Ras Al Khaimah is the northernmost Emirate of the UAE. It comprises an area of 2,486 sq.km. RAK, as it is commonly referred to, is turning into one of the prominent investment hubs in the UAE. It provides tailored solutions to business owners and entrepreneurs.
On Emirati Women’s Day, Ras Al Khaimah announced the launch of business packages exclusively designed for women entrepreneurs. Thus, boosting the participation of women in business.
So, if you are itching to start your own successful business in Dubai, then now is the time to jumpstart your dream.
RAKEZ in a Nutshell
Ras Al Khaimah Economic Zone — or RAKEZ— as stated earlier, is situated in the northernmost emirate of the UAE. It aims to service a wide range of businesses including import-export, light manufacturing, consulting and general trading.
Recently, to promote investment opportunities, six new business categories were added in its already impressive portfolio.
- State of the art infrastructure.
- A plethora of real-estate facilities — from office spaces to commercial buildings to warehouses and fully serviced offices are available.
- One of the lower-cost free zones within the UAE.
Business Women Package—The New Initiative:
On 28th August 2019, RAKEZ launched a new initiative called the Business Women Package. This package is specially devised solely for women entrepreneurs. It encourages and empowers them to start their business in the UAE.
The package can be selected for one year or three years, depending on the business owners preference.
Other features that the business package provides the women entrepreneurs are:
- Free printing of business cards
- Free of charge usage of RAKEZ shared workstations
- Priority tokens will be available at the RAKEZ centres
- Eligibility for UAE residence visa
Besides the benefits mentioned above, the business package also gives the women entrepreneurs the option to choose from eight free zones and licenses as an added bonus.
The add on entails:
- General Trading
- Individual- Professional
- Freelancing Permit
Thus further adding attraction for the female entrepreneurs to convert their business ideas into a fruitful business venture.
Setting up a business in the UAE is not as filled with mystery as it might at first seem. Since the launch of the first free zone in 1985, they have proved to be a powerful tool for entrepreneurs to start all manners of companies.
So, if you are considering RAK free zone as a vehicle for launching your business, then it is worth getting to know the many benefits it has to offer.
Advantages of Starting a Business in RAK Free Zone:
Here we look at the advantages of starting a business in RAK provides:
- Hundred percent foreign ownership.
- Hundred percent repatriation of capital invested and profits earned
- Minimal or no taxation on personal income generated.
- No trade barriers
- No Custom duties.
- Business-friendly environment
- Easy accessibility to other Emirates and neighbouring countries.
- International business exposure.
And the list goes on.
These benefits and many others entice expats into investing their capital in the UAE and profit from it.
The setup process is the next step, and it is fairly easy.
How to Proceed Ahead?
Here, we are outlining the basic steps you need to follow to start a business in RAK.
- Select the business entity most suited to your business activity, number of investors and capital.
- Apply for company registration.
- Choose a company name.
- Submit the approved name to the Free Zone Authority in RAK.
- Apply for the required business licenses and submit it to the designated authorities.
- Compose the MOA and AOA of your business.
- Obtain the needed permissions and approvals.
- Pay all your dues.
- Get your trading licenses.
And now you are ready to commence business.
Starting a business in Ras Al Khaimah is a fruitful endeavour for all. As it provides smooth business incorporation, thus expediting the reaping of benefits.
Additionally, the UAE sees a substantial increase in business setups because of the upcoming World Expo 2020. Launching a business posthaste will help you stay ahead of the curve and aid you in crafting ways to grab your target market with surprising ease.
However, keep in mind that a strong business foundation will lead to smooth business experience in later years. It is recommended to hire business setup consultants to help you in establishing a strong foothold in the UAE.
With KWS Middle East setting up a business in the UAE has never been easier. We provide all kinds of business incorporation services so that you can focus on what truly matters — building your business.
Contact us today and book our commitment-free call!
We will be happy to assist you.