Starting from the middle of 2017 two free trade zones of the Emirate of Ras Al Khaimah, UAE – RAK FTZ and RAKIA have joined into one free trade zone – RAKEZ.
Below we provide the overview of advantages of registering this type of company in RAK as well as other options available for you.
The joined free zone RAKEZ totals more than 13000 multinational companies being domiciled in there. These companies spread over more than 50 various business sectors. They have chosen this place for their business set up reasoned by a number of factors such as the possibility to obtain necessary license types, availability, and costs of business facilities as well as other elements.
The newly formed FTZ in the UAE provides registration and operation of all types of Free Zone onshore companies as well as offers different business facilities – the offices, storage and logistics spaces, space for industrial companies, etc.
What is the procedure to register a company in RAKEZ FTZ
The procedure of company set, up in RAKEZ free trade zone is similar to the one which was applicable before the merger of two free zones. This includes initial name check verification, company registration documents application, signing of all corporate set up documents, signing of office or other facilities lease, PO Box opening, etc.
Upon UAE Ras Al Khaimah company has completed its registration, the residency visas process can be started. The maximum number of visas which can be received depends on the type of business facilities chosen.
Required documents to register RAEZ company
The list of documents you need to prepare to set up your UAE FTZ business in Ras Al Khaimah depends on of company type and corporate structure.
If you are a physical person/persons – the list of your personal documents is as follow:
- Education certificate – if you also act as the director
- Utility bills
- Bank recommendation letter
- Business plan
- Specimen signature
- If you have visa in UAE – NOC from your sponsor
If you register your UAE company as the legal entity, you would be required to provide the same list of documents on persons being shareholders of that entity plus documents on the entity itself. The list of documents on company/entity includes:
- Memorandum and Article
- Certificate of incorporation or similar
- Shareholders list
- Directors list
- Resolution to open a daughter company in the UAE
Joining of the two free zones makes Ras Al Khaimah be the place of one of the largest free economic zones of the UAE and the GCC region. Its positioning is as the highly advanced and attractive investment destination for various business types which want to set up their commercial activities in the country. The total space of the newly merged FTZ is approximately 33 million square meters of land which is quite an astonishing number.
The merger of both FTZ in Ras Al Khaimah results in the restructuring of their exiting boards and administration teams which allow increasing the overall efficiency and promptness of the services.
From the investor point of view, such merger gives extra flexibility regarding the availability of types of permitted business activities and available facilities within one free zone. If earlier a company was registered in, for example, RAKIA free zone and needed the extra license which was available in RAK FTZ free zone only, that was a case which was not so easy to resolve. Now it is all incorporated within the one RAKEZ free zone thus this matter is not an issue any longer.
Same applies to the office or other commercial spaces lease – now there are no limitations for companies from both free zones to lease spaces within the entire new RAKEZ.
The procedure of companies re-reregistration from RAK FTZ and RAKIA to RAKEZ is to be processed within the 1-2 years from the date of the degree. The exact outline of the re-registration procedure defines all the steps to be followed to complete such.
On the regulatory framework of both free zones – these are also merged into one whereby the best praxis was taken from both FTZ and joined into one clear and highly comprehensive corporate law and other supporting regulations. The regulatory Government Authority which is in charge of the legal framework is the Government RAKEZ Authority
Top five questions asked on to set up of UAE business in Ras Al Khaimah
What it the difference between FTZ offshore and onshore company as both types can be registered in this Emirates.
The main differences are as follows:
- the costs – offshore company is associated with fewer costs
- possibility to operate in the UAE – only onshore company can do it, offshore – outside of the UAE only
- residency visas – these can be obtained from onshore legal entities only
How long does it take to register your company
The average time for complete setup procedure of your business in Ras Al Khaimah ranges from 2-3 days to 2-3 weeks – this depends on the type of activity and the status of the documents.
How many visas can be received over UAE Free zone company in RAKEZ
The maxim number of visas depends on the type of office or other space you rent in FTZ as well as the license type. For example, the basic shared office facility can give you 1 or 2 visas, and larger office package – 3 visas or more. It is important to note that the number of visas means how many main visas can be received. For example, if you make visa for you and your wife and under-aged children – only one company visa would be “consumed” as your family would be under your sponsorship.
Do I need to renew my company on the yearly basis
Yes, this is the obligatory requirement. Your need to renew yearly your license and office rent along with the PO BOX
Why I should choose RAK as the place of company registration whereby there is a large number of other FTZ across the entire UAE.
Choice of some specific free zone depends on the number of factors – your requirements for company location, available licenses, costs, the number of visas, share capital requirements, etc. For certain requirements, RAKEZ is the best solution whereby for other cases alternative free zones may be a better choice.
The present landscape of the UAE regarding the available options for registration / incorporation of various types of companies is already highly extensive – tens of free zones in Dubai, Abu Dhabi and other Emirates with thousands of highly international companies operating worldwide operating from these free zones.
Costs of company registration in RAKEZ
The costs of any free zone company set up are the combination of certain elements. These always include:
- the initial free zone fees for business registration
- the license fees which are to be paid yearly
- the package on the office or other space you have chosen and the associated costs on its yearly rent,
- PO Box yearly fee,
- establishment card a
- a couple of other minor elements.
All these fees together make the total costs of the UAE company incorporation in any free zone across the country including RAKEZ. The total figure depends on the FTZ license type and other elements.
The merger of the two free zones and the occurrence of the new RAKEZ give businesses the new attractive option for the business set up in the UAE and its further profitable operations.
Summary on FTZ companies Set up in the UAE
There are some reasons why so many international business persons and large corporation choose UAE as the place of their local and global operations. The compelling combination the country offers includes an excellent legal environment for business operations and the highly attractive taxation regime.
All this is being greatly supported by the availability of all elements of infrastructure you may require such as all forms of transportation, roads, power supply, accommodation for personnel, etc.
On our side, our company provides registration and complete support on all free zones of the entire UAE including RAKEZ whereby we deliver our services for highly competitive prices and in the shortest applicable time.