Incorporating in Freezone

Incorporate Your Business With RAK Investment Authority

Setup your company in RAK Investment Authority

An organization established in 2005 decree by the ruler of Ras Al Khaimah in UAE. The idea of RAKIA is to manufacture a different economy that appreciates solid, feasible development, by gaining funds from the local and overseas markets that makes assets also lifts up the way of life for the general population of Ras Al Khaimah.
Ras Al Khaimah is a 35-45 minute drive from Dubai. Organizations set up in RAKIA’s free tradee zones gives several advantages, for example, total exception from all charges, total repatriation of capital and profits, and land leases at very concessional rates.
Full solutions are offered by RAKIA for the necessities of each investor and offer some incentive and consumer loyalty, guarantee least transaction and exchange rate, allow organizations to prosper in the speediest time and for making interest in Ras Al Khaimah simple, effortless and a wonderful experience. The development focused on manufacturing, property, services, construction and tourism.
After effectively managing business parks in Ras Al Khaimah, a Free Industrial zone is arranged in Georgia (Eastern Europe) by RAKIA, in the support of an assisting company of RAKIA. It’s the primary free zone in the Caucasus Region; it is deliberately situated for simple access to the EU, Central Asia and Caucasus/Eastern European markets. Its being set up by the Poti Sea Port, is as well a branch of RAKIA, the biggest sea port operating at Black Sea region and offers gigantic production network cost advantage for development of goods.
Aside from the Parks, RAKIA has organized itself along a few other key strategic units.

Business Units

RAKIA has structured itself along eight business units.
– Education/Technology
– Industrial parks
– Transportation
– Investments
– Manufacturing and Energy
– RAK Offshore
– RERA

Each unit is headed by experienced professionals who are responsible for overall performance of business units. They are engaged to act autonomously and have authority to make official choices that are to the greatest advantage of RAKIA. The primary order of the investment committee of trustees is to detail investment technique, investment criteria and investment rules for investments by RAKIA.
In spite of the fact that the drive to attract foreign companies has been a current development, RAK has for some time been one of the modern focuses of the UAE. The industrial sector has been ruled by the three fundamental industries of Cement, Ceramics and Pharmaceuticals. The division has expanded in the current years particularly since the production of free zones and in addition partnerships between government and foreign investors.

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FAQs

ConsultKumar advises all its clients to reach out to us with your query as rules and regulations may have changed at the time of you reading this information.

Call us on 050 6577025 / 050 5527930 or email us help@consultkumar.com or you may chat with us on whatsapp. We will be sure to address your queries within 1 hour.

What is the cost of the business setup in a UAE Freezone?
The cost of the business setup varies from each Freezone authority.
The cost also depends on number of owner(s), the need for UAE resident visa for owner(s), the need for employee visa quota and application of labor permit. The kind of business activity you choose. There are several factors that go into total setup cost. We encourage you to reach out to our consultants via online form or direct call or drop in a whatsapp message. You will get an estimate within 1 hour.

Which are the most popular Freezones in the UAE?
Jebel Ali Free Zone (JAFZA), Dubai Airport Free Zone (DAFZA), Dubai Silicon Oasis (DSOA), Ajman Free Zone, Sharjah Media City, Kizad Abu Dhabi, Fujairah Creative City, Ras Al Khaimah Economic Zone & UAQ Free Zone.

How many activities can I perform under the single license in UAE Freezone?
In most Freezones you can have two activities under one license contact our staff, and they will guide for the best options that suit your needs.

Do I need a local agent or a local sponsor for my license in Freezone?
No, as a foreign owner you are 100% owner of your company

What are the different type of activities in UAE Freezone?
There are three types of activities in UAE Freezones known as the commercial, professional and industrial activities.

The activities that require capital like retail, real estate, wholesale, transportation and many others come under the commercial activities. Mining, water, electricity, gas and many other services fall under the industrial activities and social and personal services, health, education and consultants are regarded as the professional activities.

How long will it take to setup a Freezone company?
In the UAE, Freezone company incorporation can be completed within 4 hours to a maximum of 31 days. It all depends on the Freezone wherein you would like to incorporate your company.

What are the types of companies that I can setup in UAE Freezones?
Apart from the kind of business and the requirements, it is important that you be aware of the business companies that you can setup in the Freezone area. Here is the list of the type of companies that you can have in the UAE Freezones.

Private Freezone company owned by individual

Partnership company in a Freezone (more than 1 maximum 4)

Branch of an international company

Branch of the company already operating in Mainland

What type of business setup can you have in UAE Freezones?
In the UAE Freezones, you can start any business that you prefer. There is no need to have a local sponsor and you are 100% owner of your business. However, you can only operate in the geographical available for the Freezone.

Why should I start my business in Dubai or UAE?
UAE is a global business hub. With best connectivity with the world through its world class airport and port facility. Centrally located connecting key markets between Asia Europe and Africa. A stable and progressive government with rules that support ease of doing business, free access to global human resource, excellent banking system of over 40 national and international banks. There is no corporate or income tax, no tax on repatriation of your income of corporate profits.

UAE is a testament to the world how strong leadership, values and progressive thinking can turn around a young country into a dominant economic power.

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ConsultKumar advises all its clients to reach out to us with your query as rules and regulations may have changed at the time of you reading this information.

