Tashjeel Company in the Ras Al Khaimah Free Zone
Setting up your business in one of the UAE’s dynamic free zones can provide numerous advantages. Among the most business-friendly free zones is the Ras Al Khaimah Economic Zone (RAKEZ). If you’re considering the business setup in UAE, starting in Ras Al Khaimah’s free zones offers flexibility, affordability, and global access.
Why Consider Ras Al Khaimah for Business Setup?
The Ras Al Khaimah Economic Zone (RAKEZ) is a hub of economic growth and opportunity for global entrepreneurs. Its geographic location, cost-effective services, and business incentives make it ideal for startups and SMEs. Here are some of its key benefits:
- Affordable Licensing Fees: Competitive fees compared to other UAE free zones.
- No Corporate Tax: 0% on corporate tax ensures higher profits.
- Full Ownership: 100% foreign ownership for expatriates and foreign investments.
- Wide Scope of Activities: From manufacturing to consultancy, the free zone is suitable for various industries.
Key Steps for Business Setup in UAE’s RAKEZ
Launching your business in RAKEZ requires completing a set of essential steps. By following these, you can ensure a smooth establishment process. Let’s break down the steps:
1. Selecting the Legal Structure
Before you begin the process, you need to decide the appropriate legal structure for your company. For instance, you can choose among the following:
- Free Zone Establishment (FZE)
- Free Zone Company (FZC)
- Branch of an Existing Company
The choice depends on the size of your business and future growth plans.
2. Choosing the Right Business Activity
Selecting an appropriate business activity is crucial for acquiring the relevant license. Activities are typically categorized under trading, service, or industrial. Ensure compliance with the regulatory authority in RAKEZ.
3. Securing Your Business License
RAKEZ offers various license options tailored to your business activities. These include:
- Trading License: For businesses involved in import/export or commercial trading.
- Service License: Ideal for consultancy, freelancers, or professional services.
- Industrial License: For manufacturing or production units.
Ensure the license aligns with your long-term goals and operational requirements.
Advantages of Setting Up a Business in Ras Al Khaimah
RAKEZ stands out among UAE’s free zones due to its diverse advantages:
Cost-Effective Operations
Compared to Dubai, Ras Al Khaimah provides lower cost alternatives for licensing, leasing, and staffing. This makes it a highly appealing option, especially for startups.
Strategic Location
Ras Al Khaimah offers easy access to global markets, with proximity to international airports and seaports. This is critical for businesses relying on trading and manufacturing.
One-Stop Solution
RAKEZ provides an efficient and fully digital system for visa processing, license renewal, and other administrative support services. Entrepreneurs save time through this seamless integration.
Documents Required for Business Setup in RAKEZ
Before proceeding, ensure you have all the necessary documentation. Typically, you’ll need:
- Copies of shareholders’ passports
- Proof of address
- Business plan for relevant activities
- Memorandum of Association (MOA)
It’s advisable to verify specific requirements with RAKEZ’s official government website.
RAKEZ Free Zone Packages for Entrepreneurs
For ambitious entrepreneurs, RAKEZ offers various packages suited to diverse business needs. The most popular packages include:
- Freelance Package: Perfect for solo entrepreneurs and freelancers.
- Trading Package: Ideal for small and medium-scale traders seeking competitive pricing.
- Executive Offices: For established firms seeking premium office solutions.
Free Zones vs Mainland: Which Should You Choose?
Entrepreneurs often debate between establishing a free zone company or opting for a mainland setup. Let’s consider the pros and cons:
Free Zone in RAKEZ
- 100% foreign ownership
- Tax-free income
- No customs duty on imports and exports
Mainland Setup
- Access to the wider UAE market
- Ability to work with UAE government contracts
- Physical office required
The right choice depends on your business activities and expansion plans.
Final Thoughts: Is Starting a Business in RAKEZ Worth It?
Setting up your company in the Ras Al Khaimah Free Zone (RAKEZ) offers a valuable combination of cost-effectiveness, ease of operation, and entrepreneurial flexibility. Whether you’re a budding entrepreneur or an established business looking to expand globally, choosing RAKEZ can significantly boost your success in the UAE market.
For further reading, check out our guide on the best free zones in UAE for business setup.
