If you’re an entrepreneur or a small business owner looking to establish your company in the United Arab Emirates (UAE), then you might have come across RAKEZ – the Ras Al Khaimah Economic Zone.
RAKEZ is a popular free zone that has been attracting businesses from all over the world with its numerous advantages and features. From a strategic location to a wide range of industry sectors, RAKEZ offers a lot of benefits to anyone looking to start their own business.
In this blog, we’ll dive into the details of what RAKEZ is, what advantages it offers, and what features make it stand out from other free zones in the UAE.
Whether you’re just starting out or already established, this blog will give you all the information you need to know about RAKEZ and help you decide if it’s the right choice for your business.
But First, What Is RAKEZ?
RAKEZ was established in 2017 as a result of the merger between Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). The merger created a diversified and integrated economic zone that provides a range of business solutions for companies operating in the UAE.
The advantages of Setting up a Company in Rakez
RAKEZ offers a supportive environment for businesses to grow and thrive, with various advantages that make it an attractive location for entrepreneurs and investors. Here are some benefits of setting up a company in RAKEZ:
RAKEZ has segmented zones that cater to the activities of specific industries such as manufacturing, trading, and services. These industry-specific zones allow businesses to operate in an environment that is tailored to their specific needs, leading to increased productivity and efficiency.
One of the main advantages of setting up a company in RAKEZ is the tax exemption offered. The economic zone allows up to 100% foreign ownership and provides tax exemptions for up to 50 years, making it an attractive option for investors and entrepreneurs.
RAKEZ provides access to a global network of investors and customers, making it easier for businesses to expand their reach. The economic zone aims to build partnerships to drive growth, and businesses operating within RAKEZ can benefit from these collaborations.
RAKEZ offers warehouses of different sizes tailored for various businesses based on the activities carried out. These include trading, manufacturing, storage, assembly, transport, utility, and security. The cost-effective solutions offered by RAKEZ allow businesses to operate efficiently while keeping costs down.
No Foreign Exchange Controls
RAKEZ does not have foreign exchange controls, regulations, or trade barriers, making it easier for businesses to operate internationally. This allows companies to be more competitive, reduce costs, and have more flexibility in their operations.
RAKEZ offers customizable warehouses in industrial zones of various sizes, making it easier for businesses to find a suitable space. The flexibility offered by RAKEZ allows businesses to grow and expand within the economic zone without having to worry about finding a new location.
Having a physical presence in RAKEZ builds trust among locals, helps to build long-term customer relationships, and provides access to trade contacts in the UAE. The physical presence of a business within RAKEZ can also improve the company’s reputation and credibility within the region.
A Guide to Set Up a Business in RAKEZ
If you’re considering setting up a business in RAKEZ, you’ll be pleased to know that the process is straightforward. Here, we go through all the steps to help you understand the process better:
Step 1: Choose Your Business Activities and Name
The first step in setting up a business in RAKEZ is to decide on your business activities and choose a name for your company. It is advisable to research and understand the RAKEZ activity list to ensure that your business activities will be profitable. Choosing a unique name for your company can also help you stand out.
Step 2: Select a legal structure
RAKEZ Dubai office offers various business licenses and legal structures that cater to different industries and business activities. You can choose from different license types, including a service, commercial, or industrial license. The license type you choose will depend on the business activities you plan to undertake. This step is critical as it will determine the type of taxes you will be liable to pay and the level of your business operations.
Step 3: Submit Your Application
The process of setting up your company through the RAKEZ portal is fast and straightforward. By using the online portal, you can avoid complicated paperwork and bureaucratic procedures. The efficient process allows for quick and hassle-free company formation, enabling entrepreneurs to focus on their core business activities.
Step 4: Obtain Necessary Approvals
After submitting your application, your company’s application will go through a review process, and the necessary approvals will be granted if everything is in order. The relevant authorities will review and confirm that your business activities are compliant with all regulations.
Step 5: Open a Corporate Bank Account
After obtaining all the necessary approvals, you can open a corporate bank account to start trading. You will be issued with a Bank Letter that you can use to open a corporate bank account with the UAE bank of your choice. This step is critical as it will enable you to make financial transactions and accept payments.
RAKEZ (Ras Al Khaimah Economic Zone) is a leading free zone in the UAE that offers a wide range of advantages and benefits to businesses of all sizes and industries. With its strategic location, world-class infrastructure, and investor-friendly regulations, RAKEZ has become a popular destination for entrepreneurs and companies looking to establish a presence in the GCC region.
Some of the key advantages of RAKEZ include 100% foreign ownership, tax exemptions, a simplified company registration process, and access to global markets. Additionally, RAKEZ offers a variety of business facilities, including warehouses, offices, and land plots, as well as comprehensive support services, such as legal and accounting assistance, visa processing, and administrative support.
If you are interested in setting up a business on the Ras Al Khaimah Free Zone companies list, it’s important to do your research and consult with a trusted advisor or business setup consultant who can guide you through the process and ensure that you meet all the requirements including RAKEZ license cost
So, what are you waiting for? Take advantage of the countless benefits that RAKEZ has to offer and start your business journey today.