Call us on 050 6577025 / 050 5527930 or email us help@consultkumar.com or you may chat with us on whatsapp. We will be sure to address your queries within 1 hour.

What is the process of Trade Name Registration in the Mainland?
Consult Kumar will apply for the registration of your Trade Name in the related Department of Economics for the related emirates. The booking will take one day, and it is validated for six months even if you are prepared to start the process of establishing your company.

How many activities can I perform under the single license in the Mainland?
Under the single license, you can manage 10 activities of the same group. However, you must ensure that you engage yourself in the activities that have been labelled in the DED standards.

What are the different services provided by the local agent and local partner?
When you are providing the professional services, you will require the local agent. The Local partner has no interaction with your company or organization, he is only the ambassador of your company who will sign the local agent contract and there is no financial involvement.

On the other hand, the legal partner is required for the commercial activities. He has a share in your organization because he will sign the memorandum and will be responsible for the activities of your organization. Read more

Do I need a local agent or a local sponsor for my license in Mainland?
If you are planning to start a mainland company that you will have to use a UAE national as your local agent or local sponsor. Check our Sponsor services for more information.

Which department will issue the trade license in Mainland Dubai?
The Department of the Economic Development is responsible to issue the trade license of all the three categories. It will depend on the type of your business and the activities that you will be performing. To get the Dubai license for your business you have to ensure that you submit the required and legal documents.

What are the requirements for the trade license in Mainland?
To get the trade license, you have to submit the following information:

Enlist the category of your business
Enlist the type of activities that you will be performing
Enlist all the activities that fall under your business license and you might consider use them
Ensure that there are only 10 activities listed
The nationalities and number of business owners must be included with the legal undertakings
The conditions and requirements that falls under the license must be included
Trade Name of the business should be mentioned
For the initial approval you will have to submit the application to the department
Once you have the approval register your Trade Name immediately
Rent the business premises
The conditional documents to your business must be prepared. It includes certification from authorities, memorandum of association.

How can I renew my business license in Mainland?
If you want the renewal of your commercial license, you will have to submit the DED registered certificate with the approval that you had from the Ministry of Economy and National Media Company. To renew the trade license, you will have to submit the valid EJARI certificate and your lease contracts.

What are the types of licences that I should apply for to setup a business in UAE Mainland?
There are three different types of license that you will need according to your business activities:

A commercial license will be required if you are engaged in the trading business
Professional license if you will be providing the professional services
If you have a manufacturing or industrial business, then you must apply for the industrial license.

Do I need to rent an office in Dubai Mainland to start a business?
No, ConsultKumar can assist you in starting your business without the actual need to take up an office. Our virtual lease offers start from AED7,500.00. This will enable to you start your operations. Should you require Micro office such as Desk space for one, with meeting rooms facility, dedicated call lines and mail management with parking, please do get in touch with one of our business advisors or fill in the online form, call us or drop in a whatsapp text. We will respond to you within 1 hour.

What are the various categories of incorporation in UAE Mainland?
There are different types of business incorporation categories in UAE. They differ by the terms and conditions, the amount of paid up or share capital, number of shareholders required and the incorporation procedure, namely are:

General partnership company
Share partnership company
Limited liability company
Joint venture company
Private shareholding company
Public shareholding company

What happens if my Local Service agent or 51% UAE shareholder passes away?
In such unfortunate circumstance the will created by the deceased will come into effect and who inherits becomes the new nominee shareholder. He/she may or may not operate as the previous nominee shareholder.

With ConsultKumar all our structures are created in a manner that ensures continuous functioning of business without any hurdles during such transition period

Can I change my Local sponsor, are there any exit clause, will ConsultKumar assist in this process?
There is minimum 30day notice period to be provided prior to license expiry date. In the absence of such notice, the agreed fee of nominee shareholder will be applicable. You may change your Local service agent / sponsor at your willingness. We will assist you in this process.

UAE is a testament to the world how strong leadership, values and progressive thinking can turn around a young country into a dominant economic power.

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Consult Kumar advises all its clients to reach out to us with your query as rules and regulations may have changed at the time of you reading this information.

Call us on 050 6577025 / 050 5527930 or email us help@consultkumar.com or you may chat with us on whatsapp. We will be sure to address your queries within 1 hour.

What are the limitations of an Offshore Company Setup?
Offshore Company Formation in UAE has few limitations such as – No provision to issue residency visa, no trade within UAE, no leasing or renting a Local Premise in the UAE.

Can an Offshore Company Open a Bank Account in the UAE?
Yes, an Offshore Company can open a Bank Account in the UAE. The company owner will have to visit the UAE to do the paperwork with the bank. The bank will be assessing business activity, company profile, fund flow, etc. UAE has strict Know-your-Customer (KYC) Norms for Offshore Company Bank Accounts.

How much time will it take to Register an Offshore Company in the UAE?
Offshore Company can be incorporated in less than 2 Working Days. Offshore Company registration is relatively easy by applying through an online registration form along with the right documents. In normal circumstances, the company registration will happen even without the physical presence of the company owner.

Can Offshore Company buy Property in Dubai?
Yes, Offshore Company registered in RAKICC and Jebel Ali Free Zone (JAFZA) are eligible to purchase residential property in the Offshore Company’s name from designated freehold areas in Dubai. However, there are certain restrictions in terms of usage and disposal of the property. Offshore Company is not eligible by UAE Legal Laws to purchase any commercial property in the UAE.

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