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RAK (Ras Al Khaimah) is located in UAE on the north most part of the gion.
RAK edges out as one of the seven Emirates found in the UAE. RAK, an emirate that is only 45 minutes drive from the heart of UAE, Dubai is easily recognized due to its immense growth and development.
In addition to this, it has had a great impact on the economy of United Arab Emirates. This is through the emirate’s economic activities that include trade, manufacturing, capital flows, capital exchanges and inward foreign exchanges among other activities.
Generally, it is cheaper and affordable to live and also establish a business in RAK than it is in Dubai. This is because of the well developed economy of RAK, an economy that enables investors to enjoy very high profit margins. Additionally, the investors also benefit from low operation costs thus being able to increase their profits at very considerable rates.
Established in 2005, RAKIA was mainly structured to focus on promoting RAK’s sustainable social and economic growth through the diversification of the emirate’s economy. This in turn would bring about the emergence of RAK as the best economic hub for business activities like commerce, trade and industrial manufacturing.
The Financial Times Group’s FDI magazine 2009 issues recognized RAK as the “best foreign direct investment destination in the middle east”. As such, RAKIA has been quite successful in highlighting RAK’s economic potential and consequently promoting RAK’s business.
Industrial license covers business activities that include processing, assembling, manufacturing and packaging.
Trading license covers activities like importation, exportation, warehousing, trading and distribution (the license limits the number of activities of a maximum of 5 similar product line activities or 3 different activities in 2 different product lines).
General trading covers all trading types, importations, exportations, goods distribution and warehousing.
Commercial licenses cover activities that involve contracting, maintenance, maintenance, restaurants, shops, etc.
Consulting / services license covers all types of management, business, industrial consultancy/ professional services with the inclusion of real estate consulting.
Media license covers all media kinds and communication services.
Separate licenses are issued to different clients whose business activities do not fall in the same category.
Free Zone Establishment – one shareholder ( either individual or legal entity) / single owner.
Free Zone Limited Liability Company – at least two partners/ shareholders ( shareholders can either be an individual or a legal entity).
Foreign or local branch – Licenses in this country are only issued to companies with valid licenses issued by a licensing authority either with UAE or outside UAE.
RAKIA’s commitment to simple and friendly procedures is easily recognizable across the region. Investors not only enjoy a wide variety of value added services and facilities but also benefit from essential benefits like:
A single manager/ director. These two positions can be filled by the same person.
At least one shareholder (corporate body or individuals permissible)
Accounts preparation required but no filing requirement in place as of now.
AED 75,000 minimum share capital required for all licenses with the exception of a General Trading License that requires AED 1,000,000 share capital.
Businesses required rent an office on Ras Al Khaimah under a RAKIA free zone company. A flexi desk (the minimum requirement) only allows 1 visa. On the other hand, a 15 sqm office space allows 3 visas.
The validity of all licenses is one year after which a renewal of the licenses should be applied for. During the renewal application, it is required that audit reports should be submitted.