Ras Al Khaimah is one of the seven emirates in UAE known for its business-friendly environment and providing various incentives for companies. Establishing a business in Ras Al Khaimah has many available merits, for it would be a good choice for entrepreneurs and investors. The article will dwell on the benefits and process of company registration in Ras Al Khaimah.
Benefits of Company Registration in Ras Al Khaimah
100% Foreign Ownership
Another benefit resulting from this setup is the complete ownership of the company by foreign investors. This is one of the greatest possible offers so that a businessman can establish and run a business even without a local partner.
No Income or Corporate Tax
RAK authorities offer tax incentives attractive to international businesses. In general, companies in Ras Al Khaimah are tax-exempt. Consequently, this can help an organization save operating costs, allowing reinvestment of its profits and enabling the endeavor to grow faster.
Strategic Location
Ras Al Khaimah is very well located to access the major global markets easily. It is an area close to such key business centers like Dubai and Abu Dhabi and thus the perfect base for businesses looking to have their impact felt within the UAE and beyond. The air and sea connectivity in the emirate provides for the excellent logistics network that can service the companies very well.
Affordable Setup Costs
Among the emirate, Ras Al Khaimah is one of the most budget-friendly cities in terms of business setups. This is mostly because lower registration and rental fees of office space provides utility costs and these qualities are favorable for start-ups and small enterprises.
Simple and Fast Registration Process
Registering a company in Ras Al Khaimah is an easy process. The local government is doing a bang-up job unscrambling the formalities needed to get things done, stretching out the services at lightning speed that will result in less time approaching at the starting date of a business. Get details about Company Formation Service in Ras Al Khaimah.
Process of Company Registration in Ras Al Khaimah
Choose the Type of Business Entity
Once you have decided on setting up your business in Ras Al Khaimah, the next step is to determine the type of business entity you want to have. The main types of business entities that people mostly think of include:
The requirements and benefits of every entity type are different, so choosing the one that suits you the best is very significant.
Select a Trade Name
Upon your decision on the business entity, you will move on to trade name registration for your company. It needs to be quite unique and meet the specifications for naming under the Department of Economic Development (DED) in the Emirate of Ras Al Khaimah. Consider the prohibition of any name that could consequently suggest offense to any person, company, or corporation, or infringe on existing trademarks.
Apply for a Business License
Every business operation started in Ras Al Khaimah will need a legal business license. Now the license type is decided by the kind of business a person is willing to plan and start: normal business licenses, industrial licenses, or professional licenses. Basically, proof of identity and address are documents that must be shown during the process of applying.
Rent Office Space
Starting a business requires a physical address for registration. You have to rent office space or avail of a virtual office package depending on the nature of the business you plan to set up. Office requirements can differ with the type of business entity chosen. Know about Company Formation Service in UAE.
Submit Documents and Pay Fees
After gathering necessary papers and finding an office space, you will then have to file everything with those responsible for its official approval. One should also be ready to pay requisite tariffs for the sake of registration with the local suppliers. As soon as a company is approved, have the trade permission, and the enterprise is officially registered.
Call +971 56 658 2477 for Company Registration in Ras Al Khaimah
Ras Al Khaimah gives an outstanding platform for startups and businesses that aspire to establish themselves in the United Arab Emirates. It offers tax incentives and perfectly simple business registration for investor-friendly features. For instance, investors who wish to start their businesses in a hassle-free business environment can follow the steps detailed above and start capitalizing on the attractive business set-up and operating environment in Ras Al Khaimah.