Learn how to set up or open a company at RAKEZ.
It is strategically important for the business to choose the free zone that suits its needs. Ras Al Khaimah Economic Zone (RAKEZ) offers business solutions at competitive prices and business-friendly policies. In this blog, we are exploring the steps of setting up a company at RAKEZ.
Why choose RAKEZ?
You can stay in the comfort of your country and still be able to open a company in the UAE. We, at BCL Globiz, will help you achieve this by offering our expert solutions to ensure that your company is opened without your presence. However, your visit is only required for processing visas.
Once the company setup is completed and you have received your Trade License in RAKEZ, the next step is Visa processing.
Why choose BCL Globiz?
The process will be hassle-free and handled by our expert professionals. Post completion of setting up a business, BCL Globiz, offering one-stop business solutions, also offers the below services at affordable prices.
- Open a bank account
- Obtain Corporate Tax registration
- Obtain VAT registration
- Accounting and bookkeeping services
- Filing of quarterly VAT returns
- Filing of yearly Corporate Tax returns
What is the cost of setting up a company in RAKEZ?
RAKEZ’s pricing is as below:
| Particulars | No Visa | 1 Visa | 2 Visa |
| Free Zone Authority License Fee (1 Visa Quota only) Name Reservation 100 % Foreign Ownership 1 Year Business License (3 Business Activities only) Virtual Office – 1 Year Free Flexy Desk Membership | 6,000 | 16,500 | 20,500 |
| Security Check (To avoid losing license fee in case of rejections) | 1,050 | 1,050 | 1,050 |
| Total | 7,050 | 17,550 | 21,550 |
What steps are involved in setting up a company at RAKEZ?
Step 1: Finalize number of Visas:
Once you finalize the number of visas required, the payment must be made.
Step 2: Name of the business:
Choose three names for your company. Try avoiding Arabic names, country names, and common brand names to avoid rejection of the names.
Pro tip: Search the names in a Google browser to ensure the uniqueness of your business names and to avoid the common rejected names mentioned above.
Step 3: Preparation of documents:
Prepare the below set of documents:
- All shareholders passport having at least 6 months validity
Pro tip: To increase chances of acceptance, keep a validity of at least 2 years in the passport copies.
- A digital copy of the clear passport-size photo of all shareholders
- If the shareholders have visited the UAE earlier, then that visa copy. If not, the latest visa copy for visiting the UAE.
Step 4: Prepare detailed information on business activities.
RAKEZ allows three business activities, which shall be reflected in the trade license. The company is allowed to engage only in these activities.
Pro-tip: We suggest choosing one business activity, which is the primary activity, which also helps in opening the bank account. However, in case you wish to have two or three business activities, then it could be related. For example, having the first business activity as professional services and the second as real estate or commercial activity will increase the chance of rejection.
Step 5: Trade license and visa:
After submitting all the documents, the trade license will be approved. Post approval, you will have to visit the UAE for the purposes of visa processing. The below set of activities will be performed:
- Medical examinations
- Biometrics for Emirates ID
- Visa Stamping
There are two types of Visa Stamping:
- Standard Visa:
Requires physical presence, so you may visit Ras Al Khaimah to approach the Freezone to process the Visa. This does not require additional cost. It is a part of the license fees. However, it may take 8 to 14 days to process the Visa.
- VIP Visa:
Approach the professionals for intervention in obtaining medical examinations and Visa approvals. This significantly reduces the stay in the UAE.
Step 6: Bank Account Opening, Registrations, and Accounting
Experts at BCL Globiz will guide you on the opening of the bank account in simple ways and assist you in obtaining the account. Post this, and you may choose our affordable accounting packages along with registration services. Reach out to our experts today at punith@bclglobiz.com.
Also refer to our other UAE Business Setup & Licensing blogs:
- Types of Company Registration in Dubai
- Trade License Renewal in The UAE
- How to Set up or Open a Mainland Company in Dubai
- Will Registration in The UAE
- How to Open a Company in IFZA
- Start a Business in Dubai as a Foreigner
- Setting up a Business in UAE Mainland vs. Freezone
- DMCC Business Setup Guide
- How to Start a Interior Designing Business in The UAE
