RAK Freezone

RAK Free Zone | A Look At The RAK Free Zone

RAK Free Zone: The Ras Al Khaimah Free Trade Zone (RAKFTZ) is one of the fastest growing free zones in the United Arab Emirates (UAE).

Founded in 2000, the RAKFTZ has more than 8,000 companies registered there so far. This RAK Free Zone owes its success to various cost effective features it offers.

Apart from lower business license costs, Ras Al Khaimah also has lower rents and a cheaper cost of living. Making this location more attractive than Dubai for entrepreneurs for whom location is less important than cost.

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RAK Free Zone: Investor Benefits

  • Absolute tax exemption
  • Full foreign ownership
  • Total capital and profit repatriation
  • Laws and regulations free of any ambiguity
  • Located at a port 95 km from Dubai
  • 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

RAK Free Zone: 4 Types of Business Licenses Issued

1. General Trading License
This type of business license must be obtained by a company planning to engage in the exportation, importation and warehousing of several product lines.
Distribution to local UAE markets can be done through locally registered distributors.
Certain products e.g. alcohol, tobacco, fire arms and others are banned.
2. Commercial License
This license is required of a company planning to trade and warehouse a maximum of 2 different product lines.
Distribution to local UAE markets can be done through locally registered distributors.
3. Industrial License
This license covers the importing of raw materials, processing, manufacturing, packaging and exporting of finished products.
4. Consultancy License
This type of business license is issued to entities wishing to engage in any type of marketing, management, or business consultancy.
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RAK Free Zone: Validity of License

Each license is valid for one year from its date of issue. So to stay in good standing it must be renewed every year.

Companies with Free Zone business licenses are not allowed to sell their products in the UAE except through locally registered distributors.

RAK Free Zone: Documents Required For Individual Investors

1. Investors’ passport copies

2. A bank letter certifying that they have a deposit of AED 100,000

 

RAK Free Zone: Documents Required For Corporate Investors

1. Business Plan

2. Memorandum and Articles of Association

3. Company Resolution saying that the parent company Board of Directors has approved this investment

4. Certificate of Registration of the parent company

5. Copies of passports of company owners and managers of the parent company

6. Power of Attorney appointing a representative or manager to incorporate the RAKFTZ company

7. Bank Statement issued not more than 3 months prior to registration and proving that the company has an account balance of not less than AED 100,000.

8. All documents of the parent company and its Board of Directors meeting resolutions to be attested by the relevant UAE embassy if the parent company is established outside the UAE. These documents may also need to be attested by the UAE Ministry of Foreign Affairs.

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RAK Free Zone: RAKFTZ Consists of 3 Parks

1. Industrial Park

Covers a 300-hectare area and 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 an Administrative and Support Services Centers, a Custom Office, and on-site accommodation for employees.

2. Business 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 the Al Manar Shopping and Entertainment Mall, the 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 is situated south of Ras Al Khaimah and is easily accessible from the neighboring emirate of Dubai via E 311. Its 100-hectare area is dedicated to automated manufacturing and light industry projects.

A fourth park that is still being developed in RAKFTZ is the Al Ghayl Industrial Park.

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RAK Freezone was last modified: November 2nd, 2016 by Ramapati Singhania

Ramapati Singhania

He strives for excellence in all he does and brings out the best in his people through guidance, a strong vision and support. He is exceptionally open-minded, flexible, dependable, understanding and straightforward in all words and actions and encourages personal as well as professional growth.

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