. Provide Initial Capital Proof:
Show evidence of initial capital investment.
8. Pay Fees:
Make the required payment for processing fees to RAKEZ.
9. Receive Initial Approval:
Once all documents are correct, you will get initial approval from RAKEZ authorities.
Special Packages and Offers for RAKEZ Companies
RAKEZ offers special packages for various businesses. These packages can help you save money and get started quickly.
Exclusive Package for Businesswomen
The Exclusive Package for Businesswomen in RAKEZ is attractive and affordable. Prices start at AED 6,280, making it accessible. The commercial and service license costs up to one visa are AED 10,101.You can choose a one-year license costing between AED 14,980 and AED 69,500. For longer stability, opt for a three-year license ranging from AED 43,187 to AED 96,474.
This package caters specifically to women entrepreneurs looking to set up their businesses in the UAE company formation market. It includes perks like access to premium education and healthcare facilities within RAKEZ Free Zone. This helps create an ideal environment for businesswomen seeking enterprising opportunities in the global market without worrying about high initial costs or complex procedures.
E-commerce and SME Business Support Packages
RAKEZ offers special packages that support E-commerce and SMEs. These packages help new businesses grow quickly. Small and medium-sized enterprises (SMEs) get tools to compete in the market.
The package includes discounted rates on warehousing and industrial licenses. Businesses also receive work permits easily and can use flexi desks or offices for reduced costs. Entrepreneurs gain access to premium banking, debit cards, and credit card services. This support makes starting a business simpler by reducing startup pains.
Company Formation in RAKEZ, UAE
Many people have questions about starting a company at RAKEZ. We’ve compiled common inquiries on costs, visas, regulatory requirements, and banking for easy answers.
Cost of Company Setup
Setting up a company in RAKEZ can be affordable. The cost starts at AED 6,000 for setup. Business setup packages begin as low as AED 5,699 for a license with no visa.
RAKEZ offers several packages to suit different needs. Entrepreneurs can benefit from these options while saving money on taxes and other expenses. These cost-effective solutions make it easier to start new business ventures in the UAE.
Visa and Banking FAQs
RAKEZ offers a UAE residence visa. This allows family sponsorship and business opportunities. It also provides access to quality education and healthcare services. To apply for the visa, you need your passport, photos, and other documents.
Opening a bank account is easy at RAKEZ. They support you in getting an account with local or international banks. Bring copies of your passport, business license, Emirates ID, and other papers.
Renewal and Amendment Procedures
Annual company renewals in RAKEZ are essential. These must be completed to continue operations without interruptions. Companies benefit from potentially lower renewal costs, making it economical to maintain an active status.
Changes or amendments to the company’s setup can be done easily. They include modifications to business activities, ownership structures, or trade licenses. Simple online processes help make these changes swiftly without complicated procedures.
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Ras Al Khaimah Economic Zone or RAKEZ offers a range of benefits including free zones with government incentives for international investment. It provides flexible office options and supports entrepreneurship.
To set up a limited liability company in Rakez, you need to obtain the necessary licenses from the Ras Al Khaimah Free Trade Zone (RAK FTZ) or other relevant authorities like Hamriyah.
Yes, foreign or international investors can use credit cards to manage their finances during Rakez free zone Company formation.
Emirati entrepreneurs receive various government incentives and support aimed at boosting local business growth within the Ras Al Khaimah Freezone.
Yes, Dubai is nearby which makes it convenient for those looking to expand their expert business operations between these two economic hubs.
DISCLAIMER –
This content is for informational purposes only and provided “as is.” We make no guarantees about the accuracy, completeness, or suitability of the information. Any reliance on it is at your own risk. We are not responsible for any losses or damages resulting from its use.
Fees and costs mentioned are for reference only, subject to change, and may vary based on individual circumstances.
