Advantages of establishing a company in the free zone in Ras Al Khaimah

09 Jun Advantages of establishing a company in the free zone in Ras Al Khaimah

Every investor can obtain the advantages of establishing a company in the free zone in Ras Al Khaimah because in light of the rapid economic development in the United Arab Emirates, the free zones are emerging as an attractive investment destination for companies and investors from all over the world. One of the most prominent of these free zones is the Ras Al Khaimah Free Zone, which has exceptional benefits and incentives that make it an ideal choice for establishing companies.

In this article, in cooperation with Itqan Consulting and Legal Services Company, we will review the most prominent advantages of establishing a company in the Ras Al Khaimah Free Zone , which include regulatory flexibility, a favorable business environment, and attractive tax and financial incentives. We will also discuss the services and support provided by Itqan Company to investors wishing to benefit from these promising investment opportunities.

Advantages of establishing a company in the free zone in Ras Al Khaimah

Establishing a company in a free zone in Ras Al Khaimah

Establishing a company in a free zone in Ras Al Khaimah in cooperation with Itqan Company can be a fruitful option for investors seeking to benefit from the investment opportunities available in this vital region. In cooperation with Itqan, investors can obtain the necessary support and legal and regulatory guidance to establish their company efficiently and at the lowest possible cost.

Itqan Company provides comprehensive services for establishing companies in the Ras Al Khaimah Free Zone, including assistance in choosing the appropriate type of company and providing guidance on the necessary legal terms and requirements. Itqan also provides the necessary registration and licensing services, and provides virtual offices and other administrative services that facilitate the process of starting a business in the free zone.

In addition, Itqan can provide comprehensive legal support, including preparing contracts and necessary legal documents, and providing advice on legal and tax matters, making it easier for investors to establish and operate their company efficiently and with confidence.

In short, cooperating with Itqan Company to establish a company in Ras Al Khaimah Free Zone can be a strategic step that helps investors achieve their business goals and benefit from the promising investment environment in the region.

How to obtain a commercial license

To take advantage of the advantages of the free zones in Ras Al Khaimah and establish your company there, you must obtain the appropriate business license . There are several steps that must be taken to obtain a commercial license:

1. Choosing the type of company: Before starting the process of obtaining a license, you must determine the type of company you want to establish, such as a limited liability company (LLC), individual, or other.
2. Choosing a business: You must select the company’s business activity that you wish to practice, and this activity must be compatible with local laws and legislation.
3. Determine the company name: You must choose a unique and appropriate name for the company, and you can check the availability of the name through the commercial registry website in Ras Al Khaimah.
4. Submitting the application: Submit an application for a commercial license to the local authorities in the Ras Al Khaimah Free Zone, and all required documents must be submitted, such as the company establishment form and personal documents.
5. Approval and payment: After reviewing the application and documents, and if approved, you will receive a notification of approval and payment of the required fees.
6. License issuance: After meeting all conditions and requirements, a commercial license will be issued for your company.

You should be aware that these procedures may differ slightly depending on the type of company and current legislation in Ras Al Khaimah, so it is always best to consult the competent Itqan company in order to ensure that all necessary conditions and procedures are met.

Advantages of establishing a company in the free zone in Ras Al Khaimah

The free zone in Ras Al Khaimah is considered a major attraction for investors and entrepreneurs to establish a company in the free zone in Ras Al Khaimah, to benefit from the following advantages:

Favorable economic environment

1. Strategic location on the northern coast of the United Arab Emirates.
2. Advanced infrastructure and an efficient transportation and distribution network.
3. Possibility of quick access to regional and international markets.

Organizational and administrative flexibility

1. Procedures for establishing companies are simple and quick.
2. The freedom to own the company 100% without the need for an Emirati partner.
3. Lack of restrictions on transferring capital and profits.

Financial and tax incentives

1. Income tax exemption for 50 years.
2. No taxes on imports or exports.
3. Customs exemptions on the import of equipment and machinery.

Support and consulting services

1. Providing office space and logistical facilities.
2. Legal, tax and administrative consulting services through Itqan Company.
3. Assistance in obtaining the necessary licenses and approvals.

Thanks to these various advantages, the Ras Al Khaimah Free Zone is an ideal destination for establishing companies and investing, whether small or large. In cooperation with Itqan Company, investors can benefit from these opportunities easily and efficiently.

Tips for establishing a company in the Ras Al Khaimah Free Zone

To obtain initial approvals, the investor or businessman must follow a set of procedures and obtain important documents and papers that will facilitate the process of establishing a company. Here are some tips that will help you in this task: 

1. Have a business plan.
2. Obtain a completed application form to obtain initial approval.
3. A copy of the existing business license or registration certificate.
4. A copy of the passport (colored) for the company’s shareholders and the director or management member.
5. Signature form for each company’s shareholders and the director or member of management.
6. Financial reports that accurately show the company’s budget for two years, or a reference certificate from the bank for each shareholder.
7. For individuals, a letter of no objection must be obtained from the current sponsor.
8. Title deed for the real estate unit.
9. Letter of intent.
10. Good recording.
11. biography.
12. Reference letter from the bank.
13. A form with the manager’s commercial registry identification code.

