Transitioning from employee to entrepreneur is an exciting yet challenging journey. The United Arab Emirates (UAE) has established itself as a global business hub, offering various opportunities for aspiring entrepreneurs. Among the most attractive options are the country’s free zones, particularly RAKEZ (Ras Al Khaimah Economic Zone). This post will guide you through the process of setting up a business in a free zone like RAKEZ and explore the visa options available to help you embark on your entrepreneurial journey.
A free zone is a designated area within a country where businesses benefit from a unique regulatory framework designed to simplify operations and enhance growth. In the UAE, these free zones have become key innovation ecosystems, providing expatriates and foreign investors with 100% company ownership. They serve as strategic trade hubs, offering key benefits such as full repatriation of capital and profits, streamlined business set-up procedures and access to modern infrastructure. Each free zone operates under its own set of rules, often tailored to specific industries, which supports efficient and effective business operations.
RAKEZ stands out among the UAE free zones for its affordability, flexibility and diverse range of business activities. It accommodates various sectors, from trading and manufacturing to services and consultancy, making it a popular choice for many entrepreneurs. RAKEZ offers a streamlined set-up process, allowing you to focus on building your business rather than getting bogged down in bureaucratic procedures.
● 100% foreign ownership A key advantage of setting up a free zone business is that foreign investors can retain 100% ownership. This allows investors to have full control over their operations and make strategic decisions independently. ● Low tax: Previously, free zone companies in Ras Al Khaimah benefited from complete tax exemptions, including corporate tax, personal income tax and import and export duties. However, from June 2023, companies generating an annual profit exceeding AED 375,000 are subject to a corporate tax rate of 9%. Despite this change, it remains one of the world's lowest corporate tax rates, presenting a substantial advantage for foreign investors looking to minimise operational costs and maximise profits. ● No currency restrictions: Another benefit of setting up a business in Ras Al Khaimah free trade zone is the absence of currency restrictions. Investors can freely repatriate all profits and capital, facilitating seamless management of financial operations. ● Easy company set-up: The process of setting up a business in the Ras Al Khaimah’s free trade zone is relatively straightforward. It features a streamlined registration process and minimal paperwork, making business set-up in the UAE efficient and cost-effective. ● Access to global markets: Free zone companies in Ras Al Khaimah benefit from access to global markets across Europe, Asia, and Africa, supporting business expansion, reaching new customers, and boosting profitability.
Step 1: Customise your package Work with our experienced Business Development professionals to tailor your package. Choose the legal entity, licence type and facility that best suits your business needs. Step 2: Submit application & documents Our dedicated team at RAKEZ will assist you in completing your application and ensure all necessary documents are submitted correctly. From start to finish, we guide you through the process to meet all requirements seamlessly. Step 3: Receive your business licence Upon completion of the licensing formality, your business licence, along with your registration set and bank letter, will be issued promptly. Subsequently, the visa application process will commence. RAKEZ provides a comprehensive free zone business set-up package, ideal for those transitioning from employee to entrepreneur. This package includes everything you need to live and work in the UAE, such as a UAE residence visa, third-party visa processing, immigration file/e-channel, pre-approval, business licence and a shared workstation. Whether you're exploring free zone business set-up or evaluating free zone visa options, RAKEZ covers all key considerations for residents, ensuring a smooth business launch.
There are several types of residence visas in the UAE, each with specific requirements and privileges. But the following visas are perfect for entrepreneurs: Golden visa This UAE visa allows eligible individuals to live, work, and invest without traditional employment or sponsorship. Typically granted for 10 years and renewable, the cost varies based on specific requirements. Green visa The UAE’s Green visa is a type of residence visa, that allows its holder to sponsor himself/herself for five years, eliminating the need for a UAE national to sponsor his/her visa. Book a free business set-up consultation with experts at RAKEZ today. Contact: Phone: 97172041111 Email: info@rakez.com
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