Starting a business in Rakez is an essential step that many business persons worry about. This Free Zone presents dependable and proficient assistance to those who are looking forward to beginning their new enterprise.
Top-notch infrastructure, fair packages, admission to the world market, and state-of-the-art business solutions fulfil the expectations of company formation in Rakez. It allows potential entrepreneurs to have an upper hand during their business operations and also helps to increase their presence in UAE and global markets.
Therefore, with the coveted advantages of starting your business with registration in Rakez, don’t miss this chance.
Step-by-Step Process for Company Formation in Rakez
The Rakez, formerly the Ras Al Khaimah Free Trade Zone, is an ideal place to set up and develop businesses. With a clear and straightforward procedure, setting up a company in Rakez is generally a hassle-free process.
Step 1: Decide the type of company you want to establish: In Rakez, you can opt to form either a mainland company or a free zone company. The legal form of each type of company is determined by the type of activity that you want to perform.
Step 2: Choose a name for your business: The name of the business must be approved by the Rakez Commercial Register. The name must be available and should comply with the regulations set in the RAK Companies Law.
Step 3: Register with the Department of Economic Development: The RAK Company registration is done through DED or the Department of Economic Development. All documents related to the company formation must be presented to the DED for registration.
Step 4: Obtain the necessary licenses: Acquiring licenses is required following company registration. You must make applications for suitable licenses to relevant regulatory bodies. Regarding the type of business, you are engaging in, procuring other licenses such as a VAT License or Value Added Tax License could be appropriate.
Step 5: Once the necessary legality is complete, you can build the premises and look for people to fill the posts. The hiring process can now begin. The office can be made ready as personnel are found.
Step 6: File for an Audit report: Companies in Rakez must be audited during the first year of business operations. This audit ensures that all financial statements and activities comply with the accounting standards.
Step 7: Register with the RAK Free Zone Authority: As per the Federal Law, all companies operating in Rakez must be registered with the free zone authority for the collection and payment of duty on goods and services as applicable.
These are the key steps involved in setting up a company in Rakez. Companies hiring consultants for the company formation process can obtain detailed assistance with the legal and regulatory requirements. This is beneficial to ensure efficient and timely completion of the formation process.
The Advantages of Company Formation in Rakez
Rakez, otherwise known as the Ras Al Khaimah Economic Zone, is a highly attractive destination for company formation in the United Arab Emirates.
The free zone provides a range of advantages for businesses, ranging from tax exemptions to access to innovative infrastructure that is conducive to encouraging growth and productivity. The following are the top advantages of company formation in Rakez:
- Strategic Location: Rakez is strategically located in the Northeastern Emirates of UAE. It is placed in such a way that businesses here can benefit from a wider national market as well as gain access to not only the African, Asian, and European international markets but also to operate in other free zones without any legal restrictions.
- Tax Advantages: The UAE is an exceptionally competitive economy, offering commendable tax advantages to the ones involved in setting up businesses in a free zone. Companies based in Rakez can avail the benefits of zero percent corporate or personal income tax and 0% value-added tax, which in turn grant them huge savings.
- Modern Infrastructure: Companies that are based in Rakez enjoy access to modern and well-maintained infrastructure such as roads, ports, and airports. This promotes efficiency and reduces the cost of operation for the business.
- Government Support: The UAE government offers comprehensive support to businesses that are based in free zones. This includes highly confidential legal protection, secure property rights, and access to an excellent dispute resolution system.
- Fast Company Setup: Setting up a business in Rakez is extremely fast and simple. There is also a range of helpful resources available to companies, including professional advisors and a comprehensive knowledge base on setting up a business.
- Modern District: Rakez is one of the most modern free zones in UAE. Companies that are based here enjoy access to cutting-edge amenities and a highly developed business network.
- Cost-Effective: Rakez is a very cost-efficient option for many who desire to do business in UAE. It has a much more economical start-up cost and the expenses for running operations are also very less than the other nations. This factor makes it suitable for entrepreneurs who want to save some money without compromising on quality.
- Excellent Quality of Living: The quality of life in Rakez is tremendous. Companies based in the Free Zone enjoy the prime advantage as they have a vast pool of talented individuals to choose from for their workforce from various backgrounds with the help of superb housing, healthcare, and social benefits offered by the government.
- Financial Support: Many businesses and startups hoping to gain competitive advantage can reap the benefits of the numerous monetary packages in free zones. Incentives such as low-interest loans, capital security for fresh investments, and swift payment possibilities provide exciting and worthwhile opportunities.
In addition, enterprises operating outside the free zones will be able to draw from investment rewards, which can aid them in their growth.
- Access to Technology: Rakez is at the cutting edge of technology in the region. Companies based in the free zone have access to a range of advanced technology and tools, such as high-speed internet, up-to-date business software, and secure data storage solutions.
Rakez provides an economical and fuss-free solution to start a business. It comes with a useful and Rakez business setup cost for establishing a business and making it practical in an efficient way. TASC Corporate Services can help you to establish the business.
Banking, company registration, top-notch services, and many more are included in establishing a business that can help you reach your desired success in the long run.