For business owners wishing to grow their enterprise, establishing a business in RAKez is a wise choice.
RAKez is the best location for entrepreneurs to launch their businesses because of its appealing infrastructure, affordable operating costs, effective business regulations, and vibrant and helpful business community.
Company formation in Rakez is simple, affordable, and comes with a number of enticing benefits for entrepreneurs. Entrepreneurs can easily register their business in RAKez and get it going with the correct advice and assistance.
Steps for Registering a Business in Rakez:
The steps you must take to register a business in Rakez are as follows and are listed below:
A. Choose a business name:
The first step in creating a company in the RAK Free Zone is picking a name for it. The name must be original, free of any registered trademark conflicts, and devoid of any foul language. Making sure the name appropriately captures the essence of the company is also crucial.
B. Get a RAK Free Zone company license:
Getting a RAK Free Zone business license is the next step. To run a business in the RAK Free Zone’s authority, you must have this license.
The RAK Department of Economic Development issues the license, which contains details about the business like its name, legal structure, registration address, and the kinds of activities it is permitted to engage in.
C. Choose a business activity:
Selecting a business activity is the following action. This will depend on the organization’s objectives and aims as well as the industry the company operates in.
The RAK Department of Economic Development must give its approval and the activity must follow all rules and legislation that are relevant. The commercial activity will be covered by the business license after it has been granted.
D. Submit the application documents:
When all necessary documentation has been acquired and approved, the applicant must present it along with any additional papers needed and a correctly filled out Form 1. After submission, the application will be reviewed, and the necessary background checks will be conducted.
E. Pay the applicable fees:
After the examination and checks on history have been completed, the candidate will be expected to cover the associated charges. These payments might also encompass any extra charges, taxes, registration costs, yearly renewal prices, or other expenses.
Cheques or bank transfers are the only acceptable forms of payment. The corporation can register with Rakez and receive a registration number after paying the expenses.
F. Open your corporate bank account:
A current trading license and a memorandum of association (MoA) are requirements for opening a corporate bank account in Rakez. The MoA is an agreement that specifies the company’s goals, rights, and obligations.
The bank will analyze the submitted files after receiving them and might get in touch with you if additional data is needed. After receiving your approval, the bank will initiate the business accounts and give you an account number to use.
G. Obtain a virtual office:
Obtaining a virtual office is one of the crucial steps in company formation in Rakez. A virtual office provides a company with a professional address for correspondence and official documents. The company is also given a local phone number and website address.
A memorandum of association, a valid trade license, and a bank statement demonstrating the existence of the business’s corporate bank account are required documents to be submitted in order to apply for a virtual office in Rakez.
H. Get a corporate seal:
A corporate seal is a tool for document authentication and denoting the legitimacy of the company. The name, logo, and other pertinent information are imprinted on the material using a metal stamp.
I. Register with the Department of Economic Development:
The corporation must register with the Department of Economic Development following the acquisition of a corporate seal. In order to do this, a form must be submitted, the necessary paperwork must be provided, and the registration price must be paid.
A copy of the company’s registration certificate, a copy of its corporate seal, a copy of its memorandum and articles of association, as well as any other necessary documents, must all be supplied.
J. Get the Company Registration Certificate.
This certificate serves as evidence that the business is legitimately registered and permitted to operate in the area. The certificate must be updated as needed and kept in a secure location.
Requirements for Company Formation in Rakez:
The items necessary for company establishment in Rakez are listed below, organized by industry:
For business owners looking to launch their own venture in the United Arab Emirates, Ras Al Khaimah Economic Zone (RAKEZ) provides a wealth of advantages and commercial chances. In order to register a business in Rakez, you must:
- A RAKEZ firm must have a minimum of two shareholders or partners.
- A company registration under the Department of Economic Development (DED).
- A valid business activity
- The company must have a registered office in RAKEZ.
- A valid lease agreement for the registered office must be secured.
- The company must have a valid UAE residence visa for its shareholders or partners.
- All documents to the DED for company registration.
- Registered bank account in the UAE.
- The business must hold a current DED trade license.
- The company must have a valid UAE commercial license.
An important step for business owners to take to ensure their success is the procedure of establishing a company in Rakez. With a number of services available, the Rakez Company Setup procedure makes it straightforward, practical, and affordable for business owners to establish their operations in the Rakez Free Zone.
Entrepreneurs can benefit from the adaptable and diverse business climate that the area offers with the aid of Rakez’s services and quickly launch Entrepreneurs’ businesses and TASC Corporate Services can provide complete guidance for it.
Overall, establishing a business in Rakez is a terrific way to kick-start any business venture and Rakez offers the ideal environment for enterprises to develop and flourish.