Ras Al Khaimah company registration

DOING BUSINESS IN RAS AL KHAIMAH IN 2022

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

For over a decade, Healy Consultants Group PLC has been efficiently and effectively assisting our Clients with i) business registration ii) business licensing iii) RAKEZ business banking solutions iv) accounting and tax strategies.

Compare different RAKEZ entities LLC Free zone LLC Legally tax exempt LLC Commercial agency Branch office
Also known as Sharakah dhat masyuwlih mahduduh Sharakah dhat masyuwlih mahduduh Sharikat tijariat dualia Wikalat tijaria Maktab firei
Best use of company? Professional services All products and services International services Manufacturing & export Specific projects
How soon can you invoice Clients with local customers? 2 months 2 months Cannot trade locally 1 month 3 months
How soon can you invoice Clients with international customers? 2 months 2 months 2 weeks 1 month 3 months
How soon can you hire staff? 2 months 2 months 2 weeks 1 month 3 months
How soon can you sign a lease agreement? 1 month 1 month Cannot rent office premises 1 month 2 months
How long to supply corporate bank account numbers? 1 month 1 month 1 month 2 months 1 month
How long to supply company registration/tax numbers? 2 months 2 months 2 weeks 1 month 3 months
Corporate tax rate on annual net profits? 0% 0% 0% 0% 0%
Limited liability entity? Yes Yes Yes No No
Government grants available? No Yes No No No
Government approval required for foreign owners? No No No No No
Resident legal representative required? Yes No No Yes Yes
Minimum paid up share capital? US$41,000 US$30,000 US$41,000 None None
Can bid for Government contracts? Yes No No No Yes
Can do business with UAE customers w/o appointing local agent? Yes No No No Yes
Can do business with UAE customers by appointing local agent? Yes Yes No Yes Yes
Corporate bank account location? First Arab Bank ADCB Emirates NBD RAK Bank HSBC
Can secure trade finance? Yes Yes Yes Yes Yes
VAT payable on sales to local customers? 5% 0% Cannot trade locally 5% 5%
Average total business set up engagement costs? US$23,400 US$21,800 US$11,870 US$16,200 US$23,400
Average total engagement period? 3 months 3 months 6 weeks 2 months 4 months

Ras Al Khaimah company registration summary

Press the link headings below to read detailed, relevant, up to date information.

  • Advantages of RAKEZ company registration

    business registration in RAKEZ

    • Setting up a company in Ras Al Khaimah Free Zone is straightforward and simple because:
      • Only a minimum of one shareholder and one director, who can be the same individual, is required to establish a company within Ras Al Khaimah Economic Zone;
      • There are no restrictions on the maximum number of shareholders, and corporate shareholders are allowed. Additionally, there is no register of shareholders or directors for RAKEZ companies;
      • Our Clients do not need to travel to Ras Al Khaimah to sign company incorporation forms and the incorporation process can be completed within 2 weeks;
      • The UAE has signed 94 double taxation agreements to eliminate double taxation an provide protection to taxpayers.
    • Ras Al Khaimah is a strategic location to establish a business in UAE because:
      • Located close to the Straits of Hormuz and only 40 minutes away from the center of Dubai, Ras Al Khaimah (“RAKEZ”) is a prime location that provides access to over 2.2 billion consumers in the Middle East, Africa, and the rest of the world;
      • Ongoing discussions with countries such as the US and Japan to create free trade agreements, potentially giving UAE firms, including those in RAKEZ, free access to markets numbering over 500 million people;
      • In the past few years, RAKEZ has averaged an outstanding 1.5%-2% of economic growth;
      • Due to its location at the mouth of the Arabian Gulf, RAKEZ has massive logistical benefits including 5 seaports and an international airport led by Saqr Port which is the prime bulk port in the Middle East.
    • Setting up a company in Ras Al Khaimah Economic Zone – (RAKEZ) will be advantageous to our Clients because:
      • Ras Al Khaimah Free Zone Authority (“RAKEZ”) company registration is an excellent alternative to Dubai free zone company formation. RAKEZ offers prompt incorporation as well as a vast range of office, warehousing facilities and land for development;
      • If properly structured, RAKEZ company is an ideal way to book international profits without paying local corporation tax legitimately. Besides, there are no capital gains or personal income taxes in RAKEZ;
      • RAKEZ allows investors to register, i) Free Zone Company, ii) local branch of an existing UAE company and iii) foreign branch of an existing company;
      • RAKEZ company can wholly repatriate its capital and profits and there are not exchange controls imposed by the RAKEZ Authorities;
      • Additionally, a branch company can be wholly foreign-owned, and is not subject to an annual audit;
      • A RAKEZ company can sponsor multiple UAE residence and employment visas for investors, entrepreneurs and employees. For more information, kindly visit our migration and relocation services page;
    • Our Clients who wish to do business internationally can establish an offshore company in RAKEZ International Corporate Center:
      • Ras Al Khaimah International Corporate Center (“RAKEZ ICC”) company registration is an excellent alternative to the UAE offshore company formation;
      • Through a RAKEZ ICC offshore company, it is possible to have an entity and business address without the legal requirement to rent a physical office and employ staff locally;
      • RAKEZ ICC company allows conducting most business activities. Moreover, it allows multi-activity for the same company, such as trading, consulting, construction, real estate, marketing, travel, and tourism, and others;
      • RAKEZ ICC registered company can own freehold properties and lands in the designated areas in Dubai. There are 23 freehold areas in Dubai, which include: Dubai Marina, Downtown Dubai, Jumeirah Village Circle, and Palm Jumeirah.
      • From August 2021, an RAKEZ offshore ICC can do business on the RAKEZ ‘mainland’, and secure UAE residency visas, by registering a subsidiary on the RAKEZ ‘mainland’.
  • Disadvantages of RAKEZ company registration

    • Effective 1 January 2019, locally-incorporated RAKEZ entities, foreign entities registered in RAKEZ and limited partnerships engaging in i) holding company activities ii) banking business iii) distribution and service centre business iv) finance and leasing v) fund management vi) headquarters business vii) insurance viii) intellectual property holding and ix) shipping are required to employ local staff and lease a physical office. For more information on UAE economic substance requirements, click here;
    • A limited liability company (LLC) requires a minimum of 51% shareholding by UAE citizens;
    • An offshore company cannot trade products or provide services within the UAE, and cannot rent local premises or open a corporate bank account in the UAE;
    • Most entities are required to submit annual audited accounts to the government;
    • Transportation is a major issue of concern within and outside RAKEZ. There are no frequent public transport services in RAKEZ, and the main means of transportation are taxis. Moreover, RAKEZ is connected to other emirates by private taxis and infrequent public bus facilities;
    • All companies registered in the UAE must i) create and maintain a register of their ultimate beneficial ownership (UBO) and ii) submit UBO data to the relevant registrar or licensing authority;
    • In 2020, the UAE introduced new regulations requiring all UAE companies to maintain and submit registers of their i) Ultimate Beneficial Owners (UBOs) or Real Beneficiaries ii) shareholders and iii) directors. Fortunately, information contained within company registers is kept confidential by the authorities.
  • Best uses of RAKEZ company registration

    • RAKEZ offers an excellent corporate structure for clients looking for a legally tax-exempt structure to do business globally.

Contact us

For additional information on our Ras Al Khaimah free zone company registration services in Ras Al Khaimah, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi