We all know by now that the UAE has the most open trade administration in the Gulf. As a result, corporations from all over the world are relocating here and establishing offshore operations. Ajman, Sharjah, Fujairah, Ras al-Khaimah, Umm al-Qaiwain, Abu Dhabi, and Dubai are among the seven autonomous provinces of the United Arab Emirates. Each emirate has its distinct characteristics. But what sets RAK company setup apart from the rest of the emirates is obviously its corporate structure. Their dignity is preserved in Ras Al Khaimah’s traditional economic levels. UAE’s main logistical hubs provide simple access to thriving markets in the Middle East, Europe, North Africa, South and Central Asia. It also offers a broad range of retail and commercial licencing for professional consultation and business activities.
So, with its extensive sophisticated economies in the Emirates, RAK has seen an influx of foreign investors. This gradually growing province maintains its reputation as a world-class industrial centre with a diverse economy. Its cutting-edge infrastructure, liberal government methods, and cordial trade relations with neighbouring countries are all factors that attract significant foreign investment.
List of advantages of starting a business in RAK
- The first and foremost advantage is that you will experience easy business incorporation
- Next, you will have 100% foreign ownership which is a profitable benefit
- You can have the best business rules and regulations for the ras al Khaimah free zone company setup by the government
- Then you get to experience all kinds of exemption from Tax
- Also, your business will have no duties on export and import
- Next, the business owner will have quick and simple access to partners, workers and the customers
- Finally, you will also get to enjoy the advantage of having no custom duty for goods and services
What are the business set-up requirements?
Starting a business in Ras Al Khaimah is a relatively cost-effective and hassle-free operation. It merely necessitates a reduction in paperwork and time. The following are the main steps of registering a RAK corporation. With the assistance of a competent advisor, the entire process will be considerably easier.
- First, you will have to decide on the type of business activity
- Secondly to select the accurate jurisdiction
- Thirdly you will have to select a trading name of your choice
- Next is getting the adequate government approvals
- Then you will have to apply for the business license
- After that, you will need an office space
- Finally, you have to think about the Visa application
Selecting the right type of Business Activity
The first and most important stage is to identify the type of company venture. This activity might be characterised as retail, professional, or industrial. It’s also critical to conduct thorough research to determine the viability and success rate of each business venture. Industry and retail firms trade and sell goods, whereas professional businesses provide services such as consulting and management.
Choose the Right Jurisdiction
In RAK, you can choose from three separate jurisdictions: Free Zone, Mainland, and Offshore. In terms of business layout, each of these has its own set of codes and legislation. The jurisdiction you choose for your firm is determined by your business needs and objectives. You can also choose from a variety of configurations, such as multi-floor offices and industrial warehouses, as well as Flexi-desks and core offices.
Choose the Trade Name
Choosing a name for your business is an exciting and memorable step in the process of starting a business. You must submit the suggested business name to the Department of Economic Development to do so. However, it is critical to ensure that the proposed name of your company complies with all applicable rules and regulations. Similarly, the authority of RAK will not licence any irreverent or harsh language or any religious quotation in the name of the company. Furthermore, the name of the firm owner must be incorporated altogether rather than just the initials, which is not permitted.
Government Approvals
The General Directorate of Residency & Foreigners Affairs and the Monitoring & Consumer Protection Administration in the Department of Economic Development are two deputies in Ras Al Khaimah that you must visit to gain the necessary approvals through several stages. These authorities are further defined based on the required activities, some of them may require Department of Economic Development clearance.
Apply for a business license
The next step is to obtain adequate approvals from the authorities. Then you will have to take care of all the prerequisites to obtain the license from the DED. You can collect all the documents and seek a bit of help from business setup professionals to help you get the license. You can start the business in Ras Al Khaimah once you have access to the license with you.
Rent an Office Space
After meeting with the Monitoring & Consumer Protection Administration in the Department of Economic Development, you may be needed to lease the business site during this phase. Because the majority of business licences require office space to conduct business. Similarly, the size of your workplace is determined by the number of employees and the type of business you conduct. To completely study and approve the company setup, you must meet with other concerned administrations once more.
Visa Application
After you’ve obtained your company licence, you’ll need to apply for a visa. You have limitations to the amount of visas you can apply for by the capacity of the office. After acquiring your business licence, you can apply for both shareholder and staff residence visas. The residence permit, on the other hand, will only be valid for three years for stockholders and two years for employees. A Flexi Office plan, on the other hand, can grant up to two residence permits. With the assistance of a specialist who specialises in company formation, the process of applying for a visa can be completed quickly.
Conclusion
When compared to other provinces, the entire procedure of forming a company in Ras Al Khaimah is fairly simple. There are, nevertheless, several legal standards and paperwork procedures that must be followed with attention. A professional team of consultants can provide you with beneficial antidotes for your RAK company establishment. Some services can make the process of forming and registering a corporation go quickly and easily. Also, we are available 24 hours a day, 7 days a week to respond to your questions, comments, and recommendations that may help us better serve you.
