Ras Al Khaimah, UAE – RAK Creation of local company

RAK Creation of local company

The business environment in Ras Al Khaimah and the UAE (United Arab Emirates) offers all the benefits of a highly-developed economy.

The infrastructure, as services meet the highest international standards, facilitating efficiency, quality and service.

  • Free enterprise system
  • Modern transport infrastructure and developed.
  • Telecommunications and high technology
  •  Renowned international exhibition center and conference rooms.
  •  High quality office and residential accommodation for upmarket game.
  • Inexpensive labor and recruitment procedures simplified.
  • Reliable power source.
  • Utilities are evolving.
  • Great hotels, hospitals, schools, shops and cosmopolitan lifestyle.

Obviously, the economic development strategy of the UAE has been a success and investment incentives in place; appropriate legislation, infrastructure, banking, insurance and social and political stability have created an excellent business climate.

Local companies in the United Arab Emirates (non Free Zone, or Offshore) must possess one or more national partner whose share on the capital to the company shall not be less than 51% stake in the company.

Therefore, foreign investors wishing to establish business operations in Dubai, Ras Al Khaimah or elsewhere in the UAE engaged in most businesses have to act with a partner who is a spring.
Those wishing to establish service companies and / or branches, where 100% foreign ownership is permitted, limited to non-commercial activities.

Generally, all licenses are issued by the Economic Department of Ras Al Khaimah Emirate or concerned.

However, licenses for some categories of business require approval from certain ministries and other offices, for example.

  • Banks and Financial Institutions of the Central Bank of the UAE
  • Insurance and related organizations of the Ministry of Economy and Trade Companies
  • Manufacture of the Ministry of Finance and Industry.
  • Pharmaceutical and medical products from the Ministry of Health.

 

More detailed procedures apply to businesses engaged on the production of oil and gas and related industries.

 

The practice of commercial activities (for example, example jewelry and insurance) requires the submission of a financial guarantee issued by a bank in Dubai.

In general, all commercial and industrial businesses in Ras Al Khaimah must be registered with the Chamber of Commerce of Ras Al Khaimah and Industry.

In the past, each emirate followed its own procedures governing the operations of foreign business interests.
In practice, Ras Al Khama generally follows the federal system, where foreign companies are controlled by using one of the following:

With a local sponsor, through a partnership with a UAE national or a UAE company, or through a private limited liability company or a corporation established by the decree of the sovereign society.
Since 1984, measures have been taken to introduce a codified company law which is applicable over the whole of the UAE (United Arab Emirates).

Federal law provides that the total of own premises (original Emirati) is at least 51% in any commercial company and defines a ranking of companies can be based on the UAE capital in seven legal status.  It defines the requirements in terms of shareholders, directors, minimum capital and incorporation procedures.

  • General partnerships
  •  Limited partnerships
  • Joint participation (Ventures)
  • Public Joint-Stock Companies
  • Company (Private) per share
  • Limited Liability Companies
  • Companies limited by shares

Of these seven statuses, the LLC is the most commonly used by foreign investors.

On the other hand, foreign investment is promoted through the establishment of branches and representative offices of foreign firms and professionals to 100% foreign company.

The 100% foreign ownership is permitted in the Free Zone.

We operate in the formation of your company in Ras Al Khaimah and other UAE:

  • Licenses
  • Name and approval activities
  • License Registration and Article of Association (with the court)
  • Release of capital
  • Immigration Services / Labor Legislation
  • Local, Sponsor / Partners
  • Drafting of all legal documents for the registration of the company
  • Visas for partners and employees
  • Assistance, research and renting business premises
  • Assistance in opening a bank account