Setup your Company in RAKEZ Free Zone

Company Setup in RAKEZ Free Zone

Ras Al Khaimah Economic Zone (RAKEZ) is a booming free economic zone in the United Arab Emirates (UAE). This free zone has developed by combining the two largest free zones named Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). As the free zone is the two significant zone combinations, you can enjoy double opportunities to set up your Company in the RAKEZ Free Zone. We know most of you are desperate to Start your Company in RAKEZ Free Zone but struggle to find the right path. If so, stop your struggle and stick with this guide. This guide will provide a deep process to begin your business in this free zone. Plus, we will explore the reason and other aspects to kick-start your company in this free zone. 

RAKEZ Free Zone -  Overview

Ras Al Khaimah Economic Zone (RAKEZ) is a government initiative and cost-effective economic zone in the United Arab Emirates (UAE). RAKEZ Free Zone is a key contender among more than 45 disciplinary free zones in the United Arab Emirates (UAE).  Tailored to meet the diverse needs of expatriates and foreign investors like you, RAKEZ Free Zone provides you with uncountable advantages that set it apart as a premium destination for profitable opportunities.   The Ras Al Khaimah government's focus is to merge both Ras Al Khaimah’s free zones with their more than 13,000 customers to make the significant economic hub in the entire UAE. It is a powerhouse business and industrial hub that gives you customizable solutions to both Free Zone and Non-Free Zone companies in a multinational community flourishing in more than 50 industries. Do you know the best thing? RAKEZ gives you numerous opportunities at a cheaper rate than other free zones in the UAE. RAKEZ is situated at a strategic location because it connects you with the growing market of the Middle East, Europe, North Africa, and South and Central Asia. However, it was established in 2000, but now it is a hub of more than 12,000 companies from over 100 nations.   

Top benefits of beginning your company in the RAKEZ Free Zone

By starting your business, you can access countless benefits in the RAKEZ Free Zone. However, discussing all the benefits of beginning your company in this free zone in one guide is a little complicated. Therefore, we have outlined the top benefits to Start your Company in RAKEZ Free Zone:  

• Strategic location: RAKEZ Free Zone is strategically located near essential transportation hubs, like significant airports and seaports. The strategic location of the RAKEZ Free Zone boosts seamless logistic and trading activities. Do you know the best part? The free zone is also in proximity to the Ras Al Khaimah International Airport and other significant seaports ensuring excellent connectivity for businesses like yours. 

• 100% Foreign Ownership: As a foreigner, you can enjoy 100% foreign ownership of your business in the RAKEZ Free Zone without a local sponsor or partner. It lets you maintain full control of your business and make strategic decisions independently. 

• Cost-effective setup: RAKEZ also provides businesses like yours with competitive setup costs and no least capital requirements, making it an ideal option for SMEs, startups,  and significant enterprises.   

Documents needed to set up your business in the RAKEZ Free Zone

Before starting the process to Setup your Company in the RAKEZ Free Zone, you need to gather some of your documents because it’s essential to start your business in this free zone. However, the exact documents you need to prepare depend on different requirements. We have outlined common documents to begin your organization in the RAKEZ Free Zone:  

•  Emirates ID copy of your business’s shareholders and general manager (if required)
• Ultimate Beneficial Ownership (UBO) declaration form with a passport copy. 
•  A business plan 
• A color passport copy of shareholders, director, and general manager (if required)
• Guideline for Trade Name Registration 
• Application for registration and licensing
•  Visa copy/entry stamp of shareholders, general manager, and director (in certain cases)
• The original NOC for the shareholder or general manager (if UAE resident)

  Again the list of documents might be incomplete here. Therefore, we recommend you contact Flyingcolour Business Setup to acquire the complete documents list. 

What are the steps to start your company in the RAKEZ Free Zone?

There are many steps you need to follow to start your company in the RAKEZ Free Zone.  However, you must carefully follow these steps because a single error in following these steps will vanish your dream to begin your business in this free zone. Therefore, we recommend you have an overview of the following steps you must follow to Setup your Company in RAKEZ Free Zone:  

1. Initially, you should choose the business activities you intend to conduct within your business in the RAKEZ Free Zone. Apart from selecting the business activities, you should also select the appropriate business or legal structure from options, like LLC or branch, that suits best your company's requirements.
2. Next, you should secure your business name through the RAKEZ online portal or by partnering with Flyingcolour Business Setup. However, you should ensure your business name is unique and adhere to the naming guidelines set by the RAKEZ government.
3. Next, you should complete and submit the license application with the required documents to the relevant authority. 
4. Once submitting the required documents and license application, you should pay the required fees for the issuance of a license. 
5. Next, you should sign the Memorandum of Association (MoA) and lease agreement. 
6. After signing your MoA and lease agreement, you will receive your business license and other necessary permits. 
7. Later, you should apply for the investor and employee visa for yourself, as per your requirements.
8. Finally, you must complete the process and begin the business operation. 
9. Lastly, you should open a corporate bank account in any bank in the UAE to manage yur company’s transactions effectively.   

How can Flyingcolour Business Setup help you?

As we mentioned above, you must carefully perform all steps to Start your Company in RAKEZ Free Zone because a single mistake can stop you from opening your business. Therefore, you should obtain professional guidance from Flyingcolour Business Setup. Our experts can ensure you did not make any mistake while opening your company in the RAKEZ Free Zone. To learn more about the Start Your Company in RAKEZ Free Zone, book a free consultation with one of the Flyingcolour team advisors. Please note that this article was published on  10/07/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.