Ras Al Khaimah Investment Authority
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Why setup business in Ras Al Khaimah Investment Authority
Ras Al Khaimah Investment Authority has been formulated by a legal requirement issued by the lateikh Saqr Bin Muhammad Al Qasimi. This authority has its origin in Abu Dhabi. Ras Al Khaimah is the second largest emirate within the United Arab Emirates (the first being Dubai). The capital city of the United Arab Emirates, also known as the United Arab Emirates, has a major role as an economic, financial, trade and commercial centre in the region.
Ras Al Khaimah enjoys a strategic location, with access to the Persian Gulf, the Arabian Sea and the peninsular Indian Ocean. This makes it a very strategic trading and business centre. It has significant natural advantages over all other locales. This includes a temperate climate, low rainfall, a well-developed infrastructure and a diverse, globally recognized business and commercial sector. Therefore, from the point of view of business and development, Ras Al Khaimah is a relatively well developed and viable business and investment prospect.
The first, and probably the most important, advantage is its geographical positioning. Located in between the Arabian Sea and the Persian Gulf, Ras Al Khaimah enjoys a strategic location and offers an advantageous business and investment prospects, especially for offshore investors. The strategic location provides easy access to key markets such as India, South-east Asia, China, and the Middle East.
The second advantage is the numerous domestic and international investments, both foreign and domestic, that the United Arab Emirates currently has in various projects including: power and gas, telecommunication, petroleum and natural gas, water transport, cement and construction. Furthermore, the national economy has developed significant during the last decade. However, progressis expected to accelerate in the coming years. As a result, more domestic resources will be available for development projects. Moreover, the recent developments in the labor market are also encouraging.
Besides Ras Al Khaimah Investment Authority, there are other important bodies in the Ras Al Khaimah area. The Ras Al Khaimah Investment Authority is another major body responsible for the promotion of business opportunities in Ras Al Khaimah. This agency has been instrumental in the development projects in Ras Al Khaimah and has promoted investment and business opportunities in different fields such as investment, commercial, manufacturing, and construction. The Ras Al Khaimah Investment Authority has created the “Ras Investment Company” to manage the activities related to investment and business opportunities. Other important bodies related to Ras Al Khaimah include the Ras Al Khawassa Investment Corporation and the Ras Al Jumeriah Investment Corporation.
- Ras Al Khaimah is home to a large number of international businesses that provide a wide range of business opportunities. These businesses employ thousands of employees and contribute significantly to the economic development of Ras Al Khaimah. Ras Al Khaimah’s port, harbor, and airport have become an important trade and transport hub throughout the region. Therefore, there are many opportunities in Ras Al Khaimah for both domestic and foreign investors. Ras Al Khaimah is also home to a large number of investment and business opportunities in the fields of construction, insurance, and oil and gas..
Top 3 categories of licenses issued in Dubai to register a company
Depending on the nature of the activity a business entity plans to undertake, license in one of these categories will be issued:
1. Commercial License – is issued to a company who will engage in any kind of trading activity.
2. Industrial License – is issued to a company who will engage in manufacturing or any industrial activity.
3. Professional License – is issued to service providers, professionals, artisans, and craftsmen.
The Dubai Economic Department for Business Development in Dubai is the government agency who is responsible for issuing Dubai company/Business licenses. This department operates from several locations to deliver licensing services in Duabi, UAE.
- The very first step in the process of incorporating a company in Dubai is getting an effective legal name for the business entity. One can choose any name for the company including the name of the company, its address, the name of its director and the management team, and many more. The legal name of the company must comply with the laws of the country where it is incorporated. An expert firm will help you choose the name of the company accordingly. Another factor that you need to take care of is that the name of the company should not be confusing.
- Once you have selected the name of the company, you have to get the ownership of the business. If you are not aware of how do I start an LLC in Dubai, this aspect is the responsibility of the firm that you have chosen to do the task for you. As far as the ownership of the business is concerned, you need to get in touch with an experienced business lawyer who will help you carry out the procedure legally. Once you are done with the process of incorporating the company in Dubai, you need to register it at the Companies Registry. You will have to provide all the details about the nature of the business, the owners and the type of trade that you undertake. All these details are mandatory and you need to submit them along with the application form in the database maintained by the Registry.
- After getting the registration of the company, you need to register the company. This process can be done online or by visiting the Companies Registry office in the city. You need to pay a nominal fee for the registration and you need to provide the latest contact information of the directors to the registry authorities. If you are still wondering how do I start an LLC in Dubai? then you need to know that all this entire process can be completed within three months from the time of filing the first set of forms.
- Now, you need to decide about the capitalization of the business. This decision depends on your requirements and the profit margins that you can get from the business. For instance, if you are running a small retail business, then you can start a limited liability company with a capital of only a few thousand dollars. However, if you are planning to set up a manufacturing business, then you need to have a business plan that will include figures regarding the investments, profits, losses, etc. That is the reason why it is necessary to have a well-written business plan before starting the business.
- The next step in the process of how do I start an LLC in Dubai is to find a name for your company. It is not mandatory to choose the name of the company when you apply for its registration. But, if you are going to establish a limited liability company, then you have to use the name of your company or brand. Again, you have to select a trademark that will be able to represent your company and its products. For instance, if you are dealing in the manufacturing of sports equipment, then you can choose the name of the brand or you can even purchase a trademark from the trademark department of the United States Patent and Trademark Office.
- After you have chosen the name of your company and trademark, you need to register the name. This is done by filing the appropriate paperwork with the concerned office. However, you must remember that even if your company name is already registered, it does not mean that the name cannot be changed anytime in the future. Therefore, you have to keep this factor in mind. Even if you have registered your company’s name, you should still check on it once in a while so that you can make the necessary changes as and when necessary.
- One important point that you have to consider when you want to set up an LLC in Dubai is the formation procedure. You will have to complete the set of procedures and formalities required to get a legal registered company up and running. In addition, you will also have to abide by certain laws, regulations and rules in order to become functional as a business unit. In order to deal with these requirements, it would be better if you seek help from a company that specializes in establishing a limited liability company in Dubai. You can discuss the details of the company’s formation with this company and you can also take a look at the services that they are offering to get the ball rolling.
Ras Al Khaimah is a very strategic location in the Middle East and is considered to be one of the leading trade and transportation hubs in the Middle East. The economy is based on services and tourism, which provide employment to thousands of people. Additionally, it is a safe city where you will not encounter any high crime or violence. Thus, investing in Ras Al Khaimah provides an excellent opportunity for investment and growth in the Middle East.
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