Ras Al Khaimah, one of the seven emirates that make up the United Arab Emirates, has come a long way from its humble beginning to being recognized today as one of the most attractive tourist and business destinations in the Middle East, thanks to its excellent infrastructure, investor-friendly policies and picturesque surroundings.
Ras Al Khaimah is located at the north end of the Arabian Gulf coastline. Nestled between the Hajar Mountains on the East and the Arabian Gulf on the West, Ras Al Khaimah also shares mountainous borders with the Sultanate of Oman. Located about 45 minutes driving distance from Dubai, the emirate is strategically located and is well connected to destinations in the Gulf countries, Europe, the US, Australia and the Far East. RAK is the closest emirate to the main shipping lane travelling the Strait of Hormuz and to markets including Pakistan, India, China and the CIS countries.
Ras Al Khaimah Investment Authority (RAKIA) was established following the Emiri Decree No. (2)/2005 issued by H.H.Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah. RAKIA was created to boost the industrial and business opportunities and realize a long-term strategy for the emirate's socioeconomic development. Within a few years, RAKIA has attracted large number of local & international companies to RAK and importantly, is laying down the foundation to a more resilient and robust economy by gathering hundreds of foreign direct investment year-on-year. RAKIA offers onshore and off shore business establishment, either in free trade zone or non free trade zone.
In response to Ras Al Khaimah's growing emergence as a top-choice business destination, RAKIA established RAKOFFSHORE- and the International Business Company (IBC) concept to address the growing demand for offshore markets, while also complementing the emirate's ongoing economic diversification program
Currently there are almost 5,000 companies successfully running their business on RAKIA board.
The licenses that have been issued by RAKIA depict an ideal distribution among key sectors. For instance, 22% of the licenses went to commercial companies, 21% to industrial firms, 26% to consultancy & service companies, and balance to trading and media companies.
Thus RAKIA is a 'One Stop Shop' for all the investor needs.
|Location:||Ras Al Khaimah, (U.A.E.)|
|Permitted activity:||Manufacturing/Trading/Service activities can be carried out|
|License available:||Industrial/Commercial trading/General trading & Service license can be obtained|
|Types of entities:||FZE (single shareholder), FZC (2-5 shareholders) & branch office|
|Shareholder:||Can be individuals or corporate entity|
|Director:||Individuals only (Minimum one. Shareholder can also be director)|
|Share capital:||Please refer to the table below|
|Type of entity||Industrial License||Commercial Trading License||General Trading License||Consulting/Service License|
|Free Zone Establishment (FZE)||150,000||Not required||Not required||Not required|
|Free Zone Company (FZ-LLC)||200,000||Not required||Not required||Not required|
|Branch Office||Not required||Not required||Not required||Not required|
|Audit:||Audit report is not required to be filled with RAKIA|
|Estimated time:||5-7 days for incorporation & setting up company. Another 7 days for immigration & registration and thereafter visa may take approximately 7-10 days on normal basis|
|Renewal:||License of the company has to be renewed on annual basis. Penalty would be charged by the authority if license is renewed after expiry date.|
The approximate cost for setting up a company in RAKIA is between AED 20,000/- to AED 80,000/- depending upon the type of license and facility selected. Documents required are passport copies of shareholders/directors/manager, bank reference letters, project profile, corporate documents, etc depending upon structure of the proposed company.
GBS helps you with all your company incorporation requirements at RAKIA Free Zone.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.