To launch a company in Ras Al Khaimah , these five easy steps must be followed:
1- Identify the type of business activity
Before initiating company licensing processes, it is essential for the investor to determine the sort of company activity. Depending on their nature, each activity has its own distinctive legal laws and charges. In addition to the above, some activities are required to fulfill specific location-related conditions and specifications (e.g. location & space), as some locations under certain conditions are strictly prohibited for some activities.
- Determine the Legal Category of the Establishment
There are many legal categories that suit each company, for example. Limited Liability Company (L.L.C), etc. The requirements for legal status are determined by the type and nature of the company.
All investors, regardless of legal status, have to visit the office of the General Directorate of Residency & Foreigners Affairs in the Department of Economic Development to obtain approval.
3- Registering the Trade Name
It is essential to choose a unique and suitable trade name for the institution after determining the sort of activity and the legal status of the company. Before acquiring the trade name certificate, the investor may receive initial approval.
The initial approval enables the investor to continue the procedures for issuing company licenses and addresses the officials involved to acquire their permission for undertaking the necessary company activity without first acquiring the license.
In this step, after visiting the Monitoring & Consumer Protection Administration at the Department of Economic Development and other relevant authorities, the investor may lease the business site to examine and approve the company location (fulfill the required specifications and activity convenience).
4- Obtaining Approvals of Concerned Authorities
The investor should visit the other authorities involved to receive their approval after gaining initial approval and fulfilling the demands and legal conditions. These authorities are described according to the activity needed, although some kinds of activity may require the Department of Economic Development’s sole permission.
5- Issuance of the Business License
In order to open a company in Ras Al Khaimah Free Zone, investors must select the appropriate business license. There are four types of licenses to be obtained within the Ras Al Khaimah Free Zone:
– a commercial license,
– a general trading license,
– an industrial license,
– a consultancy or services license.
The business license is issued for a limited period of time which is usually one year. This may be renewed on a yearly basis provided that audit reports are submitted when applying for renewal. Companies licensed by the RAK FTZ Authority are also required to appoint a local agent in order to supply any goods or services in the UAE market.