It’s only natural if being an entrepreneur you are also wondering about RAK free zone license cost. Ras Al Khaimah (RAK) is amongst the 7 emirates of the UAE. As a result, it is emerging as one of the fastest-growing free trade zones in the UAE. Ras Al Khaimah’s (RAK) astounding infrastructure, well sought out investment plans, and strategic location schemes take over the title of one of the most investment-friendly destinations in the UAE.
Consequently, establishing Ras Al Khaimah free zone company in Dubai is a dream of many entrepreneurs. Also, the reason behind this is the vast opportunities, lucrative business environment, and quality services offered by the Dubai government. As a result of all these benefits, you may think about Ras Al Khaimah free zone company registration. So, it is better to be well aware of the steps involved in the registration process and RAK free zone license cost too. You can read further for the detailed stepwise process.
What is the Registration Process for Ras Al Khaimah Free Zone Company?
For a successful Ras Al Khaimah free zone company registration, make sure to keep all the required documents ready and follow the given steps:
1. Selection of Business Activities
The UAE government allows over 2000 legal business activities that can be conducted throughout the country. Therefore, you must mention the type of activity you wish to conduct in your application to get legal approval.
2. Apply for Your Business License
Once you have decided the type of activities you want to conduct under your company’s name, seek authorization to initiate the business. Registering your company through DED is the first step in your business license quest since the Department of Economic Development provides all the licenses necessary for the smooth functioning of your business.
3. Get Approval for Your Trade Name
Registering your company’s trade name is also a very important step as it requires you to follow several guidelines. Your trade name must be clear. Similarly, it should not target any religion, caste, or community. It should also not be offensive or provoking in any manner. Further, it should not depict any kind of vulgarism. Additionally, if you want to use the name of a person, make sure to use the full name with correct spelling.
4. Apply for Visa
While applying for a visa, it is necessary to submit a photocopy of the passports, EID, NOC for UAE nationals. Residential address and other necessary documents of all partners and the shareholders of your company are also necessary.
5. Memorandum of Association (MOA)
Assign a local service agent to draft a memorandum of association for you. Later, get the MOA signed by all the business partners and stakeholders of the company. Then you can then submit it with DED.
6. Confirm your Tenancy Contract
A lease contract (Ejari registration) is also required for the completion of the Ras Al Khaimah free zone company registration. You can register your tenancy contract with the help of the Ejari official application.
7. Partner With Local Service Agent (LSA)
All foreign investors must sign a contract with either a Local Sponsor or a Local Service Agent(LSA) for their company.
8. Receive Your Business License
After completing all the steps and finalizing all associated payments, the license will be issued along with the MOA in under 5-6 working days. Therefore, make sure to initiate the payment for the license fee within 24 hours of receiving your trade license.
What are the Documents Required for Ras Al Khaimah Free Zone Company formation?
For your Ras Al Khaimah free zone company formation a list of documents are necessary:
1. Necessary Documents for the Initial Approval
Photocopy of your passport.
Copy of Naturalization identification (UAE nationals only).
Photocopy of trade name certificate.
MOA (Memorandum of Association) certificate.
Bank reference letter for each shareholder(6 months bank statements).
Photocopy of the passport of each Shareholder.
A photocopy of the approved tenancy agreement file.
Proof of Ejari Registration.
Passport size photos.
Shareholder address proof(PAN/Aadhaar/ driving license/Voter ID).
2. Documents Required After Getting Initial Approval
Photocopy/proof of all documents submitted for Initial Approval.
Photocopy of office address including the plot number.
Photocopy of the Memorandum of Association attested by the Notary Public or by UAE Embassy/Consulate.
What are the Benefits of Opening a Company in Ras Al Khaimah Free Zone?
There are plenty of attractive features of Ras Al Khaimah. As a result, it makes Ras Al Khaimah free zone companies an excellent choice for businesspersons. Some of the advantages are as follows:
1.100% exemption on personal or corporate income.
0% cost on foreign exchange controls, quotas, or trade barriers.
0% customs duty on import, export, or services.
Less time-consuming and economically feasible legal framework and business laws ensuring easy business management.
Government-sponsored incentives for investors.
100% business ownership.
100% return on capital and profits.
Quick license approvals.
What is the RAK Free Zone License Cost?
Ras Al Khaimah free zone companies offer flexible expansion opportunities and can also hold a strong presence in UAE markets. Further, RAK provides cost-effective and efficient offers to its clients. Also, the prices are reasonable. The RAK free zone license cost can be around 8,000 AED (at zero visa provision).
RAK free zone license costs under several business packages are as follows:
A Zero visa trading package will cost you about AED11,440.
A 1 visa individual professional package will cost you about AED13,468.
1 visa trading/service package will cost you about AED15,868.
Cost of an investor’s visa lies between AED4000 – AED4500.
Cost of an employee visa is about AED2500 – AED3000.
Ras Al Khaimah business license renewal costs AED1000.
Apply for Your RAK Free Zone License Today!
To summarise, RAK free zone is one of the best choices for business setup among entrepreneurs from around the world. You should also think of establishing a company of your own at this superb location. If you’re thinking about the legal formalities, you don’t have to worry. Because the company formation experts at Shuraa Business Setup will help you out with everything. From the registration process to collecting the documents till getting your license, we have got it covered. All you have to do is get in touch with us and share your requirements.
Book a free consultation with our experts to know more about RAK free zone license cost, or you can also call +971 44081900. You can also send a WhatsApp message at +971 50 777 5554. For email assistance, mail your query at firstname.lastname@example.org.