Simplified Guide to RAKEZ Economic Free Zone for Your Business Setup
Step into the world of boundless opportunities with Ras Al Khaimah Economic Zone (RAKEZ) – an unrivaled free zone beckoning entrepreneurs and businesses to flourish in the United Arab Emirates (UAE). As the trusted consultants at Bizdaddy, we take you on an extraordinary journey, uncovering the myriad advantages of RAKEZ.
Its diverse licensing options and the seamless ease it brings to the business setup process. Get ready to unleash your potential in a land where dreams turn into reality and success knows no bounds!
An Overview of Ras Al Khaimah Economic Zone (RAKEZ):
Established in 2017, RAKEZ has become a favored destination for local and international businesses seeking growth. It is located in the most northern section of the UAE, making Ras Al Khaimah one of the most desirable locations for business establishments.
RAKEZ boasts a remarkable track record of safety and stability, supported by renowned credit rating agencies such as Fitch Ratings and S&P. With easy access to crucial trade flows between the East and West, businesses thrive in a dynamic marketplace, thanks to well-connected logistical centers, including seaports, international airports, and multilane superhighways.
As one of the largest economic zones in the region, the Ras Al Khaimah government established RAKEZ to cater to the needs of industrialists, SMEs, startups, and entrepreneurs throughout their business setup journey. We provide diverse business licenses in the UAE and offer comprehensive assistance for obtaining residency visas.
Our flexible facilities and value-added support services, including accounting, translation, bank account opening, recruitment, procurement, and marketing solutions, ensure a smooth and successful business operation for our valued clients.
Key Benefits of Setting Up in RAKEZ:
RAKEZ offers simple and cost-effective business solutions with choices for entity formation in free and non-free zones, granting you complete enterprise ownership. It connects commercial and industrial facilities to essential logistical hubs, value-added services, and multilane superhighways. RAKEZ opens doors to international opportunities, providing access to markets in the MENA region, Europe, and Asia. Its strategic location near the RAK and Dubai International Airports and Saqr Port, the largest bulk container port in the MENA region, enables quick international travel.
RAKEZ presents a myriad of advantages, rendering it a top-notch preference for businesses across various sizes and sectors:
- A Diverse Range of Specialised Zones: RAKEZ presents a wide array of specialized zones, carefully curated to cater to diverse industries and sectors. Whether your business is focused on heavy manufacturing, education, media, e-commerce, or general trading, RAKEZ has a dedicated zone designed to match your unique requirements perfectly
- Empowering a Special Business Community: RAKEZ actively supports a vibrant business community through various networking occasions, conferences, and seminars. Through these activities, businesses can network and work together in RAKEZ’s encouraging atmosphere.
- Dedicated E-commerce Zone: For businesses venturing into the world of e-commerce, RAKEZ offers a dedicated zone tailored to the needs of online retailers and logistics companies. Seamlessly tap into the thriving digital market and expand your reach globally.
- Exclusive Industrial Zones: RAKEZ provides specialized industrial zones, such as the Al Ghail Industrial Zone and the Al Hulaila Industrial Zone, which are tailored to particular sectors and offer technical infrastructure.
- No Paid-Up Share Capital Requirement: Unlike some other free zones, RAKEZ does not impose any paid-up share capital requirement. This unique advantage allows businesses to allocate funds according to their needs and growth plans.
- Strategic Location: Due to its advantageous location close to the Strait of Hormuz, it has long been a popular route for traders shipping commodities between the Middle East, North Africa, Europe, and Asia.
- Prominent & Supportive Business Hub: RAKEZ is a renowned economic zone in the UAE, offering customizable solutions, cutting-edge facilities, and a comprehensive range of licenses and services all in one place. It strategically connects investors to flourishing markets in the Middle East, North Africa, Europe, and South and Central Asia. The economic zone hosts a diverse community, with over 15,000 companies from across 100 countries operating in a remarkable 50 sectors. This vibrant and thriving business ecosystem reflects the success and growth potential that RAKEZ provides.
Specialized Zones in RAKEZ
Six unique and specialized zones make up RAKEZ, each of which is designed to meet the demands of particular sectors of the economy:
RAKEZ is comprised of six specialized zones, each catering to different industries and business needs:
- AL Ghail Industrial Zone: Ideal for large-scale industrial manufacturers.
- Al Hamra Industrial Zone: Suited for light and heavy industry enterprises.
- RAKEZ Academic Zone: Home to top international education institutions and service vendors.
- Al Hulaila Industrial Zone: Meant for serious industry producers.
- Al Nakheel Business Zone: Offers premium business centers for freelancers and SMEs.
- AL Hamra Business Zone: Provides access to commercial, industrial, logistics, entertainment, and residential facilities.
With convenient access to commercial, industrial, and logistical hubs and leisure and residential services, the AL Hamra Business Zone provides businesses of all sizes with a complete business ecosystem.
Setting Up A Business in RAKEZ
Launching your business in RAKEZ is a seamless process with the steadfast support of Bizdaddy. Allow us to guide you through the step-by-step journey of establishing your venture:
Select the Ideal Business Activity: Determine the most suitable business activity within RAKEZ that aligns with your objectives. Our experts will assist you in choosing the appropriate license based on your industry and business nature.
Submit Your Application: Prepare and submit your application with the necessary documents to RAKEZ. Our team will ensure a smooth and efficient application process by compiling all required paperwork.
Lease Office Space: Complying with RAKEZ regulations, secure a physical space within the free zone. Choose from a wide range of office solutions and finalize the lease agreement.
