RAKEZ

RAKEZ OVERVIEW

RAKEZ stands for Ras Al Khaimah Economic Zone, which was found after the consolidation of 2 Free Zones – Rak Free Zone and RAK Investment Authority, which made the Zone really huge.

It is one of the most popular Free Zones for business setup in UAE – even people who have not heard much of UAE Free Zones, know about it and are interested in business setup in Ras Al Khaimah. It is located not far from RAK airport and has a seaport in close proximity.

Ras Al Khaimah business license can be obtained for a huge variety of business activities and you can be sure that you will find what you need.

The activity list of RAKEZ is one of the largest among all the UAE free zones. Activities are divided into a few categories:

Commercial
Service
Industrial
Media
Educational
Individual / professional E-commerce

Some activities require a company manager to have a relevant educational degree, which should be proved by a certificate attested in the UAE Embassy in the country of origin. Usually, such activities are related to a professional service that needs certain qualifications, for example:

Accounting and bookkeeping
Architectural design and consultancy
Aviation consultancy
Communication engineering consultancy and many more.

RAKEZ has enforced substance requirements and many activities now fall under it. They will need to be registered under special conditions, such as:

Dedicated office space or a warehouse Submission of a business plan Having a company manager on the company resident visa.

Business setup in Ras Al Khaimah can be done within about a week. Your personal visit will be required, but you don’t have to go all the way to Ras Al Khaimah – you can visit a representative office of the zone in Dubai.

RAKEZ also has international offices in India, Turkey, and Germany, where your application can be filed.

Today it is home to over 13000 companies already. Interestingly, RAKEZ offers registration of both Free Zone and non-Free Zone entities in Ras Al Khaimah.

Ras Al Khaimah company register is not open to the public and kept confidential.

In case your setup has been rejected by any major force reason after you made the payment to the free zone, you will be granted a 100% refund.

Ras Al Khaimah company formation would be a good option for any business, but it’s specifically suitable for companies that need warehousing facilities.

RAKEZ is one of the few Free Zones which always has customizable warehouses and plots of industrial land for development. You can also build or rent ready-made staff and labor accommodations. They all the benefits that Jebel Ali company setup offers, but suit much smaller budgets.

Ras Al Khaimah Economic Zone Authority has offices in RAK and Abu Dhabi. You can opt for a Flexi-desk or a smart office in any of these Emirates. Abu Dhabi will cost about 2,000 AED higher.

RESIDENT VISAS

Packages start with zero visas and go up to 4 visas in case you rent a ready-made executive office. Of course, if you rent a warehouse, for example, your company will be eligible for more visas since you’ll need to hire more staff.

RAKEZ visa costs in AED

RAKEZ fee, AED Medical checkup, AED Emirates ID, AED
Investor 3950 637 370
Employee 2400 + 2000 deposit 637 270

Health insurance is not mandatory for RAKEZ company owners, but it will be required for the dependants in case you open visas for your family members.

LICENSE COSTS

Ras Al Khaimah Free Trade Zone Authority often runs promotions and discount campaigns. The prices are reasonably starting from roughly 8,000 AED for a zero visa media company.

RAKEZ also has a special product for women called Women in Power with prices 40% less than usual. If you are a woman, you can pick any package and any activity and simply pay less!

Apart from that, if you want to save money in the long run you can register a 3-year package. The discount, in this case, will be 25%. On top of that, all resident visas under the company will be free of charge.

RAKEZ cheapest license fees:

Type of license Cost, AED
Zero visas trading package 11,440
1 visa individual professional package 13,468
1 visa trading/service package 15,868

RENEWAL

Ras Al Khaimah business license renewal costs 1,000 AED less than the incorporation. Renewal can be done without the personal presence of the shareholder.

RAKEZ required a financial audit of the companies. You need to submit it at the end of your financial year, which would be December by default or another month of your choice.

AMENDMENTS

The company can be amended at any time. Most frequently happening amendments include the following changes:

  • Shareholders/managers
  • Company name
  • Business activity
  • Office facility

The personal presence of the shareholder or manager is required for the application for the amendments.

BUSINESS LIQUIDATION

Ras Al Khaimah free trade zone company liquidation takes about 3-4 weeks. Make sure to cancel all the visas under the company before you apply for its liquidation.

The government cost of company closure is 3,500 AED.

OPINION

Overall, we usually recommend RAKEZ to those who are looking to open an industrial, manufacturing, or assembling business due to its ready-made facilities.

Apart from that, if you want to have a physical office and don’t require a location near Dubai, RAKEZ would be a perfect choice as well.

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