RAK Free Zone Company | Be Part Of An Emirate That’s Growing Quickly
RAK free zone company: Background, company registration, investor benefits, types of licenses
RAK free zone company: Ras Al Khaimah Investment Authority (RAKIA) is a Government body formed in 2005 with a mandate to promote industry, trade, investment, tourism, and infrastructure in the Emirate of Ras Al Khaimah in UAE.
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The RAKIA Free Zone has quickly proven itself to be one of the fastest-growing and most cost-effective free trade zones globally, reaching its goals to achieve global brand recognition as a rapidly growing free zone.
RAK free zone company: RAKIA background
Ras Al Khaimah (RAK) is one of the seven emirates that comprise the United Arab Emirates (UAE). Strategically it is located on the tip of the Arabian Gulf and shares borders with Oman, Sharjah, Dubai, and Fujairah.
The total land area of the RAK is 2,478 sq km and has an overall population of 250,000 people. The past few years have seen RAK grow rapidly on the back of economic development and diversification of its industries.
Ras Al Khaimah has earned its reputation as a pre-eminent commercial center with an innovative, dynamic and entrepreneurial business culture. Strategically located at the crossroads of trade and commerce between East and West, it is ideally positioned to service and access markets that span the Middle East, Africa, the Indian Subcontinent, and the Commonwealth of Independent States (CIS) countries.
The establishment of the RAK Investment Authority (RAKIA) has helped drive enormous economic growth in RAK, which has seen GDP increase by more than 50% during the past four years.
RAKIA has more than 1,600 companies currently registered in its jurisdiction and has amassed more than US$ 2 bn in industrial investments. It is at the forefront of the Ras Al Khaimah Government’s initiatives to diversify the economy and is responsible for promoting the development of the Industrial Zone and the Free Zone in Al Hamra, and the Industrial Park in Al Ghail.
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Company Registration
A new company is a separate legal identity and is considered a person in its own self by law. The birth of a company only takes place when the Articles of Incorporation are registered by the relevant regulatory authority and a “Certificate of Incorporation” is issued.
Ras Al Khaimah Investment Authority acts as a one-stop-shop for all investor needs. Their services include offering business licenses (Free and Non-free zones), visas, industrial plots, warehouses, labor accommodation, commercial space, building permits, etc.
RAK Investment Authority has been given the mandate to establish, run and operate a free zone in the Emirate for foreign investors who wish to have full ownership and to avail of the tax and the duty concessions offered.
Established in the year 2000, it has registered more than 5,000 companies from 106 countries around the globe.
Benefits to the investors
- 100% foreign ownership of the enterprise
- 100% export and import tax exemption
- 100% repatriation of capital and profits
- Transparent laws and regulations
Type of licenses
- General Trading License
- Commercial / Trading License
- Consulting / Services License
- Industrial License
- Media License
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