Ras Al Khaimah (RAK) is the northernmost emirate of the UAE. It comprises an area of 2,486 square kilometers. RAK as a prominent investment hub in the UAE, provides tailor-made solutions to business owners and entrepreneurs in 2024.
On 2019 Emirati Women’s day, Ras Al Khaimah announced exclusive business packages for women entrepreneurs. This continuous initiative is boosting the participation of females in business. Women aiming to start your own successful business in Dubai, now is the time to jump-start your dream.
RAKEZ in a nutshell
Ras Al Khaimah Economic Zone (RAKEZ) is a leading industrial hub and business area serving 18,000+ companies in 50+ sectors. It houses a wide range of businesses including import/export, light manufacturing, consulting and general trading. To promote investment opportunities, RAKEZ has added six new business categories in its already impressive portfolio.
Here are the perks of setting up business in RAKEZ.
- State of the art infrastructure
- A plethora of real-estate facilities — from office spaces to commercial buildings to warehouses and fully serviced offices are available
- One of the lower-cost free zones within the UAE
Business women package initiative of RAK
On the occasion of 2019 Emirati Women’s day on 28th August, RAK launched a new initiative — the Business Women Package. This package is specially devised solely for lady entrepreneurs. It encourages and empowers them to start their business in the United Arab Emirates.
Female entrepreneurs can choose a package for one year or three years, depending on the preference of the business owners. They can get a license to operate in any of the eight free zones. Other features that the women business package provides to them are these.
- General trading
- Freelancing permit
The business women package delivers ample opportunities to the women entrepreneurs. Now, they can convert their business ideas into a fruitful business venture. Establishing a company in RAK is not a mystery as it might at first seem.
Since the launch of the first free zone in 1985, they have proved to be a powerful tool for entrepreneurs to start all manners of businesses. In case, you are considering RAK free zone as a vehicle for launching your business. Then, it is worth getting to know the many benefits it has to offer.
Advantages of starting a business in RAK Free Zone
There are many benefits that entice expats into investing their capital in the RAK. They and Emirati nationals big time profit from it. Here we look at the benefits of incorporating a business in RAK during 2024.
- Hundred percent foreign ownership
- Hundred percent repatriation of capital invested and profits earned
- Minimal or no taxation on personal income generated
- No trade barriers
- No Custom duties
- Business-friendly environment
- Easy accessibility to other Emirates and neighbouring countries
- International business exposure
Steps for business formation in RAK
Initiating a business in Ras Al Khaimah is a fruitful endeavour for all. As it provides smooth business incorporation, thus expediting the reaping of benefits. Additionally, the UAE has seen a substantial increase in business setups because of the World Expo 2020.
Next, we outline the basic steps you need to follow to start a business in RAK.
- Select the business entity most suited to your business activity, number of investors and capital
- Apply for company registration
- Choose a company name
- Submit the approved name to the Free Zone Authority in RAK
- Apply for the required business licenses and submit it to the designated authorities
- Compose the MOA and AOA of your business
- Obtain the needed permissions and approvals
- Pay all your dues
- Get your trading licenses
Further reading: Free zone for U.S. nationals in RAK
Launching a business in the UAE will help you stay ahead of the curve. Moreover, it will aid you in crafting ways to grab your target market with surprising ease. Keep in mind that a strong business foundation will lead to smooth business experience in later years.
It is beneficial to hire business setup consultants to help you in establishing a strong foothold in the UAE. With KWS Middle East setting up a business in the UAE is easier than ever. We provide all kinds of company incorporation and business consulting services.
Hence, you can focus on what truly matters — building your business. Contact us today and book our commitment-free call. We will be happy to assist you.
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