Ras Al Khaimah is the UAE's northernmost emirate, and some may know it as popular holiday destination or because of the longest zipline in the world that opened in 2018. But primarily the emirate has made a name for itself through their free trade zone (RAKEZ). The Ras Al Khaimah Economic Zone is one of the oldest and largest Freezones in the UAE and used to be popular for middle priced company formation.
However in recent years the freezone has outgrown itself and the process is not customer friendly anymore. Every license amendment, new visa or yearly renewal requires a complicated process in their online portal. They have also worked up quite a bad reputation with banks and we can not recommend setting up business there anymore.
1. Auditing is Mandatory
It is officially required by the RAKEZ authority to have an accountancy. In practice, you will have to hire a RAKEZ partner to do the auditing for your Freezone company. IFZA Freezone does not have this requirement
2. Company Formation and Visa Application
You can have your RAKEZ Freezone company up and running in around 7 days with the Emirates Setup Worry-free package. The visa application will take around 2 weeks. The process is slower than in some other Freezones.
3. Physical Presence Required
In order to apply for alicense with RAKEZ, your physical presence is required inside a RAKEZ office. If you have a UAE entry stamp in your passport, you can sign in their offices in Germany (Cologne) or Turkey (Istanbul) instead. Some other Freezones offer the possibility of electronic signature. But if you decide on RAKEZ we can handle all the tedious paperwork for you.
- Application forms
- Business plan
- Passport copy of shareholders, directors - clear color copy
- Passport copy of the manager - clear color copy
- Address in home country
With the EmiratesSetup package we do all the tedious paperwork for you and you just have to visit one of the RAKEZ branches in Dubai, Abu Dhabi, Cologne or Istanbul and sign the MoA. We take care of the rest.
The Ras Al Khaimah Freezone used to be one of the most popular freezones in the UAE but they have lost some of its glory in recent years. Other freezones have now overtaken them and the setup procedure in RAKEZ is a bit more complicated and takes longer than in Dubai for example.
EmiratesSetup is an official partner of the RAKEZ Free Trade Zone and we have helped countless companies in the setup procedure. RAKEZ used to be one of our favorite Freezones.