Ras Al Khaimah is the best location to reside and operate a business. RAK free zone gives several incentives at little cost in comparison to the free zones in other emirates. RAK free zone gives bespoke support services to its investors. The cost of RAK company formation is also the lowest amongst the emirates. RAK company formation is less than the time rake for establishing a business in the free zones, due to the fast issuance of the business licenses. There are a number of benefits one can get by forming a business.
The Process of Starting a RAK Free Zone Company Formation
- Select a Business Activity
The first point is needed to decide on the business activity for a RAKEZ company setup. Retail, industrial, and general businesses are included in selling or trading goods to other ventures or clients. you can either choose a professional business that gives commercial services. Whereas, industrial corporations are generally included in the manufacturing, processing, and packaging of products.
- Determine the Business Name
The step that comes now is deciding on the venture name. This is vital to ensure that the business name you have selected matches the rules specified by the free zone official. Any offensive words or any reference to any religion in the name standing formed would be not allowed by the free zone officials.
Along with the comprising name of the business owner should be comprised in complete instead of only the starting name, which isn’t allowed. Once the selected name of your venture passes the phase of approval, this should be checked with the officials in case the decided name is already registered.
- Obtain a Business License
Once you get the approval from the relevant authorities, a shareholder in the venture can go ahead to complete all the needs of obtaining a business license for RAK company formation. Approval from the Department of Economic Development will be acquired prior to getting a business license that allowed operating all business activities specified in the license.
- Apply for a Visa
Another need for RAKEZ company setup is to obtain a visa. As previously specified, the procedure of making an application for a visa is finest taken with the assistance of a professional business consultant and obtaining visas and licenses. There are some moves that you have to meet. The business setup consultant at Start Any Business UAE will guide you and also assist you in applying for the visa need.
- Rent an Office Space
The final move is to renting a workplace to run your business activities. A businessman or a shareholder in the venture must just determine the office space once they have visited the MCPA in the DED. Other than this, the businessman will be also needed to make a visit to other essential authorities to completely analyze and sanction the spot. A few business licenses need a physical workplace to be issued and run a business activity.
Benefits of RAK Company Formation
- All entrepreneurial services are obtainable in RAK free zone and reachable through the RAK portal. So, there’s vast mitigation in the time to procedure documentation and approaches for RAK company formation.
- The price of running and residing in the RAK-free zone is around 50% less than in other areas in the United Arab Emirates.
- RAK free zone also gives business packages formed exceptionally for female entrepreneurs. Hence, inaugurating a women-directed venture is smoother than ever now.
- Through the methods of the RAKEZ with different banks, businessmen can rapidly open a business bank account and obtain reach inventive financing resolutions with personalized services.
- Utilizing the dual license of the RAK free zone, corporations can run from the mainland and free zone with one office.
- Your business would advantage from comfortable logistics thanks to the closeness to RAK international port and Saqr Port to most cities.
- You can form on-site employees. In addition, the free zone has tailor-made offices, amazing warehouses, and industrial spots for huge assignments.
- RAK free zone can give your venture an exceptional highway network, amazing digital infrastructure, and cutting-edge utilities.
- RAK has individual free zone parks committed to office clients, hefty manufacturing, educational units, and light manufacturing.
- RAK free zone permits you to hold full ownership of the company. Additionally, you can properly repatriate benefits earned and capital invested. In addition, the country has a tax-free climate.