COMPANIES IN RAS AL KHAIMAH
Freezone Company Formation in Ras Al Khaimah
Free Zone Company Formation in Ras Al Khaimah
Privacy Management Group, a certified English- and German-speaking partner of RAKEZ (Ras Al Khaimah Economic Zone) Government of Ras Al Khaimah, offers a complete formation package – including licence, office premises and a visa option - for free zone company formation in the emirate of Ras Al Khaimah. With our two advice centres in the UAE, you are guaranteed to receive a professional service on location.
Detailed Information on Freezone Companies in RAK
This page contains an overview of information about the location of Ras Al Khaimah (RAK). Alongside information about the potential uses and structure of a free zone company in RAK, you’ll also find a detailed list of advantages and useful information on the jurisdiction of RAK itself.
In case of questions, please don’t hesitate to (contact us) at any time..
The United Arab Emirates (U.A.E.) consists of a total of seven emirates. The emirates of Dubai and Abu Dhabi have become well-known through tourism in the last 20 years, while the emirates of Ras Al Khaimah and Ajman have earned a reputation as outstanding free zone locations for international companies. Ras Al Khaimah, often abbreviated to “RAK”, is distinguished by its strong economic climate and offers full tax exemption to companies within the free zone (free trade zone). Standard & Poor‘s Rating (2012): A/AA-1.
Advantages of a Free Zone Company Formation in Ras Al Khaimah (Free Zone):
The free zone of Ras Al Khaimah (RAK) offers an exceptionally favourable environment for potential investors and international companies. An excellent infrastructure, proximity to the Gulf region and global markets, professional expertise and personal service make the RAK Free Trade Zone an ideal business location, especially for small and medium-sized enterprises.
An overview of some advantages of free zone companies in Ras Al Khaimah (UAE):
- 100% exemption from corporate tax;
- No personal income tax, if residence visa has been obtained;
- No foreign exchange controls;
- Up to 100% repatriation of capital and profits permitted;
- Strong valuation growth and fully convertible currency;
- A very low rate of inflation;
- No local business tax or similar duties.
- A free zone company in RAK can be 100% foreign-owned;
- There are no trade barriers or quotas;
- RAKEZ offers a straightforward licensing process;
- Uncomplicated guidelines for import and export;
- Very liberal labour laws;
- Very few limitations on the employment of foreigners.
- The chance for shareholders and their families to obtain a residence visa;
- There is an “open door policy”;
- Wide scope for special licences;
- An optimal road network and modern drainage and sewage disposal systems;
- Electricity, water and gas available at the lowest prices;
- Modern telephone and high speed internet connections;
- Excellent local and international banks;
- Proximity to the entire Gulf region and to global markets;
- Affordable apartments, houses, hotels, sport and leisure facilities.
The UAE has double taxation agreements with a number of countries worldwide. RAK free zone companies are considered to be standard companies and can therefore conduct business internationally without limitations. DTAs exist with the following countries:
STRUCTURE OF FREE ZONE COMPANIES IN RAK
Freezone companies in RAK are particularly well-suited for the following sectors: industry, general trade, import and export, service provision and media.
|Company Type:||FZ-LLC (at least 2 shareholders required); FZE (at least one shareholder required), branch (office of a pre-existing company).|
|Company Name:||Will be requested for you individually and requires the approval of RAKEZ.|
|Office Premises:||Office premises are required. Depending on your desired size of office in the Free Zone of Ras Al Khaimah, you can expect to pay approximately USD 195.00 per month in rent.|
|Wages:||Wages lie far below the European level. However, a part-time administrative employee will expect to earn a monthly wage of at least USD 180.00.|
|Licence Type:||Industrial, import and export, general trade, business (commercial), consulting, services and media.|
|Shareholders:||At least one natural or legal person of any nationality|
|Director:||At least one natural person of any nationality|
|Secretary:||Natural person required|
|Duration of Formation:||Approx. 14 working days plus the processing time required by the RAKEZ authority.|
|Taxation:||No corporate taxation (if residency has been obtained, no taxation of personal income).|
|Accounting:||There is a legal obligation to keep records. In addition, receipts must be retained for seven years. If so desired, Privacy Management Group can, in consultation with you, provide a comprehensive service to manage these obligations on your behalf. You may also choose to carry out this mandatory record-keeping yourself. Should you have any questions, we would be happy to advise you.|
AWARDS AND ACCOLADES FOR THE FREE TRADE ZONE RAS AL KHAIMAH
In recent years, the Ras Al Khaimah Free Trade Zone (“RAK FTZ” for short) has continued to receive numerous awards and prizes. In the “FDi Magazine” rankings for 2011-2012, RAK FTZ took fourth place out of 115 free trade zones in the region for the category “Best Free Trade Zone of the Future in the Middle East”, as well as third place in the category as “Best Economic Potential in the Middle East”.
At the World Free Zone Convention in 2010, RAK FTZ won the Middle East Logistics Award (MELA award) row for “Best Up-And-Coming Free Trade Zone” for the third time in a row in addition to accolades for supply chains and transport as the “Industrial Region of the Year”.
The Free Trade Zone of Ras Al Khaimah offers business owners a number of specialised areas for the establishment of their RAK free zone company. There are industrial park areas, warehouses, lightweight halls, business towers and office spaces as well as commercial units and accommodation for workforce and managers.
Rental costs and wages in RAK are well under 50% of those offered by its competitor Jebel Ali. A comparison with other leading UAE free trade zones can be viewed under “Free Zone Locations Compared”.
Numbers and Facts – Emirate Ras Al Khaimah
The emirate of Ras Al Khaimah, also known as “RAK”, is the seventh emirate and was the last to be accepted to the Federation of the United Arab Emirates (UAE) in 1972. The Arabic name “Ras Al Khaimah” translates literally as “top of the tent”. The emirate has its geographical location to thank for this name, since it lies at the northernmost tip of the UAE.
The emirate RAK is only around 1,700 square kilometres in size. It constitutes just 2.2% of the entire area of the United Arab Emirates and has around 290,000 inhabitants.
Yearly population growth is around 5 percent. Depending on the time of year, daytime temperatures vary between 25 and 42 degrees centigrade; in the summer months of June, July, August and September, a temperature of at least 35 degrees is usual. Even in the winter months of December, January and February, night-time temperatures rarely fall below 12 degrees. Daytime temperatures in the winter are usually over 25 degrees. The capital city, Ras Al Khaimah, shares its name with the emirate, although all seven emirates are actually named after their capital cities, not the other way around.
The UAE’s largest metropolis, the emirate of Dubai, is located about 80 kilometres away and can be easily and quickly reached by car on the motorway.
Ras Al Khaimah has a very large container harbour and an international IATA airport, making it one of the most attractive transshipment centres in the entire region.
Alongside agriculture, the tourism industry, which is expanding continuously, has become a further important source of income for the emirate in recent years.
As a travel destination, Ras Al Khaimah - with its white sandy beaches and cultural attractions - attracts increasing numbers of holidaymakers every year. Ras Al Khaimah currently has more than 25 hotels, ten of which ten are five-star luxury hotels such as the Waldorf Astoria Ras Al Khaimah. A further three are Nobel hotels from the Hilton group, and there are a number of picturesque beach resorts.