Why you should consider the Ras Al Khaimah (RAK) Economic Zone
If you are looking to register your company in the UAE, there are many good reasons to consider setting up in the Ras Al Khaimah (RAK) Economic Zone.
Located close to Saqr Port (seaport) and boasting an excellent logistics network, the RAK Economic Zone (RAKEZ) is home to over 15,000 Free Zone Companies. Offering world class infrastructure, 0% personal and corporate income taxation and a low cost of doing business, RAKEZ is a highly advantageous jurisdiction for those looking to enter the UAE market.
Well known for its innovative approach to business, RAKEZ launched a bundle of incentives – Client Support Boosters for the SME and the industrial sectors – with a total value of AED 50 million to support its business community during the Covid-19 pandemic.
SME Client Support Boosters for RAKEZ’s co-working and office clients:
- 15% discount on total renewal package
- 25% discount on new dependent visas
- 100% waiver of late renewal penalties
- 100% waiver of cheque postponement fees
- 100% waiver of package downgrade fees
- 100% waiver of activity change fees
- 100% waiver of security deposit for new visa requests
- Flexible instalment options
Industrial Client Support Boosters for RAKEZ’s industrial clients:
- 50% discount on licence fee
- 100% waiver of cheque postponement fees
- 100% waiver of late renewal penalties
- 100% waiver of all RAKEZ gate access fees
- 100% waiver of security deposit for new visa requests
- 25% discount on new labour accommodation requests
- 25% discount on new dependent visas
- Flexible instalment options
As a result, RAKEZ was voted ‘SME Free Zone of the Year’ in the Middle East category and runner up in the Global category at the fDi Global Free Zone of the Year Awards in October 2020.
RAKEZ has further launched a series of pioneering ‘diversity’ products to further increase the support it provides to investors, including: the RAKEZ Business Women Package, a first-of-its-kind product specifically designed to support women entrepreneurs; and ‘Make, Manage, Move Your Products’, the most cost-effective industrial offering in the UAE targeting manufacturers, traders and logistics providers.
Another highly successful initiative to help diversify Ras Al Khaimah’s economy was the unveiling of the ‘RAKEZ Global Product’ (RGP). The RGP offers a mid-shore Free Zone set up that enables investors to redomicile or incorporate a new company through one of RAKEZ’s authorised Corporate Service Providers (CSPs), such as Sovereign Corporate Services. This offering has proved to be a robust and cost-effective solution for many investors that had RAK ICC Offshore Companies but were struggling to satisfy the recently-introduced economic substance criteria.
Whatever the size of your business right now, RAKEZ fosters a flexible and innovative start-up, SME and industrialist ecosystem that makes transition and growth easier to manage than ever before.
To learn more about establishing a RAK Free Zone company, please contact us at Sovereign Corporate Services and we would be happy to assist you.
