Are you considering establishing your business in the RAKEZ Freezone, UAE? This decision is a significant step in your entrepreneurial journey. To help you make an informed choice, we’ll delve into the various aspects of this Freezone, from its key features to the registration process and tax obligations. Let’s explore the benefits and requirements of setting up your company in this thriving business environment.
Ras Al Khaimah Economic Zone or RAKEZ is a consolidation of two free zones namely; RAK Free Zone and RAK Investment Authority. RAKEZ is located in the emirate Ras Al Khaimah, United Arab Emirates. Business set ups are known to flourish in Ras Al Khaimah mainly due to the economic security and steadiness that the city offers. RAKEZ companies are a live example of this. The customizable company set up options of RAKEZ and the ‘round the clock’ connectivity of Ras Al Khaimah through its seaports, airport and highways makes it a perfect landing spot for any company. That is why RAKEZ is the preferred free zone for many freelancers, small and medium enterprises, multinational enterprises and large industries.
Understanding RAKEZ Freezone UAE
RAKEZ, short for Ras Al Khaimah Economic Zone, is a business hub in the United Arab Emirates known for its strategic location and investor-friendly policies. It offers an array of benefits, making it an attractive destination for entrepreneurs. RAKEZ Freezone is a specialized economic zone within RAKEZ, providing a nurturing environment for various industries. The Freezone boasts state-of-the-art infrastructure, access to international markets, and reduced bureaucratic red tape.
Key Features of RAKEZ Freezone
Prime Location: RAKEZ Freezone is strategically located, providing easy access to the UAE and global markets.
World-Class Infrastructure: The Freezone offers modern facilities and infrastructure to support your business operations.
Business-Friendly Policies: RAKEZ has established investor-friendly policies, offering incentives and benefits to attract businesses.
Variety of Business Activities: You can choose from a wide range of business activities, making it suitable for diverse industries.
Zero Tax: One of the key attractions is the absence of corporate and personal income tax.
Benefits of Setting Up a Company in RAKEZ Freezone
Setting up your business in RAKEZ Freezone offers several advantages:
100% Foreign Ownership: You can retain full ownership of your business without the need for a local sponsor.
No Currency Restrictions: RAKEZ Freezone allows you to transact in any currency freely.
Exemption from Import and Export Duties: Your company enjoys exemptions from import and export duties.
No Personal Income Tax: As an individual, you won’t be subject to personal income tax.
Global Connectivity: Benefit from RAKEZ’s connectivity to international markets, enhancing your business’s global reach.
Necessary Documents for Company Registration
When venturing into RAKEZ Freezone, certain documents are necessary to facilitate the company registration process. Here’s a checklist:
Passport Copies: You’ll need copies of the passports of all shareholders and directors.
Business Plan: Prepare a comprehensive business plan that outlines your company’s activities and objectives.
No Objection Certificate (NOC): If applicable, obtain an NOC from your current sponsor or employer.
Proof of Address: Provide a valid proof of address for all shareholders and directors.
Bank Reference Letter: You’ll require a bank reference letter for each shareholder and director.
NOC from the UAE Ministry of Economy: This document is mandatory for some business activities.
Legal Documents: Depending on your business type, you might need additional legal documents.
Choosing the Right Business Activity
RAKEZ Freezone offers a plethora of business activities to choose from. The key is to select the one that aligns with your expertise and market demands. Whether you’re in manufacturing, trade, or services, RAKEZ has options for everyone.
The Registration Process
Registering your company in RAKEZ Freezone involves several steps, including:
Application Submission: Begin by submitting your application along with the required documents.
Approval: RAKEZ Freezone authorities will review your application.
License Issuance: Once approved, you’ll receive your business license.
Visa Processing: If needed, you can apply for visas for your employees and dependents.
Office Space: Choose your office space as per your business requirements.
Bank Account Opening: Open a corporate bank account in the UAE.
Managing Your New Company
Operating a business in RAKEZ Freezone requires diligent management. Be sure to:
Comply with Regulations: Stay up-to-date with local regulations and ensure your business remains compliant.
Financial Management: Maintain accurate financial records and meet tax obligations.
Network and Collaborate: Leverage the thriving business community in RAKEZ to expand your network.
Understanding Tax and Accounting Requirements
While RAKEZ Freezone offers a tax-free environment, it’s essential to understand your obligations. Consult with a tax advisor to navigate any complexities. Ensure your company’s financial records are meticulously maintained.
Next reading: How to setup a Company in Ras Al Khaimah Freezone – RAKEZ
About Arnifi
Arnifi is digital first Corporate service provider helping companies enter the Middle East region, starting with UAE and Saudi Arabia markets. Founded and backed by professionals from Amazon, Souq and other large companies operating in KSA – the team understands what it takes to succeed as a startup in both UAE and Saudi Arabian markets, apart from going through the setup process multiple times.
Arnifi will provide a truly digital experience to entry and scale up of companies both UAE and Saudi Arabia. The Arnifi promise is simple, yet revolutionary, use technology and a great team to provide transparency, efficiency and great customer experience in the whole process.
Check out at – www.Arnifi.com for more details.
