Everything you need to know about RAK Business Setup
Business Setup in Ras Al Khaimah
Ras Al Khaimah, located in the northern region of the United Arab Emirates, is a promising yet underexplored investment opportunity. The emirate, which shares a border with the Sultanate of Oman, has extended an open invitation to businesses. The visionary rulers of Ras Al Khaimah, or RAK, have established infrastructure facilities, sufficient connection, and other amenities required for commercial growth.
Business people have recently recognized the emirate’s potential for expansion. Those who were initially interested in establishing a business in Dubai have now turned their attention to RAK. You can form Limited Liability corporations (LLC), Branch Offices, Representative Offices, Free Zone corporations, and other types of commercial firms here. The fruitful atmosphere
3 Types of Business Jurisdictions in UAE
Mainland
Freezone
offshore
Mainland companies are licensed by the Department of Economic Development (DED) of the respective emirate. They can operate both within and outside the UAE.
- Local Market Access: Mainland companies can do business anywhere in the UAE, including the local market.
- Office Location: Flexibility to open an office anywhere in the UAE.
- Business Activities: No restrictions on the types of business activities.
- Government Contracts: Eligibility to bid for government projects and contracts.
- Local Sponsorship : Not Mandatory for all Business
Freezone companies are established in designated areas that offer specific economic benefits.
- Full Ownership: 100% foreign ownership is allowed.
- Tax Benefits: Often enjoy tax exemptions, such as no personal or corporate income taxes.
- Repatriation: 100% repatriation of capital and profits.
- Simplified Procedures: Easier and faster company setup procedures.
- Customs Duty Benefits: Exemption from import and export duties within the freezone.
- Specific Activities: Some freezones are specialized and restrict the type of business activities.
Offshore companies are set up for international business operations outside the UAE.
- Full Ownership: 100% foreign ownership is allowed.
- Privacy: High level of confidentiality and privacy.
- Tax Benefits: No taxes on income earned outside the UAE.
- Cost-Effective: Lower setup and operating costs.
- No Physical Presence: Cannot have a physical office in the UAE or conduct business within the UAE.
- Restrictions: Limited to international business activities, primarily for holding, asset protection, and international trading.
|
Freezones in RAK
|
|
|---|---|
|
Ras Al Khaimah Economic Zones (RAKEZ)
|
Ras AlKhaimah Maritime
|
Frequently Asked Questions
Here are answers to the most frequently asked questions.
Yes, a foreign national is eligible for 100% ownership of a free zone/Offshore and In Mainland specific business company in Dubai, and across the UAE.
Yes, foreign nationals can easily register a business in Dubai. Professional assistance is necessary for aspects like licensing, visa issuance, and bank account opening, and a business setup consultant in Dubai can assist you with this.
Yes, Dubai/UAE allow you to register and own businesses without the need for a physical office space.
Yes, you can easily sponsor your spouse and children through a free zone business license.You are Eligible for Family Visa
The three(3) most prominent licenses available in UAE are professional, commercial, and industrial.
Professional license:
A professional license permits offering specialized services such as consultancy, accounting, legal advisory, and so on. This license is required for skilled professionals looking to set up businesses and deliver services based on their intellectual or artistic capability.
Commercial license:
A commercial license is granted for businesses involved in trading activities and is required to legally conduct activities such as import and export of goods within and outside the UAE.
Industrial license:
An industrial license is needed for businesses conducting activities such as manufacturing, packaging, segregation, etc.
The following documents are required from the shareholder(s) and manager(s) for free zone company formation :
- Passport copy
- Latest UAE entry stamp/visit visa copy
- Residence visa copy and Emirates ID (for UAE residents)
- Address proof
- Passport-size photo
Please note that in addition to these, you may be required to submit additional documents. Consulting with a Tycoon business setup company will help you gain more information in this regard.