Ras Al Khaimah Situated in the northern end of UAE, Ras Al Khaimah (RAK) shares mountainous borders with the Sultanate of Oman and is settled between the Arabian Gulf on the west and Hajjar Mountains on the east. RAK is at a stone’s throw from Dubai and is fast emerging as the preferred investment choice for global financiers. Ras Al Khaimah Economic Zone is close to the far eastern nations: India, China, Iran, Pakistan, and the Commonwealth of Independent States (CIS). Apart from the ease of access and hassle-free administrative procedures, Ras Al Khaimah is a prominent port and offshoring destination in the northern Emirate.
Why A Business Needs Business Setup Services in Ras Al Khaimah
Ras Al Khaimah witnessed an influx of a plethora of foreign investors as it is one of the most developed economies in the Emirates. Liberal government policies, state-of-the-art infrastructural development, a thriving economy, and friendly trade relations with neighboring countries are some of the many factors that attract major foreign investment in RAK. Setting up a business in RAK requires one to decide upon the location, type of business entity, license, follow a set of legal procedures, and submit the corresponding documents. All this, coupled with the local traditional practices, makes it sensible to opt for business setup services in RAK if one wishes to open a company there.
The registration and issuance of business licenses to non-resident companies in Ras Al Khaimah is handled by the Free Zone Authorities and other licensing procedures are regulated by the individual Emirates and federal government.
There are 3 formats of business setup in RAK:
Understanding that investor requirements for offices, warehouses & land facilities are diverse, unique Free Zone Parks have been set up by the Ras Al Khaimah Free Trade Zone Authority. These free zones are set up at different locations across the Emirate of Ras Al Khaimah and include Technology Park, Business Park, Industrial Park, and Al Ghail Park. Each RAK free zone caters to specific business interests and is fully equipped to meet the investors’ requirements. Major free zones for business setup in RAK are Ras Al Khaimah Free Trade Zone (RAK FTZ), RAK Investment Authority (RAKIA), and RAK Media Free Zone (RMFZ).
To set up a business in RAK, the following steps need to be carried out:
RAK Offshore was established to cater to the high demand for offshore markets. This also helps the administration in increasing their sources of income for the incessant growth of their economy. Over 1900 International Business Companies (IBCs) are recorded in Ras Al Khaimah Economic Zone offshore client portfolio. The first companies that are listed with RAK offshore are real estate and property investments. New policies are established by RAK offshore assuring that a welcoming environment is provided for the people.
WIS Consultancy is the registered and approved business that offers offshore RAK business setup. We have a team of knowledgeable business consultants who can help you with cost-effective Ras Al Khaimah Economic Zone offshore company formation without any difficulties and quickly.
There are several benefits one can drive from business setup in Ras Al Khaimah offshore:
Business setup in Ras Al Khaimah is laidback, but you need to take care of a list of lawful procedures and documentation procedures in which our team can help. WIS Consultancy has a team of veteran business advisors to take care of the entire company formation procedure in RAK, which will aid you with the following:
The steps for Ras Al Khaimah company formation are:
Under this step, determine the type of economic activity of your business. It can be categorized under commercial, professional, and industrial activity. Industrial or general trading businesses and retail businesses are involved in trade and sale of goods to consumers or businesses. Professional companies offer personal or commercial professional services like management, accounting, consulting, etc. Industrial companies usually conduct the manufacturing, processing, and packaging of goods.
The next step is to decide on the corporate entity. From the list above, you can choose one according to your business activity. The legal status conditions are determined by the type and nature of the business.
There are three leading jurisdictions in RAK, Mainland, Free Zone, and Offshore. Mainland offers to have a business in and outside the UAE. There is much scope for a company that wants to register in RAK Mainland. Located just 45 minutes from Dubai, RAK Free Trade Zone gives a highly productive business-friendly environment with state-of-the-art services and an easy setup process with minimal bureaucracy. You can choose from a range of setups varying from Flexi-desks and core offices to multi-floor offices and industrial warehouses.
The investor may receive initial approval before obtaining the company name certificate. The initial approval enables the investor to continue with business license issuance procedures and address the concerned authorities to get their support. It is taken to conduct the required business activity, though not performing the activity without first obtaining the license.
After finalizing the location of the business, the next step is to choose a unique and appropriate trade name for the organization. Submit the proposed company name to the Department of Economic Development.
After getting the initial approval and fulfilling the requirements and legal conditions, the investor should visit the other concerned authorities to obtain their consent. These ministries are defined according to the required activity, although some types of activities may require the sole permission of the Department of Economic Development.
Once the consent of the concerned authorities is received, the stakeholder may proceed to the stage of fulfilling all the lawful requirements of business license issuance. It can be completed by taking consent from the Department of Economic Development, before finally receiving the license.
In this step, the business person may rent the business site after visiting the Monitoring & Consumer Protection Administration in the Department of Economic Development. Apart from this, they shall also visit other concerned authorities to examine and approve the business location.
We at WIS Consultancy are company formation consultants in RAK and can help you with the following business setup services. Our RAK business setup services are: