What are the eligibility criteria for Rakez company formation?

The eligibility criteria for Rakez company formation:

  1. Minimum capital: The minimum capital requirement for a Rakez company is AED 100,000. This capital must be deposited into a bank account in the UAE.
  2. Shareholders: There is no limit on the number of shareholders a Rakez company can have. However, all shareholders must be natural persons or legal entities that are incorporated in the UAE or in a country that has a double taxation agreement with the UAE.
  3. Directors: There must be at least one director of a Rakez company. Directors can be natural persons or legal entities that are incorporated in the UAE or in a country that has a double taxation agreement with the UAE.
  4. Sponsor: If you are not a UAE national, you will need to have a sponsor in Rakez. A sponsor is a UAE national or a UAE-registered company that is willing to be responsible for your company’s compliance with UAE laws and regulations.
  5. Trade name: The trade name of your company must be unique and not already in use by another company in RAKEZ. You can check the availability of a trade name on the RAKEZ website.
  6. Office space: You will need to have office space in RAKEZ. You can rent or lease office space from a number of different providers.
  7. Business plan: If you are a mainland company, you will need to submit a business plan to RAKEZ. The business plan should outline your company’s goals, strategies, and financial projections.
  8. Certificate of good conduct: If you are a natural person, you will need to provide a certificate of good conduct from your home country.
  9. Other requirements: There may be other requirements for Rakez company formation, depending on the type of business you are setting up. You can check with RAKEZ for more information.

Here are some additional things to keep in mind when applying for Rakez company formation:

  • The application process can take several weeks to complete.
  • You will need to pay a registration fee when you submit your application.
  • You will need to pay an annual license fee once your company is registered.
  • You will need to comply with all of the UAE laws and regulations that apply to your business.

Conclusion: 

The eligibility criteria for Rakez company formation are relatively straightforward. If you meet the basic requirements, you should be able to set up a business in Rakez without any problems. However, there are a number of factors to consider before making a decision, such as the cost of setting up a business, the time it takes to complete the process, and the ongoing costs of running a business. Bizdaddy can help you assess your options and make the best decision for your business.