Ras Al Khaimah is one of the seven emirates of the UAE and is becoming a popular destination for entrepreneurs and investors looking to start a business. The emirate offers several advantages, such as low setup costs, low taxes, and a strategic location between Europe and Asia. Here is a step-by-step guide on how to start a business in Ras Al Khaimah: View it now to get info about RAKEZ business set up cost.
Determine the business activity
The first step in starting a business in Ras Al Khaimah is determining the business activity you want to undertake. You must check if the business activity is allowed and if any special permission is required.
Choose the business entity
The next step is choosing the business entity you want to establish. There are several options available such as a limited liability company, sole proprietorship, or partnership. The type of business entity you choose will depend on factors such as ownership, liability, and capital requirements.
Choose a name for your business
You must choose a unique name for your business not already registered with the Ras Al Khaimah Department of Economic Development (RAK DED). You can check the availability of the name on the RAK DED website.
Obtain a trade license
Once you have decided on the business activity, entity type, and name, you must obtain a trade license from the RAK DED. The license will specify the business activity that you are authorized to undertake.
Secure a location
You must secure a physical location for your business. This can be a commercial office or a shared workspace. The location must comply with the local zoning regulations and meet the minimum space requirements.
Register for VAT
If your business is required to register for VAT, you must obtain a VAT registration number from the Federal Tax Authority (FTA).
Open a bank account
You must open a bank account in Ras Al Khaimah to conduct business transactions. It would help if you worked with a reputable bank familiar with the local business environment.
Obtain additional permits and licenses
Depending on the business activity, you may need additional permits and licenses from the relevant government authorities. For example, if you plan to operate a restaurant, you must obtain a food and beverage license from the municipality.