Ras Al Khaimah is one of few UAE emirates with quite less production of oil & petroleum. It is the reason that the emirate tried to develop other sectors far earlier than Abu Dhabi and many other emirates. There are several industries in RAK that were developed soon after independence or even before independence of UAE. Main industries in RAK emirate are tourism, agriculture & fisheries, real estate, building materials, manufacturing, services and high-tech industry.
With the passage of time, RAK introduced new taxation and companies’ laws where lots of advantages and opportunities are provided to foreign investors and entrepreneurs. One such important area that serves entrepreneurs and investors is the free zone. Despite being a smaller emirate, RAK has established itself as an important place to provide free zone facilities to number of business types. Most of the free zones in RAK are designed for a specific industry. One such important free zone is the RAK Maritime City (RMC). This specific free zone rivals DMCA – maritime free zone in Dubai.
Despite the popularity and fame of Dubai and Dubai-based free zones, there are several factors that attract investors to find a place in RAK Maritime City instead of DMCA. As a smaller emirate, RAK is quite inexpensive as compared to Dubai and provides good facilities at competitive rates. It is the reason that small and medium companies prefer maritime free zone in RAK than the same type of zone in Dubai.
RMC free zone occupies area of several million square meters. The free zone is divided in number of zoned plots that provide accommodation for various types of industrial sectors. Its most strategic benefit is its location near the Strait of Hormuz. This helps companies to save fuel costs.
Company formation in RMC Free Zone requires the three step process of obtaining business license, approving documents and establishing legal entities.
There are three types of licenses available in RAKMC.
- Commercial license is for import, export, storing, distribution and selling of goods as listed in the license
- General trading license allows activities for more than seven product lines
- After obtaining Industrial license, the holder can import raw material for manufacturing, treating and assembling of particular products
Following are the legal entities that are allowed to be established in RAKMC free zone.
- Free Zone Establishment (one shareholder)
- Free Zone Company (two to fifty shareholders)
- Local Branch (parent company in UAE since past 1 year)
- Foreign Branch (parent company outside UAE for more than 1 year)
You can make the whole process of obtaining license, establishing legal entity and registration of documents quickly and without any issue by contacting Riz & Mona Consultancy. We have years of experience in handling matters related to RAK MC and free trade zone in RAK and other emirates of UAE.