RAKEZ — Ras Al Khaimah Economic Zone

RAKEZ offers a cost-effective and efficient platform for business setup, featuring competitive pricing, streamlined registration processes, and quick approvals. Entrepreneurs benefit from 100% foreign ownership, zero personal taxes, and full profit repatriation. The zone's strategic location, diverse business activities, and access to world-class facilities make it an ideal choice for startups and established companies alike.

Basically no, as a personal visit to the UAE is required as per the regulations of the UAE Central Bank. Local banks require this visit to verify the client's identity. However, some banks allow remote account opening through their digital bank applications or website.

In most cases, you can obtain a debit card for your newly opened company, especially if there is only one shareholder. However, a credit card is usually issued against a fixed deposit. As for loans, banks may consider your eligibility based on your company's operations and profits. It is recommended to apply for a loan after at least one year of operations.

Officially, the office of a company should be located within the free zone where it is registered. However, if you need an office in Dubai, you have the option to rent space in a Business Center and use it on a flexible basis. It is important to note that the minimum required space (flexi desk) in the free zone cannot be canceled.

A flexi desk is a mandatory requirement for any company eligible for resident visas. It serves as the minimum physical office space. Additionally, a flexi desk can facilitate bank account opening as banks require evidence of a company having some form of office or physical presence.

VAT obligations depend not only on the place of registration but also on where the business activity takes place. VAT becomes applicable when the taxable turnover reaches AED 375,000. If a company's trading activities take place abroad, the turnover is not considered taxable as long as the goods or services are supplied outside the UAE. However, if the goods or services are supplied to customers within the UAE, the 5% VAT will be applicable.

The UAE has no personal income tax. However, there is a 5% import tax on goods brought into the country and a 5% VAT on trading or service transactions that occur within the UAE.  
The UAE corporate tax is only 9%, however, companies registered in UAE free zones may be granted corporate tax exemption if they meet the criteria for qualifying activities.

The suitability of a free zone entity versus an offshore or mainland entity depends on your business model and requirements. However, a free zone setup offers advantages such as 100% foreign ownership, eligibility for resident visas, the ability to conduct business both within and outside the UAE, and greater favorability with banks compared to offshore companies. Additionally, free zones often offer a flexi desk option instead of executive offices, making it a cost-effective way to start a business without unnecessary obligations.

While we strive to make the account opening process as smooth as possible, we cannot guarantee the approval as it ultimately depends on the bank. Each case goes through several bank departments for approval, and the bank may contact you directly for clarifications. Providing a clear picture of your business to the bank increases the chances of successful account opening. We do our best to prepare you and your company for a smooth and fast account opening process.

Your company should be renewed annually, and the cost is typically lower than the initial setup cost. The renewal fees depend on your package, and you can obtain the price by downloading the Estimate from our website. Renewal does not require the personal presence of the owner and can be done by your agent. After renewal, the new license must be presented to the bank to extend the bank account, which is included in our renewal service.

You have multiple options for fee payment. You can make payments via bank transfer, cash, or online using a card.