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Company formation in Ras Al-Khaimah (RAK) Maritime, an overview.

Company formation in RAK Maritime City

COMPANY FORMATION IN RAK MARITIME CITY

RAKMC Maritime city was formed in 2009, it is a free zone which combines the best international port facilities with basic business benefits for companies seeking cost-efficient, secure, transparent and also customisable business answers with outstanding in tax benefits.

RAK Maritime City is zoned into areas for specified use like:

  • Retail
  • Warehousing
  • General cargo handling
  • Industrial production and manufacturing
  • Tank storage and also shipbuilding or repairs & etcetera

Following are the benefits of Company formation in RAK Maritime City

  1. 100% company ownership
  2. 100% repatriation of capital & profits
  3. Access to high-tech infrastructure and communication
  4. 100% foreign investment
  5. Access to world-class ports, logistics, and also transportation
  6. Easy business formation regulations
  7. Access to global market
  8. Flexible policies for foreign hiring
  9. World class banking system

Permitted license and types of legal entity in RAKMC

  • Commercial license
  • Industrial license
  • General trading license
  • Free Zone Company (FZCO)
  • Free Zone Establishment (FZE)
  • Branch company

The Free Zone is divided into two types of plots, plots with a linear quay length as part of its boundary, giving exclusive use of that quay, and also plots with no direct access to the water and located away from the harbour area.

 

And finally, what are the required documents?

  • License application form and also business plan
  • Passport copy of owner/manager
  • Company resolution and also registration certificate
  • Power of attorney
  • Memorandum of association and also articles of association
  • Bank statement -proving a minimum account balance as per the capital requirement,
  • Bank statement and also recommendation – not older than three months
  • Board decision of parent company to set up a branch
  • Good standing letter and also legal documents of parent company