Ras Al Khaimah is one of the economic zones that enables non-UAE residents to create a company in the Emirates. This article will assist you in comprehending the procedure for setting up a business in FTZ Ras Al Khaimah, as well as the specifications and types of businesses.
Advantages of establishing a business in Ras Al Khaimah:
- privileged geographical position (close to the countries of the Far East).
- The region is one of the country's most important ports.
- Foreign nationals' ability to establish a company in Ras Al Khaimah.
- The organization has one chairman and one stockholder.
- The procedure of registering a company takes only a few weeks.
- Existence of more than 96 DTA contracts that can be implemented on Free Zone territory.
- A RAKEZ firm may engage in multiple activities under multiple activity permits.
Registration of a company in Ras Al Khaimah's free zone: organizational and legal forms of businesses
In RAK, there are three varieties of company registration:
- When registering a company in the RAK free zone, favorable conditions attract foreign investors.
The main free zones for opening a company in the emirate of Ras Al Khaimah are:
The main goal is to develop and promote the investment climate in the emirate. Rakia supports entrepreneurs and makes it possible to open a company in the RAKEZ free zone at minimal cost. The main advantages of registering a company in this jurisdiction are ongoing government support, geographic location and engineering facilities.
The zone has global sea ports, a safe environment for business processes linked to port transportation or supply.
The zone offers facilities of the highest caliber that will appeal to media-related businesses.
The most significant advantage of participating in this arrangement is the possibility of penetrating the existing market in the vicinity. Encourages assets not only from locals but also from people in other nations as well.
The primary free place business parks include the following four locations:
- Activities related to business: organizations that deal in commercial operations or investments, such as investment companies.
- Industrial: businesses engaged in the heavy industry.
- Technological: companies in the service industry as well as technology companies.
- Academic: RAK FTZ has the ambition of becoming a leading educational hub by reserving land for the most prestigious educational institutions in the world.
- Getting an offshore company registered in Ras al Khaimah
Registering an International Business Company (IBC) in Ras Al Khaimah is the first step in setting up an offshore company in this emirate.
- А company from the mainland can register to do business in Ras al Khaimah.
The presence of at least one resident director is required as a prerequisite. It is necessary for him to be the primary shareholder in the company. The company has the authority to participate in an unlimited variety of different endeavors. There is no mandated need for an annual audit or report to be submitted.
When establishing a business in RAK, one of the first steps is to decide what kind of commercial structure the company will have. The jurisdiction provides a number of the following fundamental legal forms:
- The registering of intellectual property
Developed specifically for persons who desire to be solely accountable for all decisions pertaining to their business.
- Registration LLС Incorporation
One director and one shareholder are required. The maximum number of attendees is fifty. After paying the minimum authorized capital to the bank, which is 1,000 AED, you can proceed with the registration process for Ltd. (224 EUR).
- Signing up a Joint Venture
It involves the negotiation and execution of a contract between the parties. There is no need to license or publish a joint venture agreement.
- Registration of JSCs (public or private)
At least ten shareholders must be present. A valid activity license from the Department of Economics and Trade is the main criteria. One shareholder is prohibited from selling more than 10 percent of the company's capital. The maximum permissible possession of total capital is 45 percent.
A private stock corporation must have at least three shareholders. Minimum capital requirements are 2,000,000 dirhams (446,798 EUR). This type of organization cannot offer its assets for public subscription.
- Registration of a multinational enterprise (IBC)
There are no constraints on the amount of stockholders and directors that an international corporation may have. In addition, neither an annual meeting nor an audited report are required. The register contains only the company's name and incorporation date.
Conditions for company formation
There are two essential prerequisites for launching a company: a regional office and the employment of residents. The following permits are needed to start a firm in particular industries:
- MASS MEDIA.
The commercial and industrial licenses allow for work in both the free zone and other territories. Free professional licenses are issued, as well as licenses for other zones, based on the specifics of a company's activities.
The jurisdiction authorities are responsible for authorizing and issuing business permits to non-resident corporations. Different emirates have different rules and guidelines for opening a company, depending on the type of business.
In addition, it is necessary to consider the fact that in some industries a business permit is necessary. You must select a unique company name.
Phases of establishing a business in Ras Al Khaimah
- Enterprise type choice.
- Optional activity. You can participate in a variety of activities in RAKEZ, including education, services, commerce, media, and industry. On the RAKEZ website, the entire list of permitted species is provided.
- Choosing a business name There are several fundamental necessities: You may only use the full personal name, surname, or initials, and you must ensure that your chosen name is not already in use by another business.
- Apply for a license
- To obtain a permit, you must provide:
- A completed application form.
- А replica of your passport.
- А color photo.
- and a strategic plan is required.
Documents necessary to establish a company
To establish a corporation, you must prepare the following documents:
- Replicate of passport or Emirati ID in color (for residents of the United Arab Emirates).
- Visa and entrance stamp replicate (if the person is in the UAE).
- Genuine Credential of No Objection issued to the Chief Executive Officer (for residents of the UAE).
- Business model
- The shareholders' decision to form RAKEZ and hire a head coach (for a corporate shareholder).
- Obtaining a license (if applicable) / registration certificate for an established business (for a corporate shareholder).
- The company's memorandum and articles of incorporation.
The corporate tax rate in Ras Al Khaimah is 0%.
Since the year 2000, international investors have had the chance to start a firm in Ras Al Khaimah. Among the options available, you can recognize:
- establishing a company in the free zone;
- establishing an offshore company;
- and establishing a mainland company.
The continental firm enables you to perform business in the Emirates and beyond. Businessmen who wish to establish a firm in RAK Mainland have a variety of options. The RAK FTZ gives a prosperous, business-friendly climate with cutting-edge offerings and straightforward operations. You can pick from a variety of workspaces, as well as elevated, adjustable, and manufacturing facilities.
We briefly reviewed each type. In order to establish a company in FTZ Ras Al Khaimah, you must take into account several factors, such as the presence of a local office, the hiring of local employees, and, in certain businesses, the acquisition of Ras Al Khaimah operating licenses.
For more data, you can consult our subject matter experts regarding Ras Al Khaimah's regulatory policies.
The following documents are required at the very least:
- Identity document.
- Copies of visa and entry stamp.
- Certificate of no objection for the general manager (for UAE residents).
- Business plan.
- Company's Memorandum and Articles of Association.
- The presence of a local address is confirmed by a certificate.
The above list is not exhaustive; regulators may, at their discretion, request additional information.