How to setup a Company in Ras Al Khaimah Freezone – RAKEZ

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.

Steps to Establish Your Freezone Company in RAKEZ

1. Business Activity Selection
   Before you begin the registration process, determine the type of business activity you want to pursue within RAKEZ. The freezone accommodates various industries, from manufacturing and trading to service-oriented businesses. Select the activity that aligns with your business goals.
2. Business Structure
   Choose the legal structure for your company, whether it will be a sole proprietorship, a partnership, a limited liability company (LLC), or another corporate entity. The business structure should align with your long-term objectives and the requirements of your chosen activity.
3. Trade Name Reservation
   Select a unique and appropriate name for your company and reserve it with RAKEZ. The name should adhere to the naming guidelines set by the freezone, and this step helps ensure that your chosen name is not already in use.
4. Documentation and Application Submission
   Prepare the required documents, which typically include:

1. A copy of your passport
2. Visa copy if you are residing in the UAE
3. A No Objection Certificate (NOC) from your current sponsor if you are in the UAE under a residence visa
4. Detailed business plan
5. Bank reference letter
6. Personal information form
7. Application form
8. Submit these documents, along with your business plan and the completed application form, to RAKEZ. The business plan should outline your business goals, financial projections, and operational strategies.

5. License Type Selection
   RAKEZ offers different types of licenses, depending on your business activity. Choose the license that best suits your needs. Options include commercial, industrial, and service licenses.
6. Office Space Selection
   Select an appropriate office space within RAKEZ, which can range from flexi-desks to dedicated office spaces, depending on your requirements. The type of office space you choose will be specified in your license.
7. License Issuance and Registration
   After the necessary approvals and document verification, RAKEZ will issue your trade license. This license authorizes you to conduct business activities within the freezone. Ensure you comply with the terms and conditions stated in the license.
8. Visa Processing
   If you need visas for employees or partners, RAKEZ provides visa processing services. This will enable you to sponsor and bring in staff as per your business requirements. The number of visas you can obtain depends on your office space and license type.
9. Bank Account Opening
   To manage your company’s finances effectively, open a corporate bank account in the UAE. Having a local bank account simplifies financial transactions and enables you to conduct business operations more smoothly.
10. Commence Business Operations
    With your trade license, office space, visas, and bank account in place, you can officially commence your business operations within RAKEZ. Ensure that you maintain compliance with the freezone’s regulations and the UAE’s legal requirements.

In conclusion, establishing a company in RAKEZ Freezone offers an attractive and straightforward pathway for entrepreneurs and businesses looking to expand in the UAE. With its favorable business environment, tax incentives, and efficient setup process, RAKEZ is a prime destination for those seeking to set up and operate a successful business in the Emirate of Ras Al Khaimah. Make sure to consult with RAKEZ or legal advisors for specific guidance related to your business activity and requirements.

Next reading: FAQ’s for setting up a company in Ras Al Khaimah Economic Zone – 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.