Ras Al Khaimah Economic Zone (RAKEZ) is a business and industrial hub located in the Emirate of Ras Al Khaimah in the United Arab Emirates (UAE). RAKEZ was established in 2017 as a result of the merger between the Ras Al Khaimah Free Trade Zone (RAK FTZ) and the RAK Investment Authority (RAKIA). RAKEZ offers a wide range of business services and facilities, including company formation, licensing, and registration services. It provides a favourable business environment for investors, entrepreneurs, and businesses of all sizes, with flexible and cost-effective solutions to meet their specific needs.
Company formation in RAKEZ is a straightforward process, and it offers several types of company structures, such as free zone companies, non-free zone companies, and offshore companies. Each type of company has its benefits and requirements, depending on the nature of the business, the target market, and other factors. RAKEZ’s strategic location, advanced infrastructure, and competitive business incentives have made it an attractive destination for local and international businesses seeking to expand their operations in the UAE and the wider Middle East region. Thus, below are some steps of company formation in RAKEZ.
- Choose a company name: Choose a unique and meaningful name for your company that complies with RAKEZ naming rules. The name should not contain any offensive or inappropriate words and should be available for registration.
- Apply for a license: Submit your license application along with the required documents, such as passport copies, business plan, and lease agreement (if applicable). RAKEZ will review your application and issue the necessary approvals. The license application process can be done online through RAKEZ’s website or by visiting one of its customer service centres.
- Register the company: Once you receive the license, you can register your company with the RAKEZ authority by submitting the registration documents, such as the Memorandum of Association, Articles of Association, and share capital certificate. The registration process can also be done online or in-person.
- Obtain visas: If you plan to hire employees, you will need to obtain work visas from the relevant authorities. RAKEZ provides visa processing services to its clients. You will need to submit the necessary documents, such as passport copies, photographs, and medical fitness certificates, to obtain the visas.
- Set up the office: You can choose to set up a physical office in RAKEZ or opt for a virtual office. RAKEZ offers flexible office solutions to meet different business requirements. If you plan to set up a physical office, you will need to obtain a lease agreement for the premises.
- Open a bank account: You will need to open a corporate bank account in a UAE bank to conduct business transactions. The bank will require documents such as your company’s trade license, incorporation certificate, and passport copies of the company shareholders and directors.
- Register for VAT: If your business is required to register for Value Added Tax (VAT), you will need to obtain a VAT registration certificate from the Federal Tax Authority. The registration process can be done online through the Federal Tax Authority’s website.
- Obtain necessary permits and approvals: Depending on the nature of your business, you may need to obtain additional permits and approvals from the relevant authorities, such as the Ministry of Economy, Dubai Municipality, and Dubai Health Authority.
- Hire employees: If you plan to hire employees, you will need to comply with the UAE labour law and obtain necessary permits, such as work visas and residency permits. You will also need to provide your employees with employment contracts and comply with the labour law’s minimum wage and working hour regulations.
- Maintain compliance: Once your company is set up, you will need to maintain compliance with the RAKEZ regulations and submit regular reports, such as annual financial statements and audit reports. You will also need to renew your licenses and permits annually.
- Hire employees: If you plan to hire employees, you will need to comply with the UAE labour law and obtain necessary permits, such as work visas and residency permits. You will also need to provide your employees with employment contracts and comply with the labour law’s minimum wage and working hour regulations. Your business consultant or RAKEZ representative can assist you with visa processing and labour law compliance.
- Open a corporate bank account: You will need to open a corporate bank account in a UAE bank to conduct business transactions. The bank will require documents such as your company’s trade license, incorporation certificate, and passport copies of the company shareholders and directors. You can choose from various local and international banks operating in the UAE.
- Register for customs: If your business involves importing or exporting goods, you will need to register for customs clearance with the Dubai Customs authority. You will need to provide documents such as the trade license, commercial invoice, and bill of lading to obtain the customs registration.
- Obtain insurance: Depending on the nature of your business, you may need to obtain insurance coverage, such as property insurance, liability insurance, or employee benefits insurance. You can choose from various insurance providers operating in the UAE.
- Set up IT infrastructure: You will need to set up IT infrastructure for your business, such as email, website, and software systems. RAKEZ provides IT support services to its clients. You can also choose from various IT service providers operating in the UAE.
- Conduct marketing activities: Once your company is set up, you can start promoting your business through marketing activities such as advertising, social media, and events. RAKEZ provides marketing support services to its clients. You can also hire marketing agencies operating in the UAE.
In conclusion, the RAKEZ company setup can be a complex process, but with the right guidance and support from a professional business consultant or RAKEZ representative, it can be a smooth and rewarding experience. TASC Corporate Services is one such provider that offers a wide range of services to help businesses set up and operate in the UAE, including RAKEZ company formation, legal and regulatory compliance, accounting and bookkeeping, tax planning, and HR and recruitment. With their expertise and experience, TASC Corporate Services can assist businesses in navigating the complexities of the UAE business environment and achieving their business goals.