RAK Media City Free Zone is a business hub and free zone located in Ras Al Khaimah, United Arab Emirates, offering a range of facilities and services for media, entertainment, communication, and technology companies.
Ras Al Khaimah (RAK) Media City Free Zone is a world-class media hub in the United Arab Emirates. Established in 2016, it provides various media-related services to businesses and entrepreneurs worldwide.
The Free Zone of RAK Media City offers a range of business opportunities for companies involved in media, advertising, broadcasting, publishing, and other related industries. The free zone also provides state-of-the-art facilities, such as sound stages, recording studios, and post-production facilities, as well as advanced IT infrastructure and high-speed internet connectivity.
Overall, Ras Al Khaimah Media City Free Zone provides a dynamic and supportive environment for media businesses and entrepreneurs to thrive and grow, making it an attractive destination for companies looking to establish a presence in the Middle East media industry.
In this blog, we will closely examine the steps involved in company formation in RAK Media City Free Zone, its requirements, costs, and license options.
How to Setup a Business in Ras Al Khaimah Media City Free Zone?
The following are the easy steps to learn how to navigate setting up a business in the RAK Media Free Zone:
Step 1: Choose Your Business Activity
Choosing your business activity is the first step to setting up a business in the Ras Al Khaimah Free Zone. This Free Zone offers a wide range of business activities for entrepreneurs, including trading, manufacturing, consulting, and service-oriented activities such as marketing, IT services, and logistics.
Before registering your business, it is essential to identify the activities you want to engage in and determine the appropriate license for your business. This will ensure that your business complies with the free zone regulations and is set up to succeed in your chosen industry.
Step 2: Register Your Trade Name
After choosing your business activity, registering your trade name is the next step to setting up a business in RAK Media Free Zone.
Your trade name is the name under which your business will operate, and it is essential to choose a name that is unique, memorable, and easy to pronounce.
To register your trade name in the Ras Al Khaimah Free Zone, you will need to submit an application to the relevant authorities and provide supporting documents such as a copy of your passport, proof of residence, and a detailed description of your business activities.
The trade name registration process is typically quick and can be completed in a few days. Once your trade name is approved, you will receive a registration certificate confirming your business name and activity. This certificate is required to proceed with the next steps of company formation, such as obtaining a business license and registering your company with the relevant authorities.
RAK Media Free Zone provides support and guidance throughout the trade name registration process, making it a straightforward and hassle-free step in setting up your business.
Step 3: Apply For Your Free Zone Trade License
After registering your trade name, the next step to setting up a business in Ras Al Khaimah Free Zone is to apply for your free zone trade license. A trade license is a legal requirement to operate a business in the Free Zone of RAK, and it authorizes you to conduct your chosen business activity within the free zone.
To apply for your trade license, you will need to submit an application and provide supporting documents such as your trade name registration certificate, passport copies, and other relevant business documents.
The type of license you will require depends on your chosen business activity. Several licenses are available in RAK Media Free Zone, including commercial, service, and industrial licenses. Once your application is approved, and the necessary fees are paid, you will receive your trade license, which allows you to operate your business within the free zone.
RAK Media Free Zone offers streamlined and efficient trade license application processes, making it quick and easy for entrepreneurs to get their businesses up and running.
Step 4: Open a Free Zone Company Bank Account
After obtaining your trade license, the next step to setting up a business in Ras Al Khaimah Free Zone is to open a free zone company bank account. This bank account is necessary to conduct financial transactions related to your business, such as receiving customer payments and paying suppliers.
To open a free zone company bank account, you will need to provide your trade license, proof of identity, and other relevant business documents. RAK Media Free Zone has partnerships with several leading banks, making it easy for entrepreneurs to choose a bank that suits their business needs.
Comparing bank options and choosing a bank that offers competitive fees and services that align with your business requirements is recommended.
RAK Media Free Zone provides support and guidance throughout opening a free zone company bank account, ensuring that entrepreneurs can complete this step efficiently and with ease.
Step 5: Final Approval
After completing the previous steps of choosing your business activity, registering your trade name, obtaining your trade license, and opening a free zone company bank account, the final step to setting up a business in RAK Media Free Zone is to obtain final approval.
This involves submitting all the necessary documentation and completing any outstanding requirements, such as leasing office space or obtaining necessary permits. Once all the requirements are met, the free zone authorities will conduct a final review and issue the necessary approvals.
After obtaining final approval, your business is officially established and ready to operate in the RAK Media Free Zone. This Free Zone provides a transparent and streamlined approval process, making it quick and easy for entrepreneurs to complete the final step and start operating their businesses in the free zone.
RAK Media City Free Zone Company Formation Requirements
The following are the documents required for company formation in Ras Al Khaimah Media City Free Zone:
- Completed application form
- Business plan
- Passport copies of shareholders and directors
- Proof of residence of shareholders and directors
- Bank reference letter
- Police clearance certificate
- Power of attorney (if applicable)
- Memorandum and Articles of Association
- Certificate of incorporation of the parent company (if applicable)
- Board resolution authorizing the company formation
- Specimen signature of the authorized signatory
License Options & Cost in Ras Al Khaimah Media City Free Zone
RAK Media City Free Zone offers several license options for businesses, including:
- Commercial License: allows businesses to engage in trading activities, including buying and selling goods and services.
