UAE entrepreneurship

The UAE is globally recognized as a business hub, and its dynamic and conducive environment attracts entrepreneurs worldwide. The low-cost formations in the UAE are the most enticing factor for businesses. Among the many options available for company formation in the UAE, RAKEZ stands out as a preferred choice for many business owners. This blog is written as a comprehensive guide that explains everything you need to know about setting up a company in RAKEZ in 2024. What is RAKEZ? RAKEZ (Ras Al Khaimah Economic Zone) is one of the largest economic zones in the UAE, well-known for offering a variety of business solutions and tailor-made packages for investors and entrepreneurs. Its foundation was laid in 2017 and it was the result of a giant merger between Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). Today, RAKEZ serves over 14,500 companies from more than 100 countries, across 50 industries.   Steps to Set Up a Company in RAKEZ   1. Choose Your Business ActivityThe first and foremost step in setting up a company in RAKEZ is to choose your business activity. RAKEZ offers a comprehensive list of permissible activities across various sectors, ensuring that you can find the right fit for your business. 2. Company StructureDepending on the free zone, select to set up your business as a Free Zone Establishment (FZE), a Free Zone Company (FZC), or a branch of an existing company (FZE is owned by a single shareholder while an FZC can have multiple shareholders). Then, register your company’s name and ensure it doesn’t violate the copyrights of any other company. 3. Select Your License TypeRAKEZ offers several types of licenses, including commercial license (for trading activities), general trading license (for businesses involved in general trading activities), service-based license (for service-oriented businesses), industrial license (for manufacturing and industrial activities), and educational license (particular to educational institutions and training centers). 4. Choose Your FacilityRAKEZ provides a range of facilities to suit different business needs, including, flexi desk offices (for SMEs and corporate offices.), Office formations (for SMEs and corporate offices), Warehouses (for storage and distribution), and land (for large-scale industrial and manufacturing projects). 5. Submit Your ApplicationOnce you have chosen your business activity, structure of company, license type, and facility, you need to submit your application along with the required documents.The standard documents required include: ● Completely filled application form● Passport copies of shareholders and directors● Proof of addresses● Business plan (for certain activities)● No objection certificate (if applicable) 6. Obtain Your LicenseAfter submitting your application and documents, RAKEZ will review and process your application. Upon approval, you will receive your business license, allowing you to legally operate in the UAE. RAKEZ Updates: 2024 Economic GrowthRAKEZ continues to contribute significantly to the economic growth of Ras Al Khaimah and the UAE. 2024 seems to end on a steady increase in the number of registered companies, reflecting investor confidence and robust economic policies. Infrastructure DevelopmentsRAKEZ is constantly upgrading its infrastructure to meet the growing demands of businesses. In 2024, we can foresee more new developments including expansion of industrial zones, enhanced digital services, and the introduction of eco-friendly initiatives to promote sustainable business practices. Business Support ServicesRAKEZ offers a wide array of business support services, including visa processing, banking assistance, and access to networking events. These services are designed to help businesses thrive in a competitive market. Innovation and TechnologyRAKEZ is placing a strong emphasis on innovation and technology in 2024.The economic zone is fostering a tech-friendly environment by encouraging startups in the fintech, AI, and blockchain sectors. This focus on technology is aimed at driving future growth and maintaining RAKEZ’s competitive edge. Licenses Offered by IFZA ● Industrial License: For manufacturing and industrial activities.● Commercial License: Suitable for trading and general commercial activities.● Holding License: For companies looking to hold assets and shares in othercompanies.● Service License: Ideal for businesses offering services such as consulting, IT, and other professional services. Business Activities Permitted in IFZA IFZA allows a wide range of business activities, including but not limited to: ● Trading and retail● IT and technology● Media and marketing● Education and training● Healthcare and medical services● Consultancy and advisory services● Real estate and property management Licenses Offered by IFZA ● Industrial License: For manufacturing and industrial activities.● Commercial License: Suitable for trading and general commercial activities.● Holding License: For companies looking to hold assets and shares in other companies.● Service License: Ideal for businesses offering services such as consulting, IT, and other professional services.   Business Activities Permitted in IFZA IFZA allows a wide range of business activities, including but not limited to: ● Trading and retail● IT and technology● Media and marketing● Education and training● Healthcare and medical services● Consultancy and advisory services● Real estate and property management Trends in Business Activities: 2024!In 2024, there has been a notable surge in IT and technology-related businesses, which now constitute 40% of the new registrations in IFZA, driven by Dubai’s push towards becoming a global tech hub. Why to Set Up a Company in RAKEZ: Potential Benefitsand Features. 1. Strategic Location RAKEZ enjoys the perks of being located in the center of the UAE- making it an ideal location to access international markets. It is extended to 33 million square meters, surrounded by a rich and diverse environment. Being located in Ras Al Khaimah, it connects with major logistical hubs, including Dubai International Airport, Al Maktoum International Airport, and the Jebel Ali Port. Ultimately, its geographical location has made trade and commerce seamless for entrepreneurs. 2. Cost-Effective SolutionsUAE is renowned for its flexible budget formations, RAKEZ is one such example, offering the most competitive rates in the region. It facilitates startups, SMEs, or large enterprises by offering customized price packages for office spaces, licensing, and other relevant services. This encourages the entrepreneurs to invest there and maximize their profit margin. 3. Diverse Business ActivitiesA wide range of activities are supported by RAKEZ including commercial, industrial, services-based, and educational. This diverse business structure of RAKEZ opens up the gate of opportunities for entrepreneurs within one economic zone and