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Establishing a company in the free zone in Ras Al Khaimah

٠٨ يناير Establishing a company in the free zone in Ras Al Khaimah

The free zones in the UAE, including Ras Al Khaimah Free Zone, are an ideal destination for individuals and investors seeking to establish their companies in a sophisticated business environment and competitive advantages. Ras Al Khaimah Free Zone offers comprehensive facilities and is among the best options for businesses wishing to benefit from the incentives provided by the UAE government, such as tax exemptions, 100% foreign ownership, and flexibility in dealing with foreign currencies.

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Establishing a company in Ras Al Khaimah Free Zone offers many advantages, ranging from the ease of administrative procedures to the relatively low cost compared to other regions. Companies established in these zones enjoy freedom of movement between various global markets, in addition to benefiting from advanced infrastructure including sea and air ports, which facilitates shipping and international trade.

Investors can choose from different types of companies in the free zone such as limited liability companies (LLC) and holding companies, depending on the business activity they intend to practice. In addition, Ras Al Khaimah Free Zone provides business support services such as providing ready-made offices, reception services, in addition to facilitating the process of obtaining work and residence visas for company employees.

In this article, we will discuss the steps to establish a company in the Ras Al Khaimah Free Zone, the required procedures, and the importance of this step in promoting business. We will also highlight the most prominent advantages that make Ras Al Khaimah Free Zone an attractive investment option.

Establishing a Company in the Ras Al Khaimah Free Zone

To establish a company in the Ras Al Khaimah Free Zone, the required steps can be similar to establishing a company in Dubai. Here are some general steps to follow:

Choose the type of company: Start by determining the type of company you want to establish, such as a sole proprietorship, limited company, subsidiary, etc.
Choose the company name: Choose a unique name for your company and ensure that it complies with the requirements of the free zone and local legislation.
Prepare documents: Prepare the required documents such as the articles of association, company articles of association, and any other required documents.
Visit the free zone authority: You may need to visit the Ras Al Khaimah Free Zone Authority to submit the necessary documents and information.
Pay fees: Pay the required fees for the company formation process and to obtain the necessary licenses.
Obtain government approvals: Make sure to obtain any government approvals or permits necessary to establish the company in the free zone.
Company Registration: After completing the procedures, the company will be registered in the trade register in the free zone.
Open a bank account: Open a commercial bank account in the name of the company to manage financial transactions.
Compliance with tax legislation: Ensure compliance with local tax legislation and register the company with the tax authorities.

Ras Al Khaimah Free Zone Company Formation Fees

Ras Al Khaimah Free Zone Company Formation Fees vary based on several factors related to the type of company, its size, and the intended business activities. In general, the basic fees include the costs of issuing a commercial license, which is essential for any company wishing to legally operate within the free zone. In addition, there are fees associated with registering the company, as the process requires the submission of a set of legal and commercial documents, which contributes to determining the official identity of the company.

It is also important that companies in free zones often need to allocate office space, whether small or large, depending on the size of the operations the company intends to carry out. These fees vary according to the location and facilities provided by the place, as some free zones offer various office options that suit small and large companies alike.

The fees also include the cost of issuing visas for founders and employees, as residence and work permits are provided for different cadres. This process makes it easier for companies to employ employees of different nationalities, giving them great flexibility in choosing the required competencies.

In addition, there are other fees related to additional services such as telecommunications, electricity, and maintenance services provided by the free zone. Some private business activities may require additional licenses or certain permits, which may affect the final fees.

Overall, the fees associated with establishing a company in the Ras Al Khaimah Free Zone are reasonable and commensurate with the advantages and opportunities offered by the region, making it a distinctive destination for investors.

Benefits of establishing a company in the Ras Al Khaimah Free Zone

Establishing a company in the Ras Al Khaimah Free Zone comes with a range of benefits that make it an attractive option for investors from all over the world. Here are the most prominent benefits:

Tax exemptions: Companies established in the Ras Al Khaimah Free Zones benefit from tax exemptions on profits for long periods, which helps reduce operating costs and increase profits.

Full foreign ownership: Free zones allow foreign investors to own companies 100%, without the need for a local partner, which provides complete freedom in making business decisions.
Ease of Procedures: The process of establishing a free zone is easy and fast, as all procedures, from registration to obtaining a license, can be completed in a short time compared to other regions.
Advanced Infrastructure: The Ras Al Khaimah Free Zone provides an integrated and advanced infrastructure, including modern facilities such as air and sea ports, storage facilities, and logistics networks that contribute to facilitating business operations.
Access to large markets: Ras Al Khaimah’s strategic location makes it an ideal gateway to the Gulf, Asian, and African markets, providing wide opportunities for commercial expansion.
Exemption from customs restrictions: Companies in free zones often benefit from customs exemptions when importing and exporting goods, which reduces costs and increases the competitiveness of products.
Flexible labor and visa procedures: The free zone provides flexibility in bringing in foreign labor, with facilities in issuing visas for employees.
Additional Incentives: Some free zones offer additional incentives such as advisory support, training programs, and other services that enhance the success of start-ups.

In conclusion, establishing a company in the Ras Al Khaimah Free Zone is a strategic and rewarding step for investors seeking to benefit from the dynamic and positive business environment provided by the UAE. The free zones in Ras Al Khaimah offer many advantages that make them an ideal destination for establishing companies, such as long-term tax exemptions, 100% foreign ownership, in addition to advanced infrastructure and modern facilities that support commercial and industrial activities.

The procedures followed in establishing a company in Ras Al Khaimah are also easy and fast, which contributes to accelerating the process of starting a business and reducing costs. By providing flexible and integrated services, the free zone allows investors the opportunity to obtain a business license easily, and provides them with a comfortable and safe business environment with access to the markets of the Middle East and Asia.

It is important for investors to be careful to choose the business activity that suits their ambitions and future plans, and they must follow the legal procedures to ensure compliance with local regulations. In addition, it is advisable to cooperate with consultants specialized in establishing companies to obtain technical and administrative support during the registration and licensing process.

Ultimately, establishing a company in the Ras Al Khaimah Free Zone is a successful step towards expanding businesses and achieving sustainable growth. By choosing the Ras Al Khaimah Free Zone, investors ensure a suitable environment to achieve their business goals and benefit from the economic opportunities available in the local and global market.

Top FAQs about setting up a company in Ras Al Khaimah Free Zone

What are the main advantages of setting up a company in Ras Al Khaimah Free Zone?
Ras Al Khaimah Free Zone offers benefits such as tax exemption for up to 50 years, 100% ownership of the company’s capital, easy transfer of funds, as well as advanced infrastructure and a strategic location.

Can foreigners set up a company in Ras Al Khaimah Free Zone?
Yes, foreigners can set up a company in Ras Al Khaimah Free Zone and enjoy 100% ownership without the need for a local partner.

What are the documents required to set up a company in Ras Al Khaimah Free Zone?
Basic documents include passport, proof of residency, personal photo, business plan, registration form, and articles of association. Some activities may require special permits depending on the type of activity.

Are there any tax exemptions for companies in Ras Al Khaimah Free Zone?
Yes, companies in Ras Al Khaimah Free Zone enjoy tax exemption on income and profits for up to 50 years, making it an attractive destination for investors.