Key Steps to Starting a Business in Ras Al Khaimah (RAK)

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    Key Steps to Starting a Business in Ras Al Khaimah (RAK)

    The emirate of Ras Al Khaimah has been influenced by overseas business people because it is one of the emirate’s most evolved economies and has witnessed remarkable economic development. The aspects alluring better foreign investment in RAK are liberal government guidelines, amazing infrastructure development, a thriving economy, and friendly neighboring country trade relations. So, Ras Al Khaimah free zone company setup is a profitable idea for anybody.

    Types of Business Entities in Ras Al Khaimah (RAK)

    One has to select the kind of company framework for their business prior to making the RAK business.

    1. Limited Liability Company

    A company can perform its trade at Ras Al Khaimah through a limited liability company. This can be established by around two and at most fifty members. This is mandatory in order to prove the deposit of capital in the UAE bank to register an LLC. The capital can be freed after completing the process with the Ras Al Khaimah Chamber of Commerce.

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    1. Joint Venture Company

    A Ras Al Khaimah joint venture is a contractual deal between a foreign party and a local group. There’s no requirement to license or declare the contract in a joint venture.

    1. Public Shareholding Company

    A Public Joint-stock company should have a minimum of ten stakeholders and be approved by the Ministry of Economy and Trade. The owner of the business must subscribe to around 20% of the capital of the company and 45% at the maximum. A single stakeholder can’t subscribe to more than 10% of the stakes.

    1. Private Shareholding Company

    A private joint-stock company can’t be comprised of fewer than three members. Stakeholders can contribute AED 2,000,000 or more to the company shares. A private joint-stock enterprise’s claims can’t be placed up for public sale.

    1. Free Zone Company

    A free zone company is a limited liability company. May be registered by more than two stakeholders.

    1. Free zone Establishment

    A free zone establishment is a different legal unit with a sole owner or enterprise. Free zone establishments can be owned by individuals or companies.

    Steps for a Ras Al Khaimah Free Zone Company Setup

    Business setup in Ras Al Khaimah free zone is freewheeling, but you have to deal with legal and reporting processes that the business setup consultants can help with. Start Any Business has several experienced business consultants to manage the whole procedure of business formation in RAK, which will assist you with the following steps –

    1. Decide on the Business Activity

    Under this move, identify the kind of economic activity of your company. This can be mentioned under business, industrial, and technical functions. Manufacturing, industrial, public, and retail corporations are involved in the manufacture and sale of products to customers or enterprises.

    Professional businesses give specialized personal or business services like accounting, administration, consulting, and more. Industrial companies usually produce, store, and package items.

    1. Determine the Legal Structure of the Business

    The next move is to decide on the company framework and choose one from specified structures as per your business functions. The needs regulating lawful position are determined by the form and presence of the corporation.

    1. Finalize the Location

    There are three major RAK, free zone, mainland, and offshore. Mainland gives a corporation to be maintained in and outside the country. A business that wishes to register in RAK mainland has so many reaches.

    RAK free zone is situated 45 minutes from Dubai and gives a good productive favorable climate with amazing features and simple formation with a limited workplace. From Flexi-desks and major offices to multi-floor warehouses, you select from different forms.

    1. Obtain Initial Approval

    Prior to obtaining a certificate for a business name, the businessman can get pre-approval. The initial support permits the businessman to start processes for granting business licenses and contacting the authorities relevant to get their help. This is the right to hold the needed business function but not hold the procedure without first getting the license.

    1. Register Your Business Name

    Once you have decided on the business venue, the next move is to select the company with a particular and fitting business name. Present the business name to the Department of Economic Development.

    1. Obtain a Business License

    After the approval of officials has been acquired, the shareholder can move ahead to the phase of completing all the legal needs for granting business licenses for company setup in the Ras Al Khaimah free zone. This can be completed with the economic department’s approval prior to the permit being eventually get.

    Advantages of Ras Al Khaimah Free zone Company Setup

    RAK gives additional strengths for regional business development. The emirates give a platform that links eastern to western business routes. Many major benefits can be emphasized among the major prospects for overseas investors –

    1. Better content and technical foundation and high stocking capacity.
    2. Development possibilities for the global tourism industry.
    3. A crucial spot with reach to the local and international markets.
    4. Huge transport centers are accessible.
    5. The marina has a huge container port and docks.
    6. Relatively low costs for leasing space and giving electricity.
    7. Business formation in RAK is an outstanding option for starting a free zone corporation because it gives a huge arrangement of warehouse and office facilities.
    8. Investors have to leverage the surplus of competitively costed energy supplies.

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