Ras Al Khaimah is one of the UAE’s fastest-growing and most stable emirates. It not only boasts a variety of specialised industrial zones, but it also has unsurpassed quality standards. Ras al Khaimah company registration is an excellent option for investors due to the influx of new development projects. Moreover, the zone has a big vision and looks forward to a bright future full of growth and excellence.
Unlike other emirates, the procedure of forming a company in Ras Al Khaimah is rather simple. Before coming to the company formation procedure, let us discuss some benefits of Ras al Khaimah company registration.
Why Should I Set Up a Company In Ras al Khaimah?
The economic and administrative advantages make the free zone ideal for foreign as well as local investors. Apart from this, RAK company formation has a plethora of benefits stated below.
1.Taxation and DTA
RAK has signed a variety of double taxation agreements with various nations. In fact, there are about 90 double taxation treaties in place with other countries. As a result, investors in these nations would not be taxed twice for the same investment. Also, despite the UAE’s desire to tax the mainland, RAK offshore remains a tax-free zone.
2. Business Confidentiality
Confidentiality is yet another aspect of Ras al Khaimah company registration. As per the law, the names of the shareholders and the directors are safe from the general public.
3. Availability from the Seaport to the Airport
Ports are an important part of every industry’s success. As a result, businesses near ports can trade their products easily. The Sarq Port is one of the many ports in RAKEZ. Moreover, the location is home to the RAK international airport. It provides investors with access to global markets.
4. Safe Investments
Unlike other jurisdictions, Ras al Khaimah company registration is not subject to a slew of rules and regulations. The RAK Investment Authority’s criteria must be followed while forming an offshore company.
5. Reduced Setup Costs
For a variety of reasons, the UAE is an international business hub that attracts several expats every day. However, the costs of registering firms in different locations in the Emirates vary. But Ras al Khaimah trade license fees are one of the lowest startup expenditures. The region offers foreign investors new cost techniques while building enterprises.
6. Plethora of Business Services
To address client needs, business professionals have infinite resources at their disposal. RAKEZ offers flexible-desk services, an excellent option for small and medium-sized organisations. Moreover, customizable workstations and administrative services are available at these locations. Land and storage facilities of all sizes are also available in the region. Subsequently, making the destination perfect for logistics, manufacturing, and trading firms.
Ras al Khaimah Company Registration Procedure
Even though Dubai gets all the attention, RAK has emerged as one of the region’s most important business centres. More and more investors are looking forward to establishing a business here. You need to go through the below common steps to get your RAK company established.
1. Decide Business Activity Type
Before starting the process of acquiring a business licence, the investor must first decide what type of business they want to run. According to its nature, every activity has its own set of legal requirements and fees. Besides, some operations must adhere to specific constraints and criteria related to the business’s location. Since some sites are prohibited from certain activities under certain circumstances.
Also read the post: Guide for General Trading License in the UAE
2. Determine the Legal Classification of the Business
Next, you need to decide the legal category of your business establishment. The legal entity will be determined by the type and nature of your business operations. Limited Liability Company (L.L.C), for example, is a legal category that fits any firm. To get approvals, investors must go to the DED’s General Directorate of Residency & Foreigners Affairs. You can form the below types of legal entities:
A. LLC
An LLC company is the most prevalent type of business in the UAE. It has entire operational rights in the country. It necessitates the establishment of physical offices within the country. Moreover, the participation of one or more UAE citizens as shareholders is necessary.
B. Offshore Company
An offshore company has a physical presence in the UAE and is licensed to operate outside of the country. This is the simplest sort of business to establish, and it can be combined with virtual offices.
C. Free Zone Company
A free zone company can be formed and registered in any of the UAE’s 45+ free zones. Free zone companies are restricted in several ways. However, they can have 100% foreign ownership, import-export tax exemptions as well as 100% repatriation of capital and earnings.
D. Branch Office
A branch office is a legally recognised extension of a multinational corporation. It operates under the name and permission of its parent company.
3. Registering the Company Name
Following the determination of the type of business activity and the legal category of the firm, the establishment must adopt a distinctive and appropriate trade name. Before receiving the trade name certificate, the investor may acquire preliminary approval. The initial approval enables the investor to proceed with business licence issuing procedures. Hence, the investor needs to contact the relevant authorities. The authorities then give their consent to perform the needed business activity.
You need to visit the Monitoring & Consumer Protection Administration at the DED and other concerned authorities. They will examine and approve the business location. Post examination, the investor can rent the business site.
4. Collect Relevant Approvals
When you have received the initial clearance and met the legal requirements and conditions, the next step is to obtain the concerned authorities’ approval. Consequently, the investor needs to visit the concerned authorities and acquire their approval. These authorities vary depending on the desired business activity. Moreover, some activities may only require the Department of Economic Development’s permission.
5. Obtain the RAK Trade licence
Lastly, the investor can move up to this stage after getting the required approvals from the concerned authorities. You need to meet all legal requirements and pay the Ras al Khaimah trade license fees to obtain a business licence. The Department of Economic Development of Ras Al-Khaimah issues the trade license.
The licences issued by the Emirate of Ras Al Khaimah’s relevant authorities are as follows:
- Industrial License
- Commercial License
- Professional License
- Tourism License
Ready to Establish a Business in Ras al Khaimah?
If you’re looking to start a business in Ras Al Khaimah, our professionals at Shuraa would be happy to help. From paying your Ras al Khaimah trade license fees to renting a company space, we do it all. Our end-to-end support will get your Ras al Khaimah company registration completed.
With the right advice and our professional guidance, you can have your business up and running in no time. Call +971 44081900 to speak with one of our specialists, or send a WhatsApp message to +971 507775554. You can also email us at info@shuraa.com if you require assistance forming a business on the Ras al Khaimah mainland or free zone.
