The UAE is renowned as a great place to set up a business, with its low tax rates, young and multicultural workforce and fantastic support services.

One of the more popular places in the UAE to set up a business is RAKEZ, which has been designed to appeal to a multitude of entrepreneurs.

Business setup specialists such as Charles Ntumwa Services can help with the setup process. Contact them for a personalised quote:

This article covers all you need to know about business setup in RAKEZ, including:

• What is RAKEZ?
• Benefits of setting up your company in RAKEZ
• Types of company setup options at RAKEZ
• Steps of setting up your company in RAKEZ
• Cost of setting up your company in RAKEZ
• Activities allowed with a RAKEZ license
• How Charles Ntumwa Services can help

What is RAKEZ?

RAKEZ – which stands for the Ras Al Khaimah Economic Zone – is in Ras Al Khaimah in the UAE and was custom-made as a place for businesses to establish themselves, offering a range of customisable solutions for free zone and non-free zone businesses alike.

RAKEZ, founded by Ras Al Khaimah’s government, provides all the support entrepreneurs and start-up businesses need to get their venture off the ground, offering an array of licences, flexible facilities and business services.

RAKEZ aims to make setting up and running a business as straightforward as possible while complying with all the regulations relevant to UAE-based companies.

RAKEZ has been immensely successful, and it is currently home to more than 14,000 businesses in over 50 sectors, set up by people from across the world.

Benefits of setting up your company in RAKEZ

There are many benefits of establishing a business in RAKEZ. For instance, licences are available for more than 4,000 business activities, and they can be established in free zone and non-free zone areas. One business can carry out several activities on multiple licences – something not always available elsewhere in the UAE.

In addition, RAKEZ has dedicated zones for businesses in the industrial, academic and business sectors, and special licences are available to freelancers. There are also packages for female entrepreneurs.

As mentioned, RAKEZ focuses on making business setup as easy as possible, and the paperwork is minimal during the company formation process. This means it can take as little as a week for the incorporation process to be completed.

Overseas entrepreneurs are also able to repatriate all the profits and capital of the business, and there are no personal or corporate taxes.

Types of company setup options at RAKEZ

There are various options for setting up a business in RAKEZ, depending on whether the business is in a free or non-free zone area. One of the primary differences between the two is that free zone businesses can be 100% owned by overseas nationals, whereas a company in the non-free zone must be set up with a UAE resident partner and is subject to UAE labour laws.

In the free zone, entrepreneurs can set up a free zone limited liability company, which can have up to 50 shareholders. In addition to zero taxes, the advantages of this setup include zero customs duty and re-exported tax, freedom to source labour, and access to the local Ras Al Khaimah market.

Meanwhile, in the non-free zone, there are three main types of company setup: individual establishment (which has one shareholder), limited liability company (which can have between two and 50 shareholders) and branches of existing businesses, whether incorporated in the UAE or overseas. Another advantage of setting up in the non-free zone is that you can sell directly to the local market, and the company pays no custom duty on sales in the UAE and Gulf Co-operation Countries.

Steps of setting up your company in RAKEZ

There are several steps involved in setting up a company in RAKEZ. After naming your company, you need to choose which licence to apply for. There are 10 options open to any business: commercial, educational, ecommerce, freelance, general trading, individual, industrial, media, professional, and service.

The commercial, industrial and professional licences allow a company to run in the free and non-free zone areas – although the latter depends on the particular activity the business is performing.

For the company formation process itself, the application doesn’t have to be filed in Ras Al Khaimah – RAKEZ has offices in Dubai, Germany, India and Turkey. Certain documents are required as part of the process, including a copy of a passport/Emirates ID if the applicant is a UAE resident, and a visa copy and entry stamp if the person is in the UAE.

A business plan is also required, as you would expect.

For corporate shareholders, other documents are required, including a shareholders resolution for the establishment of the business, memorandum and articles of association and certificates of good standing.

Another consideration is premises. It is compulsory to have an office space for a business in RAKEZ, and plenty of fixed and flexible options are available. Part of this consideration should be that fixed visa numbers are tied to certain offices. In addition, the type of office space you can move into depends on the licence you have obtained, as not every office option is open to all licences.

Cost of setting up your company in RAKEZ

Efforts have been made to keep setup costs to a minimum in RAKEZ. Licences start from about AED 8,000, but it depends on the business activities your business will be undertaking. RAKEZ also often runs special promotions and discounts on licence costs, which can bring the total cost down.

Additional fees will have to be paid, including AED 375 for an Emirates ID, while an investor visa, which runs for three years, costs AED 3,950 and an employee visa, also lasting three years, costs AED 3,600. A medical check-up costs AED 320.

You also must factor in other costs, depending on the type of business you are setting up, such as office space, furnishings, stock and equipment.

Whatever your needs, contact Charles Ntumwa Services for a personalised quote.

Activities allowed with a RAKEZ licence

RAKEZ has one of the most extensive lists of permissible business activities in the UAE, divided into broad categories as listed earlier in this article.

Some activities stipulate that the manager has a relevant degree in the relevant business field – usually professional services, such as accounting, architecture and engineering.

There are also substance requirements, which cover many activities, and those that are covered must be registered under special conditions, which include submitting a business plan or employing a company manager on a resident visa.

