RAKEZ (Ras Al Khaimah Economic Zone) – Special Economic Zone
Ras Al Khaimah Economic Zone is located in Ras Al Khaimah and is guided by Sheikh Saud Bin Saqr Al Qasimi.This zone was established to consolidate the specialized zones and clients of both Ras Al Khaimah Free Zone Trade (RAK FTZ) and RAK Investment Authority (RAKIA).It all started with foundation of RAK Free Trade Zone in 2000 and the establishment of RAK Investment Authority in 2005.
Brief Overview about Free zone
RAKEZ is committed to its promise of providing free zone and non-free zone investors by offering cost effective and world class economic zone with customized packages and services as well as top notch facilities. It is based in a strategic location where the investors are connected to growing markets of the Middle East, North Africa, Europe as well as South and Central Asia.
Benefits of Free Zone
Here are some of the advantages of joining the RAKEZ free zone community:
- Provides Tailor Made Business Solutions
Ras Al Khaimah Economic Trade Zone provides tailor-made business solutions to meet clients’ requirements.
- One Stop Destination for your Business Needs
As a RAKEZ member, you can easily access resources required to grow your business for the betterment of the company you are associated with.
- Transparent Laws and Regulations
There is a crystal clear transparency when it comes to laws and regulations in the free zone area.
- No Custom Duty
- Avail State of Art Infrastructure
- No Currency
RAKEZ provides the following list of services that can be opted based on the business requirements:
At RAKEZ, large variety of award winning services is provided to help business grow in UAE.It is a one stop location where the tasks can be accomplished in one place.
- Company Set Up Services
The services related to setting up a company in free zone is handled effectively by RAKEZ.
- Renewal and Licensing Services
The renewal and other relevant licensing services are covered in this.
- Government Services
- Leasing Services
- Value Added Services also known as MAZEED provides competitive priced value added services like document attestation, recruitment, procurement etc.
Types of License
The type of license depends on the activities you need to perform in the free zone:
- Commercial Trade License
This license works when you want to perform products trading specified in the license subject to RAKEZ regulations.
- General Trading License
Permit the companies to follow general trading practices as per the rules and regulations of RAKEZ.
- Industrial License
This license allows permit of raw materials import, carries out the specific products manufacture, assembling, exporting and packaging the finished goods to any country.
- Service License
This license allows the registered entity to carry out specific services like business consultants, lawyers and accounting firms.
Cost of Setting Up
The cost of setting up a company in RAKEZ free zone depends on the package you are opting for. There are exclusive free zone packages whose cost differs on the basis of license you have chosen.
The new registration and Renewal charges are different for different types of license. The lists of services are charged separately with the visa requirements. The documents are submitted along with the application. Once the payment is done, you receive your business license.
The following documents are required to be submitted for free zone:
- Passport copies of all Partners and Managers
- UID Document(residence visa, visit visa or entry stamp page)
- Application Form
- Business Plan
- Specimen Signature
- Client Confirmation Letter
- DNFBP form which is applicable for certain activities