With a land area of approximately 33 million square meters and connectivity to expanding markets in the Middle East, North Africa, Europe, South Asia and Central Asia, RAKEZ is now one of the largest economies in the region.
RAKEZ offers a wide range of benefits for beginners and experienced entrepreneurs alike. Private offices, unoccupied facilities that can be customized to your needs, shared workspaces in the business center, unlimited land space, we have it all.
The economic zone’s multinational community of over 14,500 companies thrives in over 50 different industries, including freelancers, start-ups, small businesses and entrepreneurs.
If you want to start a business in the UAE Free Zones, Ras Al Khaimah Economic Zone – RAKEZ should be your destination. With world-class facilities and a wide range of services, RAKEZ has everything you need to keep your business running smoothly.
This article covers the basics of starting a business with RAKEZ, from licensing requirements to business registration procedures. Read on to get all the information you need to make your dream of starting a business in the United Arab Emirates come true!
Introduction to RAKEZ
As already mentioned, RAKEZ stands for RAS AL KHAIMAH ECONOMIC ZONE. It is one of 40+ economies within the United Arab Emirates and one of the fastest growing regions since its inception in 2017.
The Ras Al Khaimah SEZ is located in five strategic locations and can be divided into industrial, business and academic zones.
As a gateway to international trade, the economic zone promises lucrative investments for companies with its state-of-the-art technology, excellent service quality and favorable regulations.
The technologically advanced Ras Al Khaimah Industrial Estate
is located in the heart of the emirate with easy access to convention centers, ports, highways, hotels, hospitals and other facilities. The strategic location of the region allows companies to connect the three continents of South Asia, Europe and Africa.
Why choose RAKEZ for businesses ?
There are many reasons why Ras Al Khaimah Economic Zone has become so popular with investors as a business opportunity. One of them is the low cost of setting up a company on RAKEZ.
Let’s have a look at top benefits of starting a business in RAKEZ
Fast process of business setup
The process of setting up and starting your business in RAKEZ is very quick . This ultimately saves a lot of time for an investor and they can focus on growing their business.
Site labor accommodation
RAKEZ allows you to build on site labors without any hassle and it is greatly business friendly.
Easy access to MENA, Europe, and African continents
The location of RAKEZ greatly adds to its Benefits and is very business friendly. From RAKEZ it is very easy to access MENA, European countries and African continents which helps to transport materials faster.
Other key features of RAKEZ include
- Easy and fast assistance through multiple regional offices
- Diversified infrastructure and business facilities
- Full foreign ownership
- An easy access to major logistical hubs
TOP BUSINESSES TO START IN RAKEZ
The Ras Al Khaimah Economic Zone offers a comprehensive infrastructure that supports various business sectors and encourages investment from various industries. From IT suppliers to heavy industrial manufacturing companies, the business district is specially designed with state-of-the-art technological facilities.
New trading investors can choose from a number of RAKEZ trading licenses, including these licenses
- General Trading
- Entertainment and Media
- Educational service
STEPS FOR SETTING UP YOUR BUSINESS IN RAKEZ
- Choosing the name and activities of business
Starting a business in Dubai is very easy, and so is the economic zone of Ras Al Khaimah. The process begins with choosing a business name and the activities you want to carry out within this entity. The UAE authorities provide a detailed list of pre-approved activities, so you can decide what type of license you need, such as an industrial license or a business license.
The choice of a company name should also be based on the relevant guidelines of the competent authority. The business name is crucial as it must be registered before the license can be issued.
- Enlisting your business needs
It is recommended to identify the various needs of your business, such as visa and quota eligibility, commercial facilities, warehouses, etc. RAKEZ for Business offers standalone commercial licenses and also offers license packages that include many additional benefits to meet business needs.
Licensing packages offer significant benefits to businesses, such as expansion of facilities on vacant land, co-working spaces, visa fees and many more. Bulk licensing offers are more advantageous because they combine multiple complementary functions when operating in an economic area.
- Submitting official application
Once you’ve approved your business name, defined your activities, and determined the requirements for your license pool, you can begin the application process. In a free economic zone, the application is submitted directly to the governing body of the zone, in this case RAKEZ.
- Wait for approval and have your license
After submitting your application, you go through a selection process and, after approval, collect your documents. After completing the licensing process, you will receive your business license, registration packet and bank letter.
- Apply for visas
The economic zone permit package includes visa eligibility and the process can begin once the permit is issued. A UAE visa requires an application, medical examination and data validation.
- Opening your bank account in UAE
The final step to start a business with RAKEZ is to open a commercial bank account in the United Arab Emirates. Economic zone authorities usually provide a bank letter to provide banking services to your company.
Eligible business activities in RAKEZ
Depending on the type of license, the Ras Al Khaimah Economic Zone offers a variety of business activities eligible for your investment. For example, the independent license offers options ranging from investment analyst to professional advisor, with 100 companies in this license category.
A complete list of business activities permitted in the Ras Al Khaimah Business District by category can be found here. There are over 500 business events for companies, SMEs and corporate investors to choose from.
Cost of business
According to the RAKEZ official website, the cost of setting up a business in an economic zone may vary depending on the location, business volume, visa fee and facilities required by the business. According to RAKEZ official website, you can start a business with just 11,200 dirhams. The region’s SME package now includes visa-free residency, many special benefits, workspace options and discounts of up to 0%.
The United Arab Emirates has become a major economic center and a dynamic gateway to three continents. The technological marvel of the Ras Al Khaimah Economic Zone offers small, medium and even large organizations a great opportunity to build a global presence from a single location.
Setting up a company in Rakez has many advantages, including 100% foreign ownership and exemption from corporate tax.
If you want to start your business in an environment conducive to growth and success, RAKEZ should be your first choice. If you are looking to start a business in a free zone, we recommend that you check out the different business start-up guides we cover for the different free zones in the UAE.