- Service License: allows businesses to provide services within the media industry, such as advertising, public relations, and event management.
- Freelancer License: allows individuals to work as freelancers in the media industry without setting up a formal company.
- Media License: allows businesses to engage in media-related activities, such as broadcasting, film production, and publishing.
- E-Commerce License: allows businesses to engage in e-commerce activities, including buying and selling products and services online.
- Dual License: allows businesses to operate in RAK Media City Free Zone and mainland UAE.
The cost of the licenses in RAK Media City Free Zone varies depending on the license type and the business’s nature. Here are some approximate costs for the different license options:
- Commercial License: AED 15,000 to AED 25,000 per year
- Service License: AED 15,000 to AED 25,000 per year
- Freelancer License: AED 7,500 to AED 10,000 per year
- Media License: AED 20,000 to AED 30,000 per year
- E-Commerce License: AED 15,000 to AED 20,000 per year
- Dual License: AED 20,000 to AED 30,000 per year
It is important to note that these costs are approximate and may vary depending on the business’s specific requirements. There may also be additional fees for services such as visa processing, legal and accounting services, etc.
It is advisable to consult with a business setup consultant or the RAK Media City Free Zone authorities to get a more accurate estimate of the costs involved.
RAK Media City Free Zone Company Formation Costs
The cost of setting up a company in RAK Media City Free Zone depends on several factors, including the type of company, the business activities, and the office space required. Here is a general breakdown of the costs involved in company formation in RAK Media City Free Zone:
- Company registration and licensing fees: The cost of company registration and licensing fees vary depending on the license type and business activities. Commercial and service license costs range from AED 15,000 to AED 25,000 per year, while media license fees range from AED 20,000 to AED 30,000 per year.
- Office space and facilities: RAK Media City Free Zone offers a range of office space options, including flexi-desks, executive offices, and commercial spaces. The cost of office space depends on the size and location, with prices starting from AED 6,000 per year for a flexi-desk and AED 45,000 per year for a commercial space.
- Visa and immigration fees: The cost of visa and immigration fees depend on the number of visas required and the duration of stay. The cost for a single-entry visa starts from AED 1,500, while the cost for a multiple-entry visa ranges from AED 2,500 to AED 4,000 per year.
- Other costs: Other costs involved in company formation in RAK Media City Free Zone may include legal and accounting fees, advertising and marketing expenses, and other miscellaneous expenses.
Overall, the cost of setting up a company in the RAK Media City Free Zone may vary depending on the business’s specific requirements. Therefore, consulting with a business setup consultant or the RAK Media City Free Zone authorities is advisable to get a more accurate estimate of the costs involved.
Alternative RAK Media City Free Zones
- Dubai Media City Free Zone
- DAFZA Free Zone
- DPC Free Zone
- DIAC Free Zone
- Dubai South Free Zone
- Dubai Auto Free Zone
- Dubai Internet City Free Zone
- JLT Free Zone
- Dubai Science Park free zone
- Dubai Knowledge Park Free Zone
- Dubai Production City Free Zone
Facilities Available in RAK Media City Free Zone
The amenities offered to businesses in the open zone are listed below:
- Worldwide media center
- Business-friendly environment
- Lower expenses for maintenance and setup
- Straightforward entry to developed countries
- Cutting-edge system and top-notch amenities.
- Completely equipped workplaces
- High-tech transmission and monitoring systems
- Upscale amenities for living and recreation
FAQs about Company Formation in RAK Media City Free Zone
What is RAK Media City Free Zone?
Do I need a local partner to start my company in RAK Media City Free Zone?
No, RAK Media City Free Zone allows 100% foreign ownership, so you do not need a local partner to start a company in the free zone.
How many days would it take to get my license for my business in the RAK Free Zone?
The licensing process in RAK Free Zone typically takes 1-2 weeks, but the timeline may vary depending on the license type and the application’s completeness.
How many free zones are there in Ras Al Khaimah?
In Ras Al Khaimah, RAK FTZ operates four free zone parks: an Academic Zone for educational institutions, a Business Park for business clients, an Industrial Park for heavy manufacturing, and a Technology Park for dealing and light manufacturing.
How can I start a business in the RAK Free Zone?
To start a business in RAK Free Zone, you must choose your business activity, register your trade name, apply for your trade license, open a free zone company bank account, and obtain final approval.
How can Airzone help you set up business in RAK Media City Free Zone?
You can get assistance from Airzone, a business establishment consultant, with company creation in the RAK Media Free Zone.
In addition to early consultations, Airzone can connect you with business setup companies that offer direction and support throughout the process, including company creation, licensing, and continuing business support services.
Company registration, license application, visa processing, office space leasing, and banking and financial solutions are just a few of the services provided by Airzone-partnered companies.
The process is streamlined and hassle-free, thanks to Airzone’s team of skilled personnel about the prerequisites and guidelines for company formation in Ras Al Khaimah Media Free Zone. We have business setup guides if you’re looking to start a business in UAE.