Ras Al Khaimah Economic Zone (RAKEZ) is a thriving free zone in the United Arab Emirates (UAE). It was formed by merging two major free zones: Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). This combination brings together the best features of both zones, making the business setup in RAKEZ a great place to start a company with plenty of opportunities.
If you’re excited to start your company in RAKEZ but aren’t sure how to begin, this guide is here to help you. Here, you will find a detailed step-by-step process to help you start your company in RAKEZ Freezone and understand the reasons and benefits that make RAKEZ an excellent choice for entrepreneurs.
Overview of RAKEZ Free Zone
Ras Al Khaimah Economic Zone (RAKEZ) is a government-supported and affordable free zone in the UAE. Out of over 45 free zones in the country, RAKEZ is one of the top choices for company setup in RAKEZ.
RAKEZ is designed to meet the needs of expats and international investors, offering many benefits that make it a great place for business setup in RAKEZ Free Zone and to start and grow a business.
The Ras Al Khaimah government has worked to unite the region’s free zones, serving over 13,000 clients, into a key economic hub in the UAE. RAKEZ is a dynamic business and industrial center, offering customized solutions for both Free Zone and Non-Free Zone companies across a global community that spans over 50 industries. The best part? A business setup in RAKEZ provides these opportunities at more affordable rates than other UAE-free zones.
RAKEZ is in a great location that connects businesses to growing markets in the Middle East, Europe, North Africa, and South and Central Asia. Since its start in 2000, the company setup in RAKEZ has become home to over 12,000 companies from more than 100 countries.
Benefits of Investing at RAKEZ Freezone
- Options for setting up a company in RAKEZ for both Free Zone and Non-Free Zone companies
- Full foreign ownership allowed
- Quick and simple business setup in RAKEZ Free Zone process
- A variety of business and industrial facilities
- On-site staff and worker accommodations available
- One-stop center for all government-related services
- Self-service portal for clients
- Links to major transport and logistics centers
- Regional offices for easier support and reach
- Easy access to markets in the MENA region, Europe, and Asia
Documents Required for Setting Up Your Business in RAKEZ Free Zone
Before starting the business setup process in RAKEZ Free Zone, it is important to have your documents ready. The exact documents can vary based on different requirements, but here are some common ones you may need:
- Copy of Emirates ID for shareholders and the general manager (if needed)
- UBO (Ultimate Beneficial Ownership) declaration form with a passport copy
- Business plan
- Colored passport copy of shareholders, director, and general manager (if needed)
- Guidelines for registering a trade name
- Registration and licensing application form
- Visa copy or entry stamp for shareholders, general manager, and director (in some cases)
- Original NOC (No Objection Certificate) for shareholders or general manager (for UAE residents)
Note: This list may not cover all the required documents. It is best to contact Intellect Chartered Accountants for the full list.
Steps to Start Your Company in RAKEZ Freezone
Starting a company in RAKEZ Freezone involves several important steps. It’s crucial to follow these carefully, as mistakes can delay or stop your business plans. Here is an easy guide to help you:
- Choose Your Business Activities: Decide what kind of business activities you will conduct and pick the best business or legal structure, such as an LLC or a branch, that suits your needs.
- Register Your Business Name: Secure a unique business name through the RAKEZ online portal or with the help of Intellect Chartered Accountants. Make sure the name follows RAKEZ’s naming rules.
- Submit Your Application: Fill out and submit the license application along with the necessary documents to the relevant authority.
- Pay the Fees: Once all the documents and applications are submitted, pay the required fees to get your business license.
- Sign the MoA and Lease Agreement: Sign the Memorandum of Association (MoA) and your lease agreement.
- Receive Your Business License: After completing the paperwork, you will receive your business license and any other needed permits.
- Apply for Visas: Apply for investor and employee visas as needed.
- Start Operations: Complete the process and start your company in RAKEZ Freezone.
- Open a Bank Account: Set up a corporate bank account in any UAE bank to handle your company’s financial transactions.
Requirements for Setting Up a Company in RAKEZ Free Zone
Setting up a company in RAKEZ comes with many benefits, but you need to meet certain requirements. Here are the main requirements:
- Share Capital: The minimum share capital depends on the type of company you have. For example, a Free Zone Establishment (FZE) needs at least AED 150,000, while a Free Zone Company (FZC) requires AED 1,000,000.
- Physical Presence: Your company must have a physical presence in the free zone. This can be office space, a warehouse, or land, depending on your business needs.
- Visa Eligibility: You and your employees may need UAE residence visas to operate in the RAKEZ Free Zone. The number of visas you can apply for depends on your office space size.
- Renewal & Compliance: Once your company is set up, you must renew your license on time and follow all regulations. Not doing so could lead to fines or even losing your license.
How Intellect Chartered Accountants Can Help You?
Business setup in RAKEZ Free Zone involves many steps, and even one small mistake can delay your business plans. That’s why getting help from professionals like Intellect Chartered Accountants is important. Our team of experts will guide you through the entire process and make sure everything is done correctly.
To find out more about starting your company in RAKEZ Freezone, book a free consultation with one of our Intellect Chartered Accountants experts.
