Obtaining a RAK Economic Zone (RAKEZ) license in the United Arab Emirates (UAE) is a straightforward process, offering entrepreneurs a streamlined pathway to establishing their businesses. By following a series of steps and adhering to the prescribed procedures, individuals can acquire the necessary licenses to operate within this economic zone. This guide provides an inclusive overview of the step-by-step instructions for obtaining a RAKEZ license in the UAE.
Step 1: Research and planning:
Before initiating the license application process, entrepreneurs should conduct thorough research to understand the requirements, benefits, and available license options offered by RAKEZ. This includes identifying the nature of the business activities, determining the appropriate license category, and assessing the associated costs and benefits.
Step 2: Choose the license type:
RAKEZ offers various license categories tailored to meet the diverse needs of businesses, including commercial, industrial, professional, and freelance licenses. Entrepreneurs should carefully evaluate their business activities and select the most suitable license type that aligns with their objectives and operational requirements.
Step 3: Prepare necessary documentation:
Gathering the necessary documentation is a crucial step in the license application process. Commonly required documents include passport copies of shareholders and directors, proof of address, business plan, and NOC (No Objection Certificate) if applicable. Additionally, specific documents may be required depending on the chosen license category and business activities.
Step 4: Submit online application:
Entrepreneurs can initiate the license application process by submitting an online application through the RAKEZ portal. The application form will require essential details such as company name, license type, shareholder information, and business activities. It is essential to ensure accuracy and completeness when filling out the application form to avoid delays in processing.
Step 5: Pay license fees:
Upon submission of the online application, entrepreneurs are required to pay the relevant license fees as per the fee structure prescribed by RAKEZ. The fee may vary depending on the chosen license category, business activities, and duration of the license. Payment can be made online through secure payment gateways provided by RAKEZ.
Step 6: Legal documentation and final approval:
Once the application is processed and fees are paid, entrepreneurs will be required to finalize the legal documentation, including signing the Memorandum and Articles of Association (MOA), lease agreement for office space (if applicable), and other relevant contracts. Upon completion of the legal formalities, RAKEZ will issue the license, granting permission to commence business operations within the economic zone.