How Charles Ntumwa Services can help 

There are many benefits to setting up a business in RAKEZ. Charles Ntumwa Services can help you navigate the process smoothly and quickly to enable you to focus on running the business.

Charles Ntumwa Services is vastly experienced in business setup in the UAE. With their local knowledge, our consultants can help entrepreneurs incorporate their business swiftly and with minimal stress.

To find out more about how Charles Ntumwa Services can help and to obtain a personalised quote, please contact us today.

The post Rakez Company Setup Costs and Requirements appeared first on WWF.

The UAE is one of the world’s most famous business destinations. Organisations of all shapes and sizes call the Emirates home, from startups to prestigious multinationals such as Facebook, Google, and Microsoft, to name just a few.

Of course, this vibrant business landscape doesn’t exist out here by chance. Entrepreneurs and business owners from every corner of the world flock to the UAE for a reason; in fact, for many reasons.

So, if you’re looking to start a business, expand into new markets, or relocate overseas, here are eight great reasons to do business in the UAE.

Stable currency

Against the seemingly constant fluctuation of global markets, settling into a jurisdiction with a stable currency is critical. And the UAE offers just that.

Our currency, the UAE Dirham (AED), has been pegged to the dollar since 1973 and has set a constant rate since 1997. The result is an economic landscape protected from many of the fluctuations that impact this part of the world; and one that holds its own against other global players such as the British Pound or Japanese Yen.

Tax efficiency

It is impossible to talk about the benefits of doing business in the UAE without mentioning its appealing tax environment.

Today, the UAE is still free from income tax for all residents. Corporation tax is also zero for businesses, outside of a few industries considered to be of national importance, such as oil and gas exploration.

VAT is also incredibly low, at a flat 15%. Other liabilities such as customs tax can also be avoided by setting up in one of the nation’s many free zones. Free zone businesses also benefit from zero currency restrictions and the freedom to repatriate all capital and profits.

World-class healthcare

The UAE is not just a great place to work; it’s a great place to live too. The country’s rulers have invested heavily in its healthcare sector, resulting in one of the world’s best systems.

In a 2018 global survey , the UAE healthcare system ranked in 10^th place with an efficiency score of 59.7, ahead of Canada, Norway, Sweden, and the USA, among many others. Hong Kong scored highest with 87.3.

Easy connectivity

From its strategic location at the heart of the Middle East, the UAE is one of the best-connected countries in the world.

Dubai alone offers direct flights to 97 countries. From a personal perspective, this means you’re only ever a flight away from your loved ones. From a business perspective, this puts two-thirds of the world’s population within eight hours of flying time.

Trade location

This hyper-connectivity also lends itself to global trade. The UAE is at the crossroads of Europe, Asia, and Africa, with easy access to the vast markets on every continent. Flight links are just one part of the UAE’s incredible infrastructure. It also offers busy links via both road and sea.

Furthermore, this location also affords the UAE an accommodating time zone that overlaps with most of the world’s foremost business hubs, from the USA to the Far East.

A global community

There can be few nations in the world more accommodating to expatriates. The expat population in Dubai accounts for over 80% of the population. And it’s made up of people from all over the world, with an estimated 200 nationalities calling the UAE home.

This vast expat population has trodden a well-worn path, meaning the systems for immigration and relocation to the UAE are now among the most efficient in the world. Wherever you’re from, you’re sure to receive a warm welcome in the Emirates.

An open and free system

The UAE prides itself as a nation on its open and free system. Supportive economic policies, minimal government control or intervention, and few barriers to entry in the private sector combine to facilitate seamless Foreign Direct Investment (FDI).

Such is the ease and efficiency of our business environment that the UAE ranks 16^th out of 190 countries in The World Bank Ease of Doing Business Index with a score of 80.9 out of 100. This puts our country ahead of prestigious locations such as Germany, Japan, and China.

A safe environment

The UAE is one of the safest countries in the world, regularly ranking highly in the Global Peace Index. Last year, we also placed in the top ten countries in Gallup’s Global Law and Order Report.

Consistent investment in law and order has served to keep crime rates low, and created an environment of safety and wellbeing for its Emirati and expatriate community.

Start your business in the UAE with Charles Ntumwa Services

By following the steps above, it is possible to start a business in the UAE with minimal fuss. 

However, it is always advisable to undertake the steps with the assistance of a registered company formations agent to eliminate any potential hassles that might arise.

With more than 15 years of experience in company incorporation, Charles Ntumwa Services can help you get your business up and running within a week or two. We’ll manage every aspect of the company formation process.

First, we’ll help you outline your business activities, as it’s critically important that you list every activity that applies to your business when making your application. Failure to do so can lead to fines or even license revocation.

Next, we’ll help you choose a company name – a process that takes on more importance here in the UAE. That’s because, as well as the need for a name that’s catchy and captures the essence of your business, you’ll also need to stick to the UAE’s clearly defined naming conventions.

With these decisions made, we’ll also manage both your trade license and visa applications, liaising with all government bodies and authorities for you. We can even assist with the opening of your corporate bank account.

All you need to do is wait for the green light to start trading.

The post 8 Reasons to do Business in the UAE appeared first on WWF.