How Do I Start a RAKEZ Free Zone Company Setup?
Are you an aspiring entrepreneur looking to start a business in the UAE? The Ras Al Khaimah Economic Zone (RAKEZ) Free Zone offers a plethora of opportunities for businesses to thrive in a tax-efficient and investor-friendly environment. In this article, we will take you through the process of setting up your RAKEZ Free Zone company, step by step.
Cost to start a business in RAKEZ
The cost of starting a business in RAKEZ varies depending on the type of business activity you want to pursue. However, the basic registration fees are relatively low. For example, the registration fee for a limited liability company is AED 5,000.
Step 1: Determine Your Business Activity
Before diving into the setup process, it’s essential to determine the nature of your business activity. RAKEZ offers licenses for various activities, including trading, industrial, and service. Understanding your business’s core activity is crucial as it will dictate the type of license you need to apply for.
Step 2: Choose Your Company Structure
RAKEZ provides various legal structures for your business, such as Free Zone Establishment (FZE), Free Zone Company (FZC), and Branch. Choose the structure that aligns best with your business goals and requirements. FZE and FZC are suitable for single and multiple shareholders, while the Branch structure is ideal for foreign companies looking to establish a presence in the Free Zone.
Step 3: Prepare the Required Documents
Gather the necessary documents for your company setup, including:
- Passport copies of shareholders and managers.
- Proof of address for shareholders and managers.
- Business plan.
- NOC (No Objection Certificate) from your current sponsor if you are on a UAE residence visa.
- Initial approval from RAKEZ.
Step 4: Reserve Your Company Name
Choose a unique name for your company and submit it to RAKEZ for approval. Ensure that your chosen name complies with UAE naming conventions and is not already in use by another business.
Step 5: Apply for a License
Once your company name is approved, you can proceed to apply for your business license. RAKEZ offers licenses in various categories, such as commercial, industrial, educational, and service. Make sure to select the license category that aligns with your business activities.
Step 6: Lease Office or Warehouse Space
Based on your business requirements, you may need to lease office or warehouse space within the Free Zone. RAKEZ offers a wide range of facilities, from shared offices to custom-built industrial units, to accommodate your needs.
Step 7: Obtain Approvals and Permits
Depending on your business type, you may need specific approvals and permits from relevant authorities. For instance, if you plan to import and export goods, you will require custom clearances. RAKEZ can assist you in obtaining the necessary approvals.
Step 8: Pay License Fees and Security Deposit
Once you’ve received your license, you’ll need to pay the relevant license fees and a refundable security deposit. Ensure that you have the necessary funds to complete this step.
Step 9: Activate Your Business
After completing the paperwork and settling all fees, your business is ready to be activated. You will receive your business license, allowing you to legally operate within the RAKEZ Free Zone.
Step 10: Start Operations and Grow Your Business
With your RAKEZ Free Zone company now established, it’s time to focus on your core business activities. Take advantage of the benefits offered by RAKEZ, such as 100% foreign ownership, zero corporate and personal taxes, and access to a strategic location in the UAE to expand your operations.
Benefits of starting a business in RAKEZ?
There are many benefits to starting a business in RAKEZ, including:
- 100% foreign ownership
- No corporate taxes
- Low import and export duties
- Highly competitive business environment
- Simple and fast registration process
- Excellent infrastructure and connectivity
- Strategic location
- Access to a large pool of skilled labor
Requirements for starting a business in RAKEZ?
The requirements for starting a business in RAKEZ vary depending on the type of business activity you want to pursue. However, some general requirements include:
- A valid passport
- A business plan
- A minimum capital requirement
- A sponsor (if you are not a UAE national)
- A lease agreement for office space
Tips for starting your RAKEZ free zone company
- Hire a local lawyer to help you with the legal requirements.
- Get familiar with the UAE’s business culture.
- Network with other businesses in RAKEZ.
- Attend business events and conferences.
- Stay up-to-date on the latest news and developments in the UAE business world.
