RAK’s goal is to build a diversified economy that enjoys powerful, sustainable growth through investment from national and foreign markets, which generate wealth for the individuals of Ras Al Khaimah and increase the standard of living.
RAKIA’s mission is to offer complete solutions to the needs of every investor and provide value and customer satisfaction, ensure minimum transaction & conversion cost, enable businesses to flourish in the quickest possible time and to make investment in Ras Al Khaimah simple, easy and a pleasant experience. The growth is driven by increased focus on manufacturing, services, real estate, construction and tourism.
Benefits of RAKIA Freezone Company:
- 100% repatriation of capital and profits
- 100% tax exemption
- 100% foreign ownership
- Low cost business setup
- Easy access to strategic market in the MENA region
- Ease of doing business
- One-Stop–Shop for all investor’s needs
- Well-developed industrial infrastructure
- Comprehensive master planning for growth
- Stable Government and investor friendly policies
- Quality of life with tax free regime (i.e., 0% Corporate & income tax)
STRATEGIC BUSINESS UNITS
RAKIA has 8 strategic business units:
- Industrial Parks
- Education/ Technology
- Real Estate
- Manufacturing & Energy
- RAK Offshore
Each company unit is led by an experienced specialist who is eventually accountable for all company units ‘ general results. They are empowered to behave separately and are empowered to create executive choices which serve RAKIA best. The investment committee’s main mandate is to formulate RAKIA’s investment strategy, investment criteria and investment guidelines.
Company Types in RAKIA
In RAK Investment Authority you have the choice of setting up your company either a free zone company or a non-free zone company, depending on your requirements and business objectives.
Companies registered as free zone entity enjoy tax-free environment, 100% foreign ownership, exemption from customs duties for importing into and exporting from the zone. Free Zone Company is the best solution for export-oriented companies whose primary market is beyond the Gulf Cooperation Council (GCC) region.
Non-free zone entity is an ideal solution for manufacturing businesses whose primary market is within the Gulf Cooperation Council as those products manufactured in the Non Free Zone can be exported to all Gulf Cooperation Council countries without any customs duties. However, as per the laws, such products will be required to have a minimum of 40% value addition to benefit from such exemption. In addition, only 49% of shares of a non-free zone entity can be foreign owned.
Documents Required to Set Up a Business in RAKIA
- Application form
- Business plan
- Your academic or professional qualifications
- Certificate of registration
- Notarized Memorandum of Association (MOA)
- Board resolution
- Power of attorney
- Passport copies of shareholders
- Passport copy of the manager
License Types in RAKIA
RAKIA offers following license categories:
- Industrial License
- Commercial License
- Trading License
- General Trading License
- Service/Consulting License
- Media License