Free Zones at Ras Al Khaimah(RAK)
RAK is an Emirate with all business facilities available at rates more than 25% lower than other Emirates. This makes this Emirate be chosen for setting up businesses of all sizes small, medium and large.
The Free Zones at RAK includes
- Ras Al Khaimah Investment Authority (RAKIA)
- Ras Al Khaimah Free Trade Zone (RAKFTZ)
- RAK Media City
They don’t insist on office spaces, which gives an opportunity to Investors to study the market at manageable costs before expanding their business. The world-class infrastructure and logistics network at RAK provides all the advantages of highly active business hub at low costs.
Free Zones licenses are usually classified into General Trading, Trading / Commercial, Service, Industrial and other types of licenses typical to the Free Zone like Publishing License issued at RAK Media City. The Service License is issued to firms offering services like Lawyers, Accounting Firms and Business Consultants. Industrial License allows the license holder to import raw materials, carry out the manufacture of specified products and export the finished product to any country. General Trading License allows trading of all kinds of products and is comparatively costlier. The Commercial/ Trading License allows trading of specified products subject to the regulations of the license issuing authority.
Companies setting up in Free Zones at RAK are eligible for various privileges and facilities as follows:
- 100% foreign ownership is allowed
- Full repatriation of profits and capital are permitted
- Exemption from personal, income and corporate taxes
- Exemption from customs duty for goods and services
- Simplified incorporation process
- Hassle-free and business-friendly company laws and legal framework
- One-stop-shop service that provides business partners with a variety of government services, including licensing, visa, traffic and postal services
- Quick access to Knowledge Workers due to fast-track immigration process
An individual or a corporate entity can set up and do business in Free Zones at RAK by being registered in any of the following legal forms:
- Free Zone Establishment (FZE) – entity with one Shareholder
- Free Zone Company (FZC) – entity with two to five Shareholders
- Branch of a Foreign Company
- Branch of a Local Company