Starting a business is an exciting venture that comes with a fair share of challenges and opportunities. In business, your success is determined by how you tackle these challenges and make the most of the opportunities. For those who have chosen to have a Free Zone company in Dubai, you have over 50 free zones. Among these, the Ras Al Khaima Free Zone is gaining popularity due to the wide range of benefits it offers to entrepreneurs. Ras Al Khaimah is one of the seven emirates in the United Arab Emirates (UAE).
Benefits of Ras Al Khaimah Free Zone
Eager to know about the benefits of starting your business in the Ras Al Khaimah Free Zone? This Free Zone is a favorite pick for investors due to the ease of business setup, tax benefits, and geographical location.
- Strategic location
The RAKEZ free zone has fast access to local and international markets in the Middle East, Europe, North Africa, and Asia. It offers easy access to major shipping routes, ports, and airports, facilitating efficient logistics and trade.
- 100% foreign ownership
One of the main advantages of setting up a business in the free zone is that it allows foreigners to have 100% percent ownership of their business. This means the owners can make strategic decisions without any interference from an outsider like a local sponsor.
- Tax benefits
The companies in the free zone have been enjoying 100% tax exemptions for a long. Though the UAE has introduced a 9% corporate tax for companies with an annual profit turnover of more than AED 375,000, it’s still minimal compared to the international tax rates. This is a primary benefit for foreign investors wishing to reduce their operating costs and increase the bottom line.
- Fast and efficient business setup process
Setting up a company in the RAKEZ-free zone is an easy and straightforward process with minimal paperwork. This helps businessmen to implement their ideas swiftly and start the ball rolling in no time.
- State-of-the-art infrastructure
The RAKEZ free zone provides state-of-the-art infrastructure that benefits businesses of all nature. The free zone’s warehouse solutions help businesses involved in light and heavy manufacturing with spaces for loading and unloading consignments and heat-insulated doors in its three industrial zones. Furthermore, it offers business centers, co-working spaces as well as labor accommodations.
- Specific zones for particular activities
RAKEZ has differentiated the area into different zones based on the activities. It has industrial, academic, and business zones which let the business owners choose the best option for their company.
Step-by-step process of establishing a business in RAKEZ Free Zone
Now that you are aware of the exclusive benefits of having your business in the RAKEZ-free zone, let’s look at the key steps involved in the business setup process:
- Choose the business structure: Determine the type of business structure as in an establishment or branch of a foreign company. Each type has its own advantages and disadvantages, so choose the one based on your requirements.
- Decide the business activity: This free zone provides a variety of business activities including trading, manufacturing, and consulting. Do proper research to find out which industry has more scope in the region.
- Choose the company name: Choose a distinct name that adheres to the naming rules in the RAKEZ free zone.
- Apply for a trade license: A trade license will allow you to legally conduct your business in the free zone. Also, it will specify the range of activities that your business can conduct in the specified region.
- Obtain approvals: Needless to say, you must obtain approvals from the relevant government authorities like the Department of Economic Development. Based on the nature of your business, you may also require additional approvals from the authorities concerned.
- Rent office space: At RAKEZ, you have different options for your business like a flexi desk, business center, or a co-working business.
- Obtain a visa: Once you have received the necessary approvals, you can apply for the employee visas and permits.
Start your business in RAKEZ Free Zone with BusinessLink
Looking for a trustworthy business setup consultant for your RAK Free Zone company setup? You are at the right place! With over twenty years of experience in the business setup arena, Business Link is the trailblazer in the Middle East. Our expert consultants will listen to your requirements and take care of the whole process while you sit back and relax. Starting from choosing your business structure to obtaining your business license, we will deal with all the hassles making your life easier.
Our team is well aware of the UAE market, and the rules and regulations that ensure a swift and efficient business setup process. So, stop thinking! Call us now to start your business in the shortest time possible!