Knowing RAKEZ Free Zone
Located at the downtown of Ras Al Khaimah in UAE, RAKEZ is a strategically designed commercial and industrial hub initiated by the Government to merge RAK Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). Ras Al Khaimah Economic Zone (RAKEZ) is developed to unite both authorities under a single head. With 13000 companies, RAKEZ is the largest free zone in UAE. The collaboration took place to take the economy to the next level and thus RAKEZ came into existence in the year 2017.
RAKEZ provides a platform for the investors of the diversified sector to come together and set up their respective businesses and get the benefits of the already set regional and international market. RAKEZ free zone offers five strategic locations i.e. RAKEZ Business Zone, RAKEZ Academic Zone, Al Ghail Industrial Zone, Al Hamra Industrial Zone, Al Hulaila Industrial Zone for different kinds of commercial establishments.
Legal Entities in Ras Al Khaimah Economic Zone (RAKEZ)
RAKEZ offers options to the investors whether he wants to set up a business as a Free Zone Entity or Non-Free Zone Entity.
RAKEZ Free Zone Entity
Free zone entity in RAKEZ promotes both foreign as well as local investment.
Beneficial characteristics of RAKEZ Free Zone Company
- 100% tax-free business environment
- Foreign ownership can be up to 100% in the company
- Free Zone Company can enter the local market via the local agent
- No customs duty on goods that are re-exported
- Freedom to hire expatriates
- 100% repatriation of funds/profits
RAKEZ Non-Free Zone Entity
Non-Free Zone entity is a company that is incorporated out of the free zone. Companies in the Non-Free Zone are considered as a regional or local company and have full freedom to trade inside and outside the free zone.
Beneficial factors of RAKEZ Non-Free Zone Company
- Zero taxation
- Company formation is allowed in alliance with a UAE or local partner
- Goods and services can be directly sold in the local market
- Dealing with local companies or international companies are not restricted
- Selling goods in local and GCC market is free from custom duty
- UAE labour laws are implemented to Non-Free Zone Company
The license in Ras Al Khaimah Economic Zone
RAKEZ issues a variety of licenses to the entrepreneurs and therefore is the topmost choice of the investors willing to start a business set up in UAE. RAKEZ is also known for its cheapest free zone license in UAE.
- Commercial License – The commercial license permits the trading of services and goods.
- Educational License – It allows investors to start activities in the education sector.
- E-Commerce License – RAKEZ offers an E-commerce license option to investors. It allows entrepreneurs to trade their goods and services through an online platform.
- General Trading License – Multiple goods can be traded under this category of license.
- Professional License – It is for those professionals who provide their professional services. The license holder should hold some specific expertise in a particular field.
- Industrial License – The industrial license is issued to those entrepreneurs who are involved in activities like manufacturing and production, importing raw materials and packaging and exporting.
- Media License – Media license is issued to media-oriented business activities.
- Service License – Service license allows legal services and consultancy services all across the industry.
- Tourism License – Tourism license is issued exclusively to the firms operating in tourism-related activities.
Procedure to set up a company in RAKEZ Freezone
An investor need to follow 3 steps to start a business in RAKEZ
- Selecting an appropriate business combination – The selection of the correct entity, license and facilities is a very important decision. This finishes 1/4th of the company set up process.
- Submission of Application and Documents – A checklist is issued to the investor along with the application form. All you have to do is produce all the relevant documents to the Authorities. PMC Solutions FZCO can guide you through the registration process in RAKEZ.
On submission of the required documents, a notification is given to the investor to move forward to the next step.
Paying the necessary fees is the next step. Various payment options are available to the investor.
- Issuance of the License – Collecting business license and registration certificate is the final step.
The investor can now open a bank account and start the process for the visa application.
Appointing a Company Formation Consultant in UAE – PMC Solutions FZCO
With PMC Solutions FZCO, the Client is assured of quick and hassle-free company registration. Our expert team members guide you throughout the process of company formations and help you to attain the desired business goals.
Contact PMC Solutions FZCO for easy and quick RAK free zone business set up.