The single biggest factor in the cost of company formation in Ras al Khaimah is working with a law firm with expertise and experience in business setup throughout the UAE. There are different activity licenses, jurisdictions and free zone authorities to consider, along with a very precise set of steps to be completed.
By working with a law firm, errors, omissions, and oversights in the process of company formation in Ras al Khaimah can be eliminated. This means any duplicate fees for processing applications can be avoided. Additionally, the business will be able to start earning an income sooner, helping to offset the initial setup costs which occur in business formation in any area of the world.
The Benefits of RAK
Ras al Khaimah (RAK) is one of the leading emirates in the UAE with regards to trade and industry. Although not as well-known as Dubai, it offers a wide range of benefits to startup businesses both inside of the free zones as well as those set up as mainland companies.
With company formation in Ras al Khaimah, as with the other emirates, there will be essential decisions to make early on in the process. This includes the type of company, including free zone companies, free zone establishments, LLCs, branch offices, joint venture companies and private and public shareholder businesses.
Knowing the benefits and potential considerations of each type of company formation in Ras al Khaimah will be essential. This will create a set of requirements, including if the business can provide products or services in RAK. Free zone businesses will be restricted while mainland companies, which have 51% of the business held by a UAE national, will be able to operate in the emirate.
Keep in mind, free zones in Ras al Khaimah offer a 0% corporate and personal tax rate as well as 0% repatriation on capital and profit. This also helps to reduce the ROI in starting up a business in this dynamic part of the world. Visit stalawfirm.com to learn more.