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Ras Al Khaimah Situated in the northern end of UAE, Ras Al Khaimah (RAK) shares mountainous borders with the Sultanate of Oman and is settled between the Arabian Gulf on the west and Hajjar Mountains on the east. RAK is at a stone’s throw from Dubai and is fast emerging as the preferred investment choice for global financiers. Ras Al Khaimah Economic Zone is close to the far eastern nations: India, China, Iran, Pakistan, and the Commonwealth of Independent States (CIS). Apart from the ease of access and hassle-free administrative procedures, Ras Al Khaimah is a prominent port and offshoring destination in the northern Emirate.
Why A Business Needs Business Setup Services in Ras Al Khaimah
Ras Al Khaimah witnessed an influx of a plethora of foreign investors as it is one of the most developed economies in the Emirates. Liberal government policies, state-of-the-art infrastructural development, a thriving economy, and friendly trade relations with neighboring countries are some of the many factors that attract major foreign investment in RAK. Setting up a business in RAK requires one to decide upon the location, type of business entity, license, follow a set of legal procedures, and submit the corresponding documents. All this, coupled with the local traditional practices, makes it sensible to opt for business setup services in RAK if one wishes to open a company there.
The registration and issuance of business licenses to non-resident companies in Ras Al Khaimah is handled by the Free Zone Authorities and other licensing procedures are regulated by the individual Emirates and federal government.
There are 3 formats of business setup in RAK:
Understanding that investor requirements for offices, warehouses & land facilities are diverse, unique Free Zone Parks have been set up by the Ras Al Khaimah Free Trade Zone Authority. These free zones are set up at different locations across the Emirate of Ras Al Khaimah and include Technology Park, Business Park, Industrial Park, and Al Ghail Park. Each RAK free zone caters to specific business interests and is fully equipped to meet the investors’ requirements. Major free zones for business setup in RAK are Ras Al Khaimah Free Trade Zone (RAK FTZ), RAK Investment Authority (RAKIA), and RAK Media Free Zone (RMFZ).
To set up a business in RAK, the following steps need to be carried out:
RAK Offshore was established to cater to the high demand for offshore markets. This also helps the administration in increasing their sources of income for the incessant growth of their economy. Over 1900 International Business Companies (IBCs) are recorded in Ras Al Khaimah Economic Zone offshore client portfolio. The first companies that are listed with RAK offshore are real estate and property investments. New policies are established by RAK offshore assuring that a welcoming environment is provided for the people.
Ejadah Consultancy is the registered and approved business that offers offshore RAK business setup. We have a team of knowledgeable business consultants who can help you with cost-effective Ras Al Khaimah Economic Zone offshore company Establishment without any difficulties and quickly.
There are several benefits one can drive from a business setup in Ras Al Khaimah offshore:
Business setup in Ras Al Khaimah is straightforward, but it involves several legal and documentation procedures. Our team at Ejadah Consultancy is equipped to handle the entire business setup process in RAK. Our experienced advisors will assist you with the following
1.Decide on the Business Activity
The next step is to decide on the corporate entity. From the list above, you can choose one according to your business activity. The legal status conditions are determined by the type and nature of the business.
There are three leading jurisdictions in RAK, Mainland, Free Zone, and Offshore. Mainland offers to have a business in and outside the UAE. There is much scope for a company that wants to register in RAK Mainland. Located just 45 minutes from Dubai, RAK Free Trade Zone gives a highly productive business-friendly environment with state-of-the-art services and an easy setup process with minimal bureaucracy. You can choose from a range of setups varying from Flexi-desks and core offices to multi-floor offices and industrial warehouses.
The investor may receive initial approval before obtaining the company name certificate. The initial approval enables the investor to continue with business license issuance procedures and address the concerned authorities to get their support. It is taken to conduct the required business activity, though not performing the activity without first obtaining the license.
After finalizing the location of the business, the next step is to choose a unique and appropriate trade name for the organization. Submit the proposed company name to the Department of Economic Development.
After getting the initial approval and fulfilling the requirements and legal conditions, the investor should visit the other concerned authorities to obtain their consent. These ministries are defined according to the required activity, although some types of activities may require the sole permission of the Department of Economic Development.
Documents Required
Once the consent of the concerned authorities is received, the stakeholder may proceed to the stage of fulfilling all the lawful requirements of business license issuance. It can be completed by taking consent from the Department of Economic Development, before finally receiving the license.
In this step, the business person may rent the business site after visiting the Monitoring & Consumer Protection Administration in the Department of Economic Development. Apart from this, they shall also visit other concerned authorities to examine and approve the business location.
Business setup in Dubai is a standard setting that approximately all investors want when they go into the country. And for some time now, company setup in Dubai has been widespread. As a Dubai free zone authority, the TECOM free zone always helps the UAE economy when it comes to drawing investors to carry out business formation in Dubai.
