Business Law - UAE Freezones: Ras Al Khaimah
Ras Al Khaimah Free Trade Zone (RAK FTZ) is a free zone based in RAK and was established in 2001. The free zone has over 5,000 companies as its members cover various fields and economic activities.
Why set up in this free zone?
It is seen as a cost-effective, hassle-free and secure option for setting up a business in the UAE. Furthermore, it has won awards as the best emerging free zone in 2006, 2007 and 2008, and is ISO certified.
Advantages of setting up in this free zone
By setting up a company in RAK FTZ, you will be entitled to 100% foreign ownership of the company itself and optional visa facilities. You will not face any customs duty and there is 0% income and corporation tax. There are no restrictions on labor and neither on currency. RAK FTZ Promotion Centers have been set up in different locations throughout the UAE. The aim of these centres is to provide marketing and sales, client support and administrative services at locations convenient for existing and potential clients who are in the UAE, but not based in Ras Al Khaimah itself. Finally, it boasts transparent and investment-friendly laws and regulations.
What is the time-frame?
It will take approximately 3 to 4 weeks (subject to submission of the lease agreement to the authorities and depositing the share capital in the bank) to complete the entire registration procedure and obtain the trade license from the free zone.
How to set up in this free zone?
To set up a company in RAK FTZ, you will need a business plan, passport copies, bank reference letters and CV/proof of education.
What else can you expect from this free zone?
By incorporating in RAK FTZ, you will gain the benefit of local, as well as international, brand recognition with offices in India, Europe, Turkey and USA. In addition to this, they provide the Mazeed service desk which provides a broad range of services including insurance, advertising, recruitment and training. These are provided to ensure efficient post-incorporation operations.
Ras Al Khaimah
Every company operating within RAK FTZ is required to obtain a business licence. A business licence (also known as a trade licence) is a time-limited permit granted to a company to undertake commercial, consulting or industrial activities within the free zone. Ras Al Khaimah – commonly referred to as RAK – is one of the seven Emirates that make up the UAE federation. The northernmost Emirate, it is located approximately 100 kilometres north-east of Dubai.
Article Tags: Free Zone
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ABOUT THE AUTHOR
Mr. Hassan Elhais is a professional Lawyer who specialized in Litigation in Dubai, United Arab Emirates.