Ras Al Khaimah (RAK) Free Zone
RAK company formation services
As the youngest of all of the Free Zones in the UAE, Ras Al Khaimah Free Trade Zone has built its international reputation and infrastructure only after careful research, planning and development, resulting in the introduction of a unique, ambitious 3 Park concept that did not exist previously in the UAE or even within the region, and the provision of premier business facilities for RAK FTZ investors within other Emirates.
As more and more Free Zones appear in the UAE and throughout the region, Ras Al Khaimah Free Trade Zone will continue with its policy of sourcing and attracting environmentally friendly, quality investors in the Service, Manufacturing and Industrial sectors, with high emphasis placed on attracting investors from the Technology industry. RAK FTZ investors can expect an easy and rapid licensing procedure every step of the way, and every investor is sure of an ongoing, unrivalled marketing support service.
All the three Parks are undergoing major expansion on a regular basis. The next few years will bring targeted expansion and development within RAK FTZ, supporting individual investor needs within each of the 3 Parks. The further development of superior business facilities in other Emirates will be done. It will ensure that RAK FTZ investors are presented with a total marketing solution and everything they will ever need to succeed in business with Ras Al Khaimah Free Trade Zone.
Prior to 1971 each of the seven members emirates of the UAE (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaima, Sharjah and Umm Al Quwain), previously known as the Trucial States, had its own existing institutions of government. The Rulers agreed to draw up a provisional Constitution (“the Constitution”) which provided for the establishment of the Supreme Council of the Rulers of all the Emirates as the foremost authority in the Federation and a Council of Ministers as the Executive Branch of the Federation. Federal Ministries of Foreign Affairs, Defence, Justice, Public Health, Communications, Information Interior, Finance and Industry, Economy and commerce, Education, Public Works, Agriculture, Labour and Social Affairs and Planning were established. As a Muslim country, one of the fundamental principles in the Constitution provides that Islamic Law (Sharia) is the main source for the legislation in the UAE. The main aim of the UAE Government Strategy is to ensure sustainable development and a high quality of life for all UAE Nationals.
RAK is one of the Emirates of the seven independent emirates, the current population is approximately 250,000 but this is expected to raise to 400,000 by 2017. Over 50% of the population are expatriates.
The UAE is 4 hours ahead of GMT (+4 GMT).
Infrastructure and Economy
The UAE is one of the wealthiest countries in the world with a GDP of US $103 billion (2004). Dubai’s economy grew by approximately 16% in 2005 and is acknowledged as one of the fastest growing economies in the world. The UAE has the third largest proven oil reserves, however RAK has broadened its economic activity to include an industrial platform, real estate, trade and manufacturing. In addition Tourism is increasing rapidly with approximately 10 million tourists expected in 2007. The emirate of Ras Al Khaimah is strategically located between Africa and the Middle East and between the Far East and Europe, making it a gateway to over 1.5 billion consumers located in countries surrounding the Red Sea and the Gulf. Its infrastructure is of the highest standards with access to more than 170 shipping lines and approximately 86 airlines connecting to over 100 cities worldwide. The strong shipping and transportation sector is composed of most of the leading regional and international freight forwarders, insurers and shipping agents.
Principal corporate legislation
- International Companies Regulations 2006.
- Registered Agents Regulations 2006.
Type of law
Federal, except for Dubai and Ras Al Khaima who maintain their own judicial systems. The Emirates had the constitutional right to opt to join the Federal judicial system or maintain their own independent system. The Federal UAE courts are divided into civil and criminal and are also generally divided to three stages of litigation namely:
- Courts of First Instance.
- Courts of Appeal.
- Federal Supreme Court (colloquially referred to as Court of Cassation).
In addition to the Civil Courts each of the seven Emirates maintains a system of Sharia Courts which are organised and supervised locally.
Business set-up – company types
The Free Zone offers the benefits of 100% foreign ownership as well as exemption from customs duties within the Zone. This is best suited for export oriented companies whose primary market is outside the Gulf Cooperation Council (GCC) region or for trading and service entities.
Products manufactured in the Non Free Zone can be exported to all Gulf Cooperation Council countries without any customs duties. The products will be required to meet the criteria of a minimum of 40% value addition to avail this advantage. Non Free Zone is ideal for manufacturing units whose primary market is within the Gulf Cooperation Council and Greater Arab Free Trade Area.
Free Zone company
Non Free Zone company
|Ownership||100% foreign ownership||Up to 49% foreign ownership|
|Tax||100% tax free||100% tax free|
|Sales in local market||Through an authorized agent or distributor only.||Direct|
|Customs Duty||No customs duties within the Free Zone.
5% customs duty to be paid on deposit, for goods in transit between points of entry (seaports, airports, borders) and Free Zones and Free Zones to point of exit (export).
5% customs duty for sales to local market (import) and Gulf Cooperation Council (GCC) (first point of entry-import).
Local customs duties applicable for imports into other countries.
|No customs duty applicable for sales of locally manufactured goods in Gulf Cooperation Council (GCC) and Greater Arab Free Trade Area (GAFTA) countries.
Local customs duties applicable for imports in to other countries.
As per the contract between partners.
UAE labour laws.
Our company licensing services
— What we do and do not do
Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency or financial related business activities.
TBA & Associates Tax Business Advisors does not provide or carry out any sort of Cryptocurrency or Financial services!
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