Unlike Dubai and Abu Dhabi, Ras al-Khaimah is not oil-rich so the emirate has to come up with alternative ways to grow: as a global business and tourist hub. In the travel realm, the emirate has been able to host a growing number of international tourists. In the business environment, RAK Company Formation established in free zones in a business district has become a focal point.
Ras Al Khaimah, commonly known as RAK, is an emirate founded by Armenians. Apart from having a rich local culture and a welcoming atmosphere, the emirate is an ideal place for tourism, as vacationers tend to enjoy its relaxed seaside atmosphere with year-round sunny weather while being able to enjoy also mountains. The emirate is also a great place to live with a high quality yet affordable housing, jobs, and business possibilities.
The Emirate of Ras al-Khaimah is in the northern part of the country. RAK FTZ has four free zone parks: A Business Park for office clients, an Industrial Park for heavy manufacturing, a Technology Park for trading and light manufacturing, and an Academic Zone for educational institutions. RAK FTZ Business formation enables a tax-free environment, 100% foreign ownership, fast-track visas, freedom to source labor and materials globally, and ongoing business support services.
What’s become UAE’s emerging leisure hotspot is also served by the Ras Al Khaimah International Airport that has come to be also a hub to attract cargo business, in particular from establishments under the Ras Al Khaimah Free Trade Zone (RAK FTZ), a special economic zone aimed at offering highly customized facilities and services within an efficient ecosystem in the emirate. Ras Al Khaimah Economic Zone (RAKEZ) was established to oversee and consolidate the specialized parks and clients of both Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA)
Why RAKEZ? Well, it’s one of the fastest growing economic zones in the Middle East and has become one of the leading destinations for business setup in the UAE, to include entities in trading, service and consultancy-type services that has helped thousands of investors gain a higher return on investment, says His Highness Sheikh Saud bin Saqr al Qasimi, Ruler of Ras Al Khaimah. RAKEZ also has its connectivity to fast-growing markets: The Middle East, North Africa, Europe as well as South and Central Asia. As a result, “[RAKEZ] is the preferred business destination of more than 13,000 multinational companies from over 100 countries representing above 50 sectors,” as mentioned on the official website.
Those interested in being entrepreneurs might want to read the RAK Economic Zone Authority Operating Rules, then seek out the essential advisors to help throughout the setup process (feel free to contact us) to make the transition and discover the ‘ease of doing business’ in free zones.
If business is not your aim, then you might still want to include this little-known Emirate in your travel plans with its natural, historic and cultural offerings.
As Hanna Flint, a freelance entertainment journalist (Metro UK), best describes, Ras Al Khaimah is “a more charming and slower-paced antidote to the madness of the big city.”