Dubai Media City companies relish a variety of Dubai free zone benefits. One advantage of Dubai’s free zones is the competitive cost associated with establishing a business there. So let’s discuss some of the facts to guide you on whether setting up in Dubai Media City is the profitable option for investors.
Flexi-desk Choice: Visas are always going to be a concern when forming a company in Dubai, and as Dubai Media City delivers on this cause of concern and its Flexi-desk visa choice are not the most kind in the region. Permitting one visa for every Flexi-desk package makes the free zone perfect for freelancers and entrepreneurs. This gives them the liberty to make use of DMC’s numerous business facilities on an ad-hoc basis. However, it is not the most preferred choice for individuals intending to employ others. Looking at the price at around AED 25,000 is a bit high compared to others in the region.
No Requirement For Office Space: For those who intend to work even more comfortably than a Flexi-desk, DMC permits investors to set up a business without the requirement of office space at all. Also allowing to utilize the free zone as your registered company’s address, as well as accessing Dubai Media City’s Business Centre which gives visa and document processing, distribution, and mail collection, and gives right to use the meeting rooms along with a large variety of services.
Though, there are exceptions. Businesses that operate in certain industries, for example, publishing or other related activities have to retain physical office space to set up in the free zone. If you fall into such kind of business or require additional permanent office space, there are a lot of choices offered such as DMC’s commercial office units offered in sizes to meet everyone from sole capitalist to international corporations.
Registration Process: Establishing a business in Dubai should be approached with care. The process for setting up a business in Dubai Media City is both flexible and systematic, ensuring everything is properly arranged before operations begin. DMC needs certain documentation to process license applications, as well as passport copies, incorporation certificates, and a thorough business plan. It is certainly not strange for shareholders to attend a short conference with free zone officials. The entire registration process generally takes about three months. The process and timeframe may vary depending on the kind of license you are applying for, the trade you carry, and the business size.
The Ultimate Hub For Media Industry: Dubai Media City is predominantly eye-catching for those in media-related industries. DMC is the hub for media-related industry professionals of over 20,000 individuals and filled with networking and shared opportunities. The free zone also provides an esteemed office address and location for those desiring to make an impact in the global media industry.
Industries allowed to set up in DMC consist of media, media freelancers, marketing and advertising, communications, consultancy, event management, and non-profit organizations. Lastly, in contrast to many other free zones in the area, DMC-based media companies are, in some situations, permissible to carry on government contracts.
Straightforward Process To Attain Your Corporate Bank Account Set up: Company Establishment in Dubai, like elsewhere in the world provides you an extensive list of ‘to-dos’. One of the most imperative is making sure you have someplace for your customers to send funds. DMC makes setting up your bank account simple: free zone staff can not only inform you on the top bank to suit your requirements but they also organize meetings for you with your selected banks if required. In addition to the above mentioned, Dubai Media City is regarded by UAE banks as the most reliable which can support a smooth account opening process.
Trouble-free Process To Sponsor Dependents: Acquiring a visa through Dubai Media City is typically simple for both you and your dependents. As long as you meet certain criteria, it is probable to apply for visas for your employees and dependents. The process contains entry permit, medical fitness test, status adjustment, Emirates ID registration, and visa stamping. But it is always recommended to seek advice from an expert in setting up UAE free zone businesses. They will guide you on the entry criteria for staff and dependents before you begin to fill an application.
Set up With Several Shareholders: One feature that makes Dubai Media City mainly admired by big corporations is that it permits the formation of a company with more than one shareholder. Newly formed Free Zone Limited Liability Companies (FZ-LLCs) are permissible to commence business multiple shareholders which can be with individuals or other corporate entities.
Key Location: Dubai Media City situated at a prime location in Dubai free zones. It is around 20 minutes away from Dubai International Airport and has wide-ranging road links putting bordering emirates within easy access, DMC is ideal for conducting business both in Dubai and internationally.
DMC is located in the Middle East, Africa, and South Asia’s junction which makes it easily accessible. Dubai Media City is a worldwide media hub. DMC provides shareholders with facilities that meet the required needs of media-related companies so they can function effectively.
Complete Foreign Possession: In the UAE mainland, free zone company arrangement can only be conducted with a local supporter. This person will acquire 51% of the shares in the company that you will form. Though, establishing a free zone company has the benefit of having 100% ownership of your own company. A local sponsor will not be required in a free zone.
Tax Immunity
Value-added tax (VAT) has been put into practice at the beginning of 2018. It is applicable to some products and services. There is still a wide range of benefits for business owners who want to spend. Though, the government has not administered the companies to account for corporate and income taxes. There are multiple businessmen seeking this kind of tax exemption and this free zone has this benefit to offer.
There are many other benefits that Dubai free zone company registration can offer to you when you start the business. The following benefits are listed as follow:
At Ejadah Consultancy, we specialize in business setup in RAK and offer a range of services to assist you. Our RAK business setup services include:
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