RAKEZ. RAK Economic Zone.

Ras Al Khaimah is a tax-free emirate. Unlike other emirates like Dubai and Abu Dhabi, the RAK is 100% tax-free. There are no personal taxes, no corporate taxes and no taxes on property. These benefits extend to any company which establishes its operations within the RAK Free Trade Zone.

The absence of taxes significantly reduces the operational costs of running a business within the RAK Free Trade Zone. For starters, it saves a business from the cost of paying taxes. Secondly, it saves the business from the expenses associated with filing tax returns. This basically keeps operational costs at a minimum.

One of the unique aspects of the RAKFTZ is the absence of foreign exchange controls. There are no restrictions on moving money in or out of the RAK. Any company established within the Ras Al Khaimah Economic Zone enjoys this lax financial environment.

The absence of exchange controls means that business can move cash within local or foreign accounts with ease. This simplifies conducting international business. It means that a company can make or receive payments without any unnecessary interference or delays.

The Ras Al Khaimah Economic Zone is 100% free of customs duties. Companies can import or export commodities without being charged a dime in duties. This makes it ideal for manufacturing companies which need to import raw materials. It also makes the RAK FTZ ideal for companies which need to constantly ship goods around as part of their business operations. It enables such companies to run their businesses with minimal costs.

Businesses within the Ras Al Khaimah Economic Zone can operate with minimal oversight from both within and outside the RAK FTZ. First of all, the RAK FTZ does not require businesses operating within the jurisdiction to prepare, audit or file accounts. This makes it quite distinct from even other emirates. Dubai, for instance, requires businesses to audit accounts.

The absence of account audit requirements means that businesses can operate with maximum privacy. Only authorized persons can have access to business accounts. Of course, it also saves businesses from the associated costs of preparing and filing accounts.

The RAK also doesn’t have publicly accessible records of companies. Even the company registry isn’t publicly accessible. Therefore, there is no way for a foreign individual, entity or government to know the directors or shareholders of a RAK Free Trade Zone company. This enables the directors and shareholders to invest and run their companies free from unwanted scrutiny.

Companies within the Ras Al Khaimah Economic Zone can be 100% foreign owned. There is no requirement for local directors or shareholders. This isn’t the case even in other emirates. In Dubai, for instance, a company can only be registered if one of the directors or shareholders is a local.

The fact that a company can be fully foreign-owned greatly simplifies the process of registering a company within the Ras Al Khaimah Economic Zone. It eliminates the hustle of having to find a local to partner with in registering the company.

The Ras Al Khaimah Economic Zone is one of the most strategic locations for international businesses. First of all, it is situated within the UAE – one of the fastest growing economies in the world. Secondly, it is situated just a one- hours’ drive from Dubai – a leading financial hub. The RAKEZ itself is a budding financial hub. It has world-class infrastructure, an international airport and a fast-growing port (the Saqr Port).

The geographical location of the UAE gives it proximity to Europe, the Middle-East, Asia and Africa. This makes gives it easy access to some of the most lucrative markets in the world. This strategic positioning makes it perfect for businesses which intend to expand into these lucrative markets.

The RAK Free Trade Zone is packed with excellent facilities for running a business. This includes office space, energy resources, international transportation terminals, and accommodation facilities for managers and staff.

These facilities can be tailored to the needs of a company. For instance, small businesses looking for office space can select from Flexi Desks (shared workstations), Flexi Offices (shared office spaces) or standard offices. This means that a company can get exactly what it needs to run its operations.

Besides facilities, the Ras Al Khaimah Economic Zone is packed with companies which can offer business support services. This include legal services, recruitment, procurement services, customer support and even translation services. Basically, whatever services a company needs can easily be found within the Business Park.

The availability of such facilities and support services makes getting a company up-and-running quite simple. This is because there is no need to recruit a large number of employees in order to get things done.

The RAK FTZ has a fast-track mechanism for helping individuals get UAE visas. This mechanism is specifically designed for business owners, managers and investors in companies located within its Free Trade Zone.

This fast-track Visa makes the RAK Free Trade Zone especially attractive for international businesses. It means that individuals associated with the company can travel to and from the RAK without a lengthy visa application process.

Perhaps the greatest advantage of having a company within the Ras Al Khaimah Economic Zone is the sheer ease of setting up one. Registering a company within the Free Zone is incredibly easy. The shareholders or directors don’t even need to travel to the RAKEZ to have their companies registered. The entire process can be completed online within a matter of days. This makes establishing a business within the RAK quite simple.

An FZE formation can have a single shareholder.

An FZC can be formed with 2 to 5 shareholders.

A branch of a domestic company residing in the United Arab Emirates. The parent company must have existed for more than a year (also applicable to a subsidiary company).

A branch of a foreign company residing outside the United Arab Emirates. The parent company must have existed for more than a year (also applicable to a subsidiary company).