Rak Freezone
Rak Freezone | Fastest-growing Free Trade Zones in the United Arab Emirates
Free Zone In Ras Al Khaimah - No tax. No Restrictions. No Hazzles
RAK freezone One of the fastest-growing free trade zones in the United Arab Emirates (UAE) is the Ras Al Khaimah Free Trade Zone (also simply called the RAK Free Zone). Founded in 2000, the RAK Freezone has since been operating successfully, and this is evident with the more than five thousand companies registered there.
The impressively large number of companies housed in the RAK Freezone is a tangible proof of the cost effective features the trade zone provides to its present and prospective business locator Highly recognized by the international business community not only for its affordability but also for its strategic location, the RAK Freezone is fast becoming the focal point for business and trade in this part of the world.
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The RAK Freezone Offers a Wide Range of Value Added Services and Facilities. Investors will Benefit from these Advantages:
- Absolute tax exemption
- Full foreign ownership
- Total capital and profit repatriation
- Laws and regulations free of any ambiguity
- Strategic location (with broad geographic reach)
- Easy access to and from the major sea and airports in the UAE
- Word-class communication facilities
- Abundant supply of energy
- Simple and fast procedures for application
In relation to the last item in the above list of advantages, a company wishing to operate within the RAK Freezone has to obtain the necessary business license based on the kind of activities it plans to engage in.
Types of Trade Licenses Available and Fees per annumThe companies accepted for operation in Ras Al Khaimah Free Trade Zone will be granted any one of the following licenses: Industrial License, General Trading License, Commercial License, Consulting & Service License and Real Estate License. Industrial License Activities allowed: Import of raw materials, manufacturing, processing, assembling, packaging, and exporting finished products. Feasibility and environmental impact studies and clearance from RAKFTZ are required. Commercial License Activities allowed: Import, export, distribution, consolidation, storage or warehousing of items specified on the License. Maximum limit is seven similar product lines. Consulting & Service License Activities allowed: Offering consulting services in management, finance, investment, legal issues, labor relations, economics (including feasibility studies), industrial development, marketing, and related subjects. Other services include logistical support such as: restaurants or food outlets, catering services, travel agencies, leisure and social activities, insurance, cargo & freight forwarding, accounting, and audition services. Commercial - General Trading License A General Trading License can be obtained under a Commercial License, which allows for more than seven product lines. Each license has a validity period of one year (from date of issuance), which means it has to be renewed every year. Any of these business licenses, however, is not an absolute authority for its holder to conduct business in the UAE; all trading activities in the UAE market are to be undertaken only by a special agent appointed for such purposes. Some of the documents required for registering at the RAK Freezone include the following:
- Brief description of the project
- Memorandum and/or Articles of Association
- There are generally no restrictions on the number of members allowed.
- Company Resolution
- Certificate of Registration
- Copies of passports of company owner/s and manager/s
- Power of Attorney appointing a Representative or Manager
- Bank Statement issued not more than 3 months prior to registration and proving that the company has an account balance of not less than AED100,000r
- Legal documents of the Mother Company and its Board Decision to establish a Branch in the free zone
The RAK Freezone consists of 3 parks, each of which offers facilities suited to the specific requirements of every company. These parks are as follows:
1.Industrial Park - This park, which covers a 300-hectare area, is situated 15 kilometers north of the emirate of Ras Al Khaimah along its coastal road. It serves as a construction and warehousing site for heavy industries Some of the facilities in this park include Administrative and Support Services Centers, a Custom Office, and on-site accommodation for employees.
2. Business Park - This park is situated right in the heart of the Ras Al Khaimah business district. It is located near some of the emirate’s well-known establishments or landmarks, such as Al Manar Shopping and Entertainment Mall, Hilton Hotel, and the RAK Exhibition Center. All offices in this park are ready for occupancy and use – that is, they are fully functional and furnished.
3. Technology Park – This park, which is situated south of Ras Al Khaimah, is easily accessible from the neighboring emirate of Dubai via E 311 (the Emirates Road). Its 100-hectare area is dedicated to automated manufacturing and light industry projects. A fourth park that is still being developed in the RAK Free Zone is Al Ghayl Industrial Park. Are you looking for lawyer quality article of incorporation documents? Or perhaps you want to know more about how to decide on whether you should incorporate at all?
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