Ras Al Khaimah Economic Zone (RAK EZ) was formed by the merging of Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA) (RAKEZ). By combining the two largest free zones, the opportunities to register the company in RAKEZ just got doubled. So, here is everything to know about how to do a Business Setup in Ras Al Khaimah Economic Zone (RAKEZ).
What is RAKEZ in UAE?
Ras Al Khaimah Economic Zone (RAKEZ) is a government initiative, very cost-effective economic zone in the UAE. The RAK government aims at merging both the RAK free zones along with their 13,000 clients, making it the biggest free zone in the entire UAE. RAKEZ is a powerhouse business and industrial destination that provides customisable solutions to free zone and non-free zone businesses in a multinational community flourishing in over 50 sectors. RAKEZ provides many opportunities at lower rates as compared to other free zones in other region.
RAKEZ is blessed with a strategic location, it connects investors to growing markets of the Middle East, North Africa, Europe as well as South and Central Asia. RAKEZ. It was established in the year 2000, now it is the home to over 12,000 companies from over 100 countries.
Benefits of establishing a business in RAKEZ
1. No corporate and personal tax
2. 100% foreign ownership
3. full profit repatriation
4. Exemption from import and export duties
6. Flexible and transparent laws and regulations
Procedures to set up Business in RAKEZ
1. Choosing the right business:
This is the first step, selecting the apt business licenses and facilities.
2. Submission of Application and Documents:
Documents required are,
•Application for Registration and Licensing
•Application for Activity in Warehouse
•Application for Chamber of Commerce Membership
•Application for Registration with the Department of Economic Development (DED)
•Passport copy of shareholders, general manager and director
•Visa copy of shareholders, general manager and director
•Original certificate of No Objection for general manager
•Emirates ID of UAE shareholder or local service agent
3. Receive your Business license
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