Setting up a business in the United Arab Emirates (UAE) can be daunting, but with the right information and support, it can be a smooth process. One option for setting up your business is to obtain a RAKEZ license. RAKEZ, or Ras Al Khaimah Economic Zone, is a free economic zone located in the Emirate of Ras Al Khaimah, offering a range of licenses that allow businesses to operate in the zone. In this article, we’ll guide you through setting up your business with a RAKEZ license.
Choose the right license type:
RAKEZ offers several types of licenses to businesses, including industrial, commercial, educational, service, and media licenses. Choose the license type that aligns with your business activities.
Choose a business activity:
Next, decide on the business activity you wish to engage in. This will determine the specific requirements for your license and the fees you’ll need to pay.
Submit your application:
Once you’ve chosen your license type and business activity, you can submit your application online. All shareholders and directors must provide all the required documents, including your business plan, financial statements, and proof of identity and address.
Obtain a trade license:
After your application is reviewed and approved, you’ll receive a trade license. This license allows you to carry out business activities in RAKEZ and is required to open a corporate bank account.
Open a corporate bank account:
Opening a corporate bank account in the UAE is necessary for doing business. You’ll need to provide the bank with your trade license, passport copies of all shareholders and directors, and a copy of your business plan.
Obtain your visa:
If you plan to work and live in the UAE, you must obtain a residency visa. RAKEZ offers visa services to businesses and their employees, including work and residency visas.
Register with the UAE government:
After obtaining your trade license and visa, you must register your business with the UAE government. This involves getting an Emirates ID card, registering for VAT, and obtaining necessary permits and certifications.
Setting up a business in the UAE with a RAKEZ license can be straightforward if you have the right information and support. By choosing the right license type and business activity, submitting a complete application, obtaining a trade license and corporate bank account, obtaining a visa, and registering with the UAE government, you can confidently start doing business in RAKEZ.