The Ras Al Khaimah (RAK) Media Free Zone and Film City was established in 2006 and is an alternative for foreign investors wanting to operate in Dubai at lower costs. The Ras Al Khaimah Free Trade Zone Authority (RAKFTZ) is the main governing body in the free zone. The RAKFTZ Authority issues all licenses for companies operating within the free zone, but also leases land or office space to businessmen setting up companies in the Dubai free zone.
RAK Media City offers companies and individuals the following incentives and benefits:
- Provision of 100% foreign ownership
- Complete freedom of capital and profit retention
- Exemption of customs duty on all import-export goods
- Quick immigration process
- No currency restriction
- Tax exemption on both corporate and personal income
Business licenses in RAK Media Free Zone and Film City
The RAKFTZ Authority issues various types of licenses depending on the type of company to be registered in Ras Al Khaimah Media Free Zone and Film City:
– publishing licenses,
– TV and radio broadcasting licenses,
– production and post-production licenses,
– media and marketing services licenses,
– business and information services licenses,
– music production and recording licenses,
– new media and media support services licenses,
– service provider licenses,
– consultancy licenses.
RAK Media City Free Zone Company Formation
Business setup process in RAK Media City takes a very systematic way which is both fast and under the legal boundary. It involves the following steps:
- Deciding on one’s business nature/activity type
- Designing a detailed plan for the business
- Selecting a name for the company, and reserving it
- Depositing the required minimum capital amount in the bank account of the company in RAK Media City
- Determining the human resource required to run the company
- Registering your business under the guidelines RAK Free Zone Authority
- Completing the business licensing requirements
- Obtaining the shareholder(s)’ signatures on the company formation documents, with the completion of other business setup formalities in the presence of RAK Media City authorities
Documents Required for RAK Media City Company Formation
- Proof of trade name reservation
- Proof of initial approval for business activities
- Passport copies for the shareholders
- Passport copy and CV of the manager
- Personal Information sheet for each shareholder & manager
- Lease agreement [possessing a physical address for one’s office is mandatory in the UAE]
- Third party/authority approval for activities, where applicable