If you need to know more about establishing a company in the Ras Al Khaimah Free Zone, you can contact us and one of our experts will assist you in all procedures without requiring you to make an effort or waste time.

How to obtain a commercial license

Steps to establish a company in the free zone

The process of establishing a company in the Ras Al Khaimah Free Zone begins with determining the economic activity that the company will practice and the appropriate legal form for it, in addition to the following steps:

• Choosing the activity and legal form of the company:
• Determine the economic activity that the company will engage in.
• Choose the appropriate legal form (such as a limited liability company).

Contact Itqan Consulting Company

• Contact the “Itqan” expert team to obtain the necessary legal advice and guidance.
• Determine the requirements and documents required to establish the company.

Complete incorporation procedures

• Fill out the incorporation application form and submit the required documents.
• Pay the required capital and open a bank account in the free zone.
• Obtaining the commercial license and necessary approvals.

Equipping facilities and offices

• Choosing the appropriate office space in the free zone.
• Completing the necessary office and electronic equipment.
• Registering the company with the commercial registry in Ras Al Khaimah.
• Obtaining the necessary licenses and permission to practice the activity.

Throughout this process, Itqan Company provides the necessary assistance and support to investors, ensuring ease and speed of completing company establishment procedures in the free zone.

Conditions for establishing a company in Ras Al Khaimah Free Zone

To establish a company in a free zone in Ras Al Khaimah, the conditions usually vary depending on the type of company you wish to establish. However, there are some general conditions you can expect:

• Type of company: You can establish a sole proprietorship, a limited liability company (LLC), or a public joint stock company, and conditions vary depending on the type of company.
• Ownership: There may be requirements for local ownership, as you may need a local partner or there may be exceptions for some sectors or nationalities.
• Capital: You usually need to provide the necessary capital to establish the company depending on the type and size required.
• Licenses and permits: You may need to obtain licenses and permits from local authorities or relevant authorities depending on the company’s activity.
• Virtual Office: A virtual office in the free zone may be required as a place to register the company.
• Bank Account: Incorporation procedures usually require opening a local bank account for the company.
• Required Documents: Required documents can include a passport, personal photo, proof of address document, and other personal and business documents.

These conditions depend on local laws and legislation in Ras Al Khaimah Free Zone, and may vary based on legal and regulatory developments. Therefore, it is always important to obtain the advice of Itqan Specialists before starting the company establishment process.

The cost of establishing a company in the free zone

These are some general points that can help you estimate the cost of establishing a company in the free zone . To obtain more accurate information, it is preferable to consult Itqan Company, who specialize in establishing companies in the Dubai Free Zone, as follows:

1. Annual renewal fees: An annual fee must be paid to maintain the company’s license, and these fees vary according to the type of company and its activity.
2. Rental costs: You should also consider the costs of renting the office or commercial space you will be working from, and these costs vary depending on the location and size of the office.
3. Additional service costs: You may also need to pay additional costs for services such as telecommunications, internet and other logistics.
4. Labor costs: If you plan to hire employees, you should take into account the costs of hiring them, their salaries and fringe benefits.
5. Legal and consulting fees: You may need to pay fees to lawyers or legal consultants to help prepare the necessary documents and guide you through the incorporation process.
6. Taxes: You should also take into account the potential costs of local and federal taxes that may apply to your company.

Papers for establishing a company in a free zone

Establishing a company in a free zone in Ras Al Khaimah requires submitting a set of basic documents. Here is a list of general documents you may need to establish your company in this region:

1. Company incorporation application: A document containing information about the proposed company, such as its name, type, and activity.
2. Shareholders and Directors Appointment Form: Contains personal information about the shareholders and directors who will manage the company.
3. Business Activity Declaration Form: identifies the company’s activity and contains details about the products or services that the company will provide.
4. Company Memorandum of Association: It specifies the conditions for establishing the company among shareholders and explains their rights and duties.
5. Governmental approvals: The local government may require special approvals before establishing a company, and this varies according to the type of company and its activity.
6. Commercial Registry Instruments: Documents documenting the company’s registration in the free zone’s commercial registry.
7. Incorporation and distribution instruments: Documents proving the distribution of capital shares and the establishment of the company.
8. Lease Agreement: If the company is leasing an office or space, a lease must be submitted.

These documents are general and may require additional documents depending on the type of company and local legislation in Ras Al Khaimah Free Zone. It is always important to consult with Itqan Company to ensure that all necessary conditions and requirements are met,

At the conclusion of our article, the Ras Al Khaimah Free Zone has established itself as a preferred destination for entrepreneurs and investors through the incentives and benefits it provides. It provides an easy business environment and fast procedures with attractive tax exemptions and customs privileges. It is also distinguished by its strategic location and advanced infrastructure, making it an ideal platform for business expansion and access to regional and global markets.

Given these multiple advantages, the attractiveness that Ras Al Khaimah Free Zone offers to entrepreneurs and companies aspiring to grow and succeed is undeniable. They create a supportive environment for new initiatives and provide tangible incentives for investment and expansion. Therefore, Ras Al Khaimah Free Zone is a smart and promising option for those looking to launch or expand their business in the UAE.

Frequently asked questions about the advantages of establishing a company in the free zone