Obtain Approvals: RAKEZ will review your application and documents to ensure compliance with legal requirements. The process typically takes a few days, during which any additional information may be requested.
License Issuance: Once approved, RAKEZ will issue your business license, officially allowing you to commence operations in the free zone. Congratulations, your business is now officially registered!
Set Up Bank Account: Facilitate business transactions with a corporate bank account in the UAE. Rely on Bizdaddy’s expertise to choose the most suitable bank and navigate the account opening process effortlessly.
Hiring Employees: Secure visas for your employees, a crucial step in the hiring process. Count on Bizdaddy to efficiently handle medical checks and gather necessary documents, making the visa application process hassle-free.
Post-Setup Support: Beyond the business setup phase, we offer extensive post-setup services, including PRO services, document attestation, and continuous compliance support. With our dedicated assistance, your business will thrive in the long run while staying compliant and successful in RAKEZ.
Licensing Options in RAKEZ:
To serve a wide range of industries and economic pursuits, RAKEZ offers several business permits. Whether you run a business as a manufacturer, trader, service provider, or educator, RAKEZ offers the suitable license for it:
- Industrial License: This license is required for manufacturing, industrial, and logistical activity.
- Commercial License: Required for trading and general business operations.
- Service License: For businesses that provide professional and consulting services.
- Educational License: Required for educational and training institutes.
- Media License: For companies in the media and creative industries.
Legal Entities of RAKEZ
RAKEZ provides a range of legal entity options, ensuring that entrepreneurs and businesses can find the most suitable structure to fit their unique requirements. Here are the critical legal entity types offered by RAKEZ:
Free Zone Establishment (FZE): This option is ideal for individual entrepreneurs or sole proprietors looking to set up a single-owner company in RAKEZ. As an FZE, you have complete ownership and control over your business operations.
Free Zone Company (FZC): For partnerships and businesses with multiple shareholders, the FZC structure is a popular choice. It allows for shared ownership and enables partners to collaborate in building their venture within RAKEZ.
Branch of a Foreign Company: International companies seeking to expand their presence in the UAE can opt for a branch set up in RAKEZ.
Cost-Effectiveness of RAKEZ:
One of the significant advantages of choosing RAKEZ is its cost-effective approach to business setup. This economic zone provides highly competitive rates for licenses, office spaces, and storage facilities, making it a more budget-friendly option than other free zones in the UAE. Here are some estimated costs associated with setting up a business in RAKEZ:
- License Fees: The expenses associated with acquiring a license in RAKEZ are subject to the type of business activity and the license duration. The costs often range from 6,000 to 30,000 AED.
- Office Space Rental: RAKEZ provides flexible office space options with pricing starting at AED 12,000 per year, contingent on the location and size chosen.
- Warehouse Facilities: Businesses needing warehousing solutions can benefit from RAKEZ’s affordable offerings, starting at 175 AED per Square meter.
- Visa Fees: Companies can initiate the visa application process for their employees at a cost of approximately AED 3,000 per visa, subject to variations based on the type and duration of the visa.
- RAKEZ Company Renewal: Renewing your RAKEZ company license comes for 1,000 AED lower than the initial incorporation fee. The renewal process is hassle-free and doesn’t require the personal presence of the shareholder.
Additionally, RAKEZ mandates financial audits for companies. These audits should be submitted at the end of your financial year, typically in December, but you can choose another month if needed.
RAKEZ Business Support and Services:
RAKEZ is dedicated to delivering unparalleled assistance to its investors, offering a wide array of essential services such as:
- Amazing Infrastructure: RAKEZ offers state-of-the-art business centers, providing fully-equipped facilities, including meeting rooms, conference spaces, and professional administrative assistance. These amenities enable businesses to establish their operations swiftly and effectively.
- Guidance and Support: The Investor Relations team at RAKEZ is committed to offering personalized guidance and support to investors throughout the business setup journey. Their expertise ensures that all legal and regulatory obligations are seamlessly fulfilled.
- Streamlined Government Services: RAKEZ operates as a convenient one-stop shop, streamlining interactions with government authorities and expediting the approval and clearance processes. This approach minimizes bureaucratic obstacles, making the business setup process more efficient and time-effective.
- Business Community Empowerment: RAKEZ actively fosters a dynamic business community by organizing various networking events, workshops, and seminars. These initiatives offer valuable opportunities for businesses to connect, collaborate, and flourish within the supportive environment of RAKEZ.investors.
Success Stories with Rakez
Leading companies in RAKEZ include the Marjan Island Resort and Spa, Dabur, Steel Wood Industries, JBF RAK LLC, Al Hamra Group, and Julphar Pharmaceutical. These flourishing businesses are essential in fostering the region’s economic growth and prosperity while demonstrating RAKEZ’s capacity to accommodate a variety of industries.
RAKEZ, situated in Ras Al Khaimah, gains a significant edge as a cost-effective economic zone. It offers 25% to 50% lower living costs and more affordable business setup and operations compared to other regions in the UAE. The region’s thriving manufacturing sector, contributing to over 26% of Ras Al Khaimah’s GDP, ensures easy access to raw materials, fostering growth and innovation for businesses in RAKEZ. The presence of five significant seaports and an international airport further cements its position as a global trade and commerce strategic hub, attracting businesses worldwide to thrive within its dynamic and business-friendly environment.
With Bizdaddy as your trusted partner, you can rely on a quick and streamlined business setup process in RAKEZ, fully benefiting from this booming economic region. Seize the opportunities that await you, and with RAKEZ and Bizdaddy by your side, embark on your journey to success. Explore the myriad chances RAKEZ offers to establish a prominent presence in the thriving UAE business community.