How to open a company in RAK?
Ras Al Khaimah is also known as RAK. It is the capital of Dubai. RAK is one of the best places to open up an Offshore International Company as it gives so many opportunities to investors. The filing system is basic and have very low taxation jurisdiction. It also provides the protection of your assets and as well as confidentiality of your financial accounts.
- Firstly, you need to decide the type of business you want to start up. Business ideas like trading consultancy and advising services joint investment companies company holding and commission-based companies a good choice. Depending upon the type of business we want to start you need to follow respective business license issuance procedures. Each kind of business has its own legal regulations and fees. Also, the approval of location is important because locations are specified according to the type of business.
- You also need to legalize your business for that investors have to visit department of economic development. In that department general Directorate of residency and foreigner’s affair have the authority to check the legal status of your business.
- After determining the type of business, you want to start and the legal status of your business the next step should be deciding the name of your business. The trade name should be different and unique. After deciding the name of your business, it needs to be approved. On approval a trade name certificate is given that allows you to continue with the business license issuance procedure. After the approval of trade name in the investor is allowed by the administration in the department of economic development to rent the place and examine the location.
- After the approval of trade name location and other legal procedures. Further the approval depends upon the type of the business you are starting. Some business need only the approval of department of economic development whereas other business need approval from various authorities.
- On visiting all the authorities and getting approvals the license is issued by the department of economic development. The basic types of license are industrial license, commercial license professional license and tourism license.
- There are many companies that provide services to new investors in obtaining the license and approvals from authorities. RAKEZ also provide such services.