For entrepreneurs and businesses eyeing the Ras Al Khaimah Economic Zone (RAKEZ) as a potential destination to establish their presence in the United Arab Emirates, it’s essential to have a clear understanding of the Rakez business set up cost. RAKEZ, located in the emirate of Ras Al Khaimah, offers a strategic and cost-effective environment for businesses. Here, we will shed light on the various expenses and fees involved in setting up your enterprise in RAKEZ.
License fees:
The first and fundamental cost to consider is the license fee. RAKEZ offers various business licenses depending on your activity. Whether you’re planning to engage in trading, services, or industrial activities, the type of license you choose will influence your costs. License fees can vary significantly, and it’s important to select the one that aligns with your business activity.
Registration fees:
When establishing your business in RAKEZ, there are registration fees that must be paid to the relevant authorities. These fees are associated with the processing of your application and the legal registration of your business entity.
Office space:
RAKEZ offers a range of office space options, from flexi-desks to full offices. The cost of office space will depend on the size, location, and facilities you choose. Carefully consider your requirements to find the most cost-effective solution for your business.
Visa costs:
If you plan to hire employees or bring in partners, you’ll need to account for visa costs. Each visa comes with associated expenses, including medical tests and government fees. These costs can add up, so it’s important to budget for them accurately.
Renewal fees:
Business operations in RAKEZ require annual renewal of your license and other permits. Ensure that you factor these renewal fees into your long-term budget to maintain your business legally.
Additional services:
RAKEZ provides a range of support services, including legal and consultancy services, which can be helpful during the setup process. These services often come at an extra cost, so assess whether they are necessary for your specific needs.
Security deposit:
In certain cases, RAKEZ may require a security deposit, which is refundable upon the termination of your business operations. This deposit serves as a guarantee to cover any outstanding dues.
