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RAS AL KHAIMAH mainland

RAS AL KHAIMAH MAINLAND

WHY IS BUSINESS SETUP IN RAK THE RIGHT DECISION?

Ras Al Khaimah witnessed an influx of foreign investors as it is one of the most developed economies in the Emirates that have seen tremendous economic development. The factors that attract significant foreign investment in RAK are- liberal government policies, state-of-the-art infrastructural development, a thriving economy, and friendly trade relations with neighbouring countries.

Another reason why you should consider setting up a business in RAK is, having a physical presence in the Emirate builds trust among the natives, helps in forging long-term customer relationships, and obtaining trade contacts in the UAE.

RAS AL KHAIMAH DED
Department Of Economic Development
8,000/- AED
Professional Trade License
UAE Investor Visa
100% Business Ownership
Office Solution
Bank Account Assistance
Medical Test & Emirates ID
Start Business Assistance

Companies setting up in Ras Al Khaimah enjoy following incentives and facilities:

  • No tax on personal or corporate income
  • No foreign exchange controls, quotas or trade barriers
  • No customs duty on import, exports, or services
  • Hassle-free and business-friendly legal framework and company laws that ensure security of investment
  • Government-sponsored incentives for investors
  • 100% ownership
  • 100% tax exemption on all commercial levies for import and export
  • 100% return of capital and profits
  • Business-friendly environment and easy process to setup a company0

Aura Vision Advisors will help you with every step of your success journey. You can get one-on-one mentorship from our experts and get guidance on how to clear the legal proceedings and grow your business.

TYPES OF BUSINESS SETUP IN RAK

The types of licenses available for a company set up in Ras Al Khaimah are:

  • Industrial/Service License
  • Trading/Commercial License
  • Professional/General Trading License

TYPES OF BUSINESS ENTITIES IN RAK

Before RAK company formation, one has to select the kind of corporate structure for their company. Here is the list of legal forms offered by Ras Al Khaimah to its investors.

Sole Establishment

One can start a business in RAK via different legal entities. The sole establishment is for individuals who want to become their boss and make all the decisions related to their business.

Limited Liability Company

A company can conduct its business through an LLC in Ras Al Khaimah. It can be formed with a minimum of two and a maximum of fifty shareholders. To register a limited liability company, it is compulsory to show that capital has been deposited in a UAE Bank. After process with the Ras al-Khaimah Chamber of Commerce, the money may be released.

Joint Venture Company

A Joint Venture in Ras Al Khaimah is a contractual agreement between a foreign and a local party. There is no requirement for licensing in a joint venture or publishing the agreement.

Public/Private Shareholding Company

Public Joint Stock Company: Private Joint Stock Company:
Minimum of ten shareholders required.
Requires a minimum of three shareholders.
Must be licensed by the Ministry of Economy and Commerce.
Shareholders must fully subscribe to a capital of at least AED 2,000,000.
Founders should subscribe to at least 20% and a maximum of 45% of the company's capital.
Shares of a private joint-stock company cannot be publicly subscribed.
No single shareholder can subscribe to more than 10% of the capital.
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Free Zone Company

A free zone company (FZCO) is a limited liability company. Two or more shareholders can register it. The minimum capital for setting up an FZCO is AED 250,000.

Free Zone Establishment

A Free Zone Establishment (FZE) is a separate legal entity with a sole business owner. An FZE can be owned either by a person or a corporate body. The minimum capital for setting up an FZE is AED 150,000.

International Business Company

In January 2007, RAK Investment Authority (RAKIA) introduced the international business company concept, allowing global corporate businesses with no restrictions on the number of shareholders or directors. There is no obligation for shareholders and directors to conduct annual meetings or file audited accounts. The International Business Companies (IBC) Registry displays only the company name and incorporation date.

ADVANTAGES OF BUSINESS SETUP IN RAS AL KHAIMAH

RAK provides additional powers for the development of regional companies. The Emirates offers a platform that opens trade routes from East to West. Several key benefits can be singled out among the main opportunities for foreign investors, in particular:

  1. Regional Development Support
  2. Strategic Trade Route Access
  3. Attractive Opportunities for Foreign Investors

HOW TO REGISTER A BUSINESS IN RAS AL KHAIMAH?

Setting up a business in Ras Al Khaimah is straightforward, but it involves essential legal and documentation procedures. ABS has a team of experienced business advisors to handle the entire company formation process in RAK, providing assistance with key aspects.

The steps for Ras Al Khaimah company formation are:

  1. Decide on the Business Activity
  2. Determine the Legal Form of the Business
  3. Finalize the Jurisdiction
  4. Obtain Initial Approval
  5. Register Your Trade Name
  6. Apply and Submit

Documents Required

  • Certified copy of the tenancy contract
  • Photocopies of no objection letter, visa, passport, and residence certificates
  • Copy of land map or ownership certificate
  • Obtaining consent of legal affairs
  • License application form and sign board
  • Obtaining approval ministry of economy
  • Ensuring all important approvals from government entities, if required
  • Receiving certification of partnership contract from the notary public
  • Copies of national ID and family book
  • Getting technical evaluation report
  • Obtaining a trade name certificate
  1. Obtain a Business License
  2. Rent an Office Space