Basic information on the emirate “RAK” for those who plan to register a company in Ras-Al-Khaimah, UAE
This article will tell you about the youngest emirate of the UAE, Ras-al-Khaimah (briefly “RAK”). We will also tell about registration of a company in the UAE in FTZ of Ras-al-Khaimah — “Ras-Al-Khaimah Economic Zone”.
the name of the emirate is translated into Russian as the “cape of small huts”.
General information on the emirate “RAK” for those who plan to register a company in Ras-Al-Khaimah, UAE
On 10 February of 1972, Ras-Al-Khaimah joined the UAE.
Ras-Al-Khaimah has no oil. The basis of the emirate’s economy for a long time was: pearl extraction, fishing, and agriculture. Meanwhile, in 1920 in mountains of Ras-al-Khaimah iron ore was found; since then, industry began to develop here. The first in the UAE plant for production of concrete was opened here; even today Ras-Al-Khaimah is leading in this sector.
The main peculiarities of the emirate “RAK”:
- The youngest emirate.
- The Northernmost emirate in the UAE.
- In the territory of this emirate 25% of the local population lives (the biggest share of the local population), the remaining 75% are non-residents.
- Penalty is provided for taking alcohol or being in drunken state in public places.
- There is no system of public transport in Ras-Al-Khaimah. You need to take a taxi or ride a personal car across the town.
What you need to know about taxi in Ras-Al-Khaimah?
- The official taxi in Ras-Al-Khaimah has designation marks and is equipped with counters.
- A local sim card is necessary to order a taxi.
- “Taxi Line” is a specially equipped site where you can wait for a free taxi.
- Children under 5 years must be transferred in a special chair.
- There is a special “women” taxi for women. Fees in such taxi are approximately 20% higher.
- Women should transfer in taxi only on rear seats.
- Taxis do not provide extra payment for the number of people or baggage (except large-scale baggage).
- Taxi can be paid with cash, credit cards, dollars, and euro (euro and dollars are taken by taxi drivers at a lowered rate).
- Taxis are subordinate to the transport department “RAK TA” in Ras-Al-Khaimah.
- Distance fees – 3 dirham (0.8 dollars), 650 meters – 1 dirham (0.3 dollars).
Big companies that operate here:
- “Falcon Technologies International” (“FTI”).The leading global manufacturer of professional optic data carriers and archive solutions.
- “Gulf Pharmaceutical Industries” (“Julphar”).The oldest and the biggest pharmaceutical company in the Persian Gulf dealing with production of a wide range of drugs, vaccines, and customer goods for health.
- “Innovative Composite Engineering”.Specializes in complex composite solutions, starting from the initial design and development and ending with mass production. ICE is certified and operates in accordance with quality systems AS9100 and ISO 9001.
- “RAS Ceramics”.One of the biggest ceramics brands worldwide. It specializes in wall and floor tiles from porcelain gres and bathroom fitments; the company produces 110 million sq.m. of tiles and 5 million items of bathroom fitments per year.
The government of Ras-Al-Khaimah promotes the development of tourism in the emirate.
The main sights of Ras-Al-Khaimah and leisure spots
- “Arabian ghost city”. An abandoned village that was previously inhabited by pearl traders, fishers, and sailors. In the early XX century, pearl trading had nearly stopped and people left the village. Many houses here were made from coral rock in the Arabian styles.
- Hajar Mountains. The biggest mountain peak is called Jebel Jais; it is 1911 meters high.
- Fortress and village Daya. The last fortress of the Arab defense during British invasion in the XIX century.
- Old City and the National Museum. In the Old City you may see the harbor, the ancient mosque, market, Fortress Al-Hisn (currently – the national museum where you may see ancient household items, clothing, dishware, various archeological findings, etc.).
Besides, there are plenty of markets and trade centers in Ras-Al-Khaimah. There are lanes for camel races, the park Saqr where you may ride electric cars and attractions, walk among greenery and play video games, and carting lanes.
Also, residential and commercial estates, which are highly popular in foreign investors, are being actively built in “RAK”.
The emirate has Free trade zones “Ras-Al-Khaimah Media Free Zone”, “Ras-Al-Khaimah Economic Zone”, and other.
Free trade zone or free economic zone (FTZ),or a free zone is a limited district in the emirates that is a separate jurisdiction from the UAE. Within FTZ, companies can be registered. Each free zone of the UAE defines its own rules governing the operation of companies.
The emirates have already established more than forty FTZ.
Opening a company in the UAE in a free trade zone – another service offered by us! Feel free to ask our specialists for advice.
Benefits and peculiarities of registration of a company in the UAE in FTZ “RAKEZ”
FTZ was established in 2017 as result of merge of free zones “RAK FTZ” and “RAKIA”. «RAKEZ» is utmost popular among investors. Its main advantages are:
- Territorial proximity to Dubai.
- Absence of corporate tax, customs duties on re-export of goods when making external trade.
- Lower cost of maintenance of business (if compared to Dubai and Abu Dhabi).
Operation of companies registered in the territory of “RAKEZ” is regulated on a legislative level of this zone. The following organizational-legal forms of companies are available in “RAKEZ”:
- “Free Zone Limited Liability Company”;
- “Free Zone Establishment”;
- Branches of foreign companies.
The main peculiarities of registration of a company in the UAE in FTZ “RAKEZ”:
- The name of the company is corresponded by the abbreviation “FZ LLC”. There is an entire list of words prohibited for use in a company name.
- Articles of association of a company should include (in mandatory order): name of a company, type of activity, place of registration, amount of shareholding capital, data on directors and shareholders of a company, and certain other information requested by the register.
- Natural persons or legal entities may be shareholders. The number of shareholders of “Free Zone Establishment”– one. For “Free Zone Limited Liability Company” – minimum two shareholders (maximum – 50). Information on shareholders is listed in the register of shareholders, is not disclosed to public and should be kept at a registration address of a company.
- A company may issue nominal shares. Bearer shares are prohibited. The amount of the shareholding capital is defined by the articles of association.
- Only a natural person can be a director of a company. Information on directors is put in the register of directors, is not disclosed to public and should be kept at a registration address of a company.
- Annual general meetings should be held at least once in a calendar year, but not later than 15 months after the previous meeting.
- An office of a company can only be located within the territory of a free zone.
- The main activity of a company should be performed within FTZ; therefore, you need a real office. Meanwhile, company may simultaneously operate abroad.
- To perform any activity, a license is necessary which covers only the activity in the free zone territory. Operating in the territory of the UAE is only possible through an intermediary.
How to obtain an investor visa UAE?
An investor visa UAE may be obtained through:
- Registration of a company in a free zone.
- Registration of a company outside any free zones of the UAE.
Investments are not required for obtaining visa of the Arab Emirates. A resident visa UAE for an investor is issued for 3 years with an option for prolongation for next three years any number of times. It is necessary to arrive in the UAE at least one in every 180 days. Annual fees should be paid for prolongation of an opened company through which UAE resident visa was executed.
UAE visa for opening a company in the Arab Emirates!
If you are not an owner of a company in the UAE, then our services on execution of UAE visas also include the service for opening a company in emirates. Depending on how many UAE investor visas is needed, we recommend different variants of companies in different FTZ in emirates. The price for establishment of such company depends on the number of visas you need.
Holder of this visa UAE can also obtain visas for his dependant family members.
It is much more than that we’d like to tell you about the emirate Ras-Al-Khaimah. Later we will provide you with useful extra materials dedicated to life and business in the UAE. If you need assistance in opening a company, obtaining a visa, feel free to contact us now: [email protected] . We will get back to you in the nearest time!
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