|Company type||Free Zone Limited Liability|
|Governing corporate legislation||Ras Al Khaimah Economic Zone Authority|
|Accounting requirement||Mandatory accounts and auditing|
|Taxation||No corporate or personal taxation|
|Local sponsor requirement||Not needed|
|Residence visa issuance||Residence Visa issuance is possible|
|Number of directors needed||A minimum of one director|
RAK ECONOMIC ZONE
Ras Al Khaimah Economic Zone (RAKEZ) is a government initiative to consolidate 2 free zones: RAK Free Trade Zone (RAKFTZ) and RAK Investment Authority (RAKIA). The free zone provides a tax-free environment, 100% foreign ownership, fast-track visas, freedom to source labour and materials globally, and ongoing business support services. RAK FTZ provides these incentives at lower cost than free zones in other emirates.
RAK FTZ was established in May 2000 by an Emiri Decree. His Highness Sheikh Ahmed bin Saqr Al Qasimi is its chairman.
RAK FTZ has four free zone parks in Ras Al Khaimah – a Business Park for office clients, an Industrial Park for heavy manufacturing, a Technology Park for trading and light manufacturing, and an Academic Zone for educational institutions. It also has representative offices in Turkey, India, and Germany.
Types of Establishments:
- Free Zone Establishment – a new business entity with a sole business owner.
- Free Zone Company – a new business entity with 2-5 partners.
- Local Branch.A branch of a domestic firm operating in the UAE. The parent company should be at least a year old.
- Foreign Branch.A domestic branch of a foreign firm from outside the UAE. The parent company should be at least a year old.
Types of Business License:
1. Commercial License
Investors can register their trading company under a commercial license in RAKEZ. This license allows an entrepreneur to deal in trading of goods. The company can be registered as a free-zone entity or a non-free zone entity, as per the entrepreneur’s preference.
2. Educational License
An educational license permits an investor to enter into the education business. By registering one’s educational institute under the educational license, an investor can open any kind of education-related company in RAK Economic Zone.
3. E-Commerce License
RAK free zone offers e-commerce license for business owners, through which they can trade their goods and services via an online portal/platform.
4. General Trading License
In order to increase their limit of goods, traders or business owners can register for a general trading license in RAKEZ.
5. Professional/Service License
A professional license is provided to those who are providing professional services in RAKEZ. The owner of a professional company is required to have a specific specialty or expertise. A service license permits its holder to carry out services or consultancies across any industry in RAK free zone.
6. Industrial License
Companies which have their operations in manufacturing, importing, packaging or exporting products can opt for an industrial business license in RAK Economic Zone.
7. Media License
To encourage media related industry and attract more investors for the media industry, RAK Economic Zone issues media license. Business owners who are involved in the production of media-related activities can get a media license for their business.
8. Tourism License
A tourism license is exclusive to tourism-oriented business activities in RAKEZ.
Why RAK Free Zone for Business Formation?
- 100% exemption from corporate and personal income tax
- Companies enjoy the freedom of 100% foreign ownership and full profit repatriation
- Customs duty is exempted on re-exported goods
- Flexi-facilities available at a very low cost
- Warehouses are available at cost-effective prices. Warehouses are available in a variety of sizes, located in proximity to seaports and airports
- Unlimited space is available to grow your industrial operations with plots of land for development