During 2022, Ras Al Khaimah Economic Zone, or RAKEZ welcomed more than 4,200 new businesses to its growing business community. And, as a result, there was a significant increase of 18 percent reflected in the year-on-year growth statistics. Now, this popular economic zone is implementing new customized setup packages, products, and services that might interest you.
In this article, you will learn about the recent growth in the Ras Al Khaimah Economic Zone and its favorable ecosystem. Furthermore, we will shortly explain the business setup process in this particular free zone in the UAE. Let’s observe:
- What is the latest news regarding business growth in RAKEZ?
- How can you set up a new company in the Ras Al Khaimah Economic Zone?
- Start your business in RAKEZ with Connect FZ as your ally!
1. What is the latest news regarding business growth in RAKEZ?
According to Ramy Jallad, RAKEZ group CEO, the latest numbers have indicated how far the free zone has come. And their goal to position the RAK emirate as a preferred hub for industrial players/SMEs has been successful so far. In fact, RAK has introduced new customized setup packages, and strategic partnerships to support several segments in its business ecosystem.
Thousands of new businesses have chosen RAKEZ as their base due to RAKEZ’s progressive strategies, innovative solutions, and support. And Ramy Jallad, also mentioned that they will keep facilitating the economic goals of RAK and the UAE in 2023. To do this, they will keep catering to the needs of new investors and taking care of the existing companies.
1.1. The growing number of trading and e-commerce businesses
And, as we mentioned before, there will be new products, services, customized setup packages, and inked strategic partnerships. Apart from supporting several segments in RAKEZ’s ecosystem, these elements will particularly support SMEs involved in trade and e-commerce. As a result, it will keep benefiting the growth of trading companies, which in fact increased by 206 percent recently. Plus, RAKEZ also issued around 413 new licenses due to the recent growth in the number of general trading companies.
Furthermore, e-commerce businesses also grew in number (26 percent hike), as well as services (15 percent) and commercial companies (9 percent). And most investors came from different countries, including the UAE, UK, India, Russia, Egypt, and Pakistan.
On the other hand, there was also a significant increase in the number of companies operating from RAKEZ in 2022. Around 160 companies have expanded their operations in several sectors, including the industrial sector and many others.
RAKEZ group CEO Ramy Jallad ensured that RAKEZ, in alignment with the country’s economic vision, will maintain its investment-friendly ecosystem. And it will also continue to support the growth of businesses in its community. Plus, RAKEZ has already been enhancing its products/offerings, simplifying processes, and introducing innovative solutions for business needs.
2. How can you set up a new company in the Ras Al Khaimah Economic Zone?
If you desire to start a business in Ras Al Khaimah, you must complete the business setup process. And this process regarding business setup in Ras Al Khaimah Free Zone involves the following steps:
- Choosing your business activity, a suitable business license, and a company structure.
- Obtaining the required initial approval for your chosen business activity and trade name.
- Providing the necessary documents for your business setup in Ras Al Khaimah.
- Paying all required fees for your registration and license.
Once you have completed all the previously mentioned steps, you can collect your business license and start operating your business. However, it is recommendable to request the services of business setup consultants in Ras Al Khaimah before starting the process.
2.1. Required documents for your business setup process in RAKEZ
Some of the documents that you will need to submit during the business setup process in RAKEZ are the following:
- A bank reference letter.
- Proof of residence.
- Your bank statements.
- Passport copies of each shareholder.
3. Start your business in RAKEZ with Connect FZ as your ally!
The first step to starting your business in the Ras Al Khaimah Economic Zone (RAKEZ) is requesting professional advice from our specialists. And at Connect FZ, you will find the services and solutions you need to set up your business hassle-free. So, please feel free to give us a call at +971 43 316 688 or emailing us at contact@connectfz.com. We promise to give an answer to all of your queries as soon as possible!
On the other hand, getting the perfect job in the UAE is possible with The Talent Point as your solution. By visiting thetalentpoint.com, you can explore all the available job opportunities across the emirates and find the most suitable one. Apart from finding a job, you can also apply for it by sending your CV or resume to contact@thetalentpoint.com.
