Vytal Corporate Services

Business setup in the Fujairah Creative City

SCHEDULE A FREE CONSULTATION

Fujairah Creative City was established in 2007 and primarily serves businesses involved in media, consulting, marketing, events, music, and design. With 40,000 square meters of total space, Creative City is home to many media clusters catering to professionals and independent contractors with a variety of media-related specializations. For entrepreneurs wishing to make a name for themselves in the creative sector, business setup in Fujairah Creative City has a diverse opportunity.

Let's Connect.

Main advantages of business setup in RAK ICC

 

Here are the main advantages of business setup in RAK ICC:

 

1.   Control

 

A proprietor of a business in RAK ICC that is international stays just like an owner. Finding a local partner is not necessary. Your clients will feel more at ease knowing that they won’t be embroiled in an ownership issue in the future because this property is 100% owned by a foreign entity.

 

Furthermore, RAK ICC has no limitations on the kinds of shares or shareholders. Your client might issue bonus shares, partially paid shares, or nil paid shares, for instance, if they established a Company Limited by Share (LCS). They would be able to record the share promise and would not be limited in the number of shareholders.

 

2.   Adaptability

 

The government mandates a minimum capital requirement for establishing a mainland business. This must be considered adequate to “achieve the purpose of the business incorporation” and be included in the memorandum of association. There is a certain amount needed for some firms; for instance, a public stock corporation needs a minimum of AED 30 million.

 

3.   Security

 

RAK ICC clients enjoy a range of exclusive legal advantages that enhance their business operations. These advantages are accompanied by a business-friendly atmosphere, which is built on the United Arab Emirates (UAE) renowned reputation for excellence.

 

4.   Savings

 

In comparison to other international setups, registering with RAK ICC is extremely cost-effective due to its many additional benefits.

 

Firstly, compared to the UAE average, business costs in RAK are often substantially less expensive. Secondly, the expenses for registration and renewal are quite economical. Third, since every firm has a registered office within the RAK ICC, there’s no need to spend a lot of money on office space.

 

Documents Needed to Form an Offshore RAK Company

The following are the documents of the RAK offshore company registration:

  • Copy of passport for a shareholder or investment.
  • The investor’s curriculum vitae.
  • Utility bill as proof of address.
  • Trade names are preferable.

 

Governing Law For RAK Offshore Company Formation: 

Decree No. 12 of 2015 created the RAK ICC corporate registration, which was later amended by Decree No. 4 of 2016. The new registration is the result of the merger of RAK Offshore, which was once a part of RAK Investment Authority, and RAK International Companies, which was formerly a part of RAK Free Trade Zone. The RAK ICC Business Companies Regulations 2018 for investors and the RAK ICC Registered Agent Regulations 2018 for registered agents in the United Arab Emirates govern the creation of RAK offshore companies.

 

The Ultimate Beneficial Owner’s (UBO) Declaration

 

Ultimate Beneficial Owners (UBO) are governed by Cabinet Decision No. (58) of 2020 for companies formed under RAK ICC. The legislation mandates that RAK offshore companies provide the RAK ICC Authority with information on Ultimate Beneficial Owners (UBO). To put it simply, a UBO is any person who owns ultimate control over a firm and receives advantages from it.

 

A UBO is defined by Cabinet Decision No. (58) of 2020 as the person who ultimately controls the legal entity or who owns or controls 25% of the capital or has voting rights over at least 25% of the shares. RAK offshore businesses are required by the UBO Law to maintain and publish the Partners of Shareholders Registers (PSR) and Real Beneficiary Register (RBR). In addition to delivering the two registers to the RAK ICC Authority, businesses that are operating as well as those that are in liquidation are required to disclose the UBO data.

 

Regulation Of Economic Substance For RAK Offshore Company

 

Businesses that are RAK ICC Authority-incorporated must decide whether or not to abide by the Economic Substance Regulation (ESR). ESR applies to UAE-based businesses that participate in any of the nine Relevant business establishment activities.

 

The nine ESR Relevant Activities are Intellectual Property Business, Distribution & Service Centre Business, Insurance Business, Investment Fund Management Business, Lease – Finance Business, Headquarters Business, Shipping Business, and Holding Company Business. If qualified, these companies have to fulfill ESR obligations, which include filing ESR reports, notifying ESR notices, and passing the ESR test. Businesses that have undergone liquidation are also required to perform an ESR self-evaluation.

 

Effortless Business Setup in RAK ICC with Vytal

 

Consulting with Vytal, a top business establishment consultancy firm in the UAE, for the RAK offshore Company Setup (Ras Al Khaimah International Corporate Centre) offers a smooth and effective procedure catered to your entrepreneurial needs. From initial consultation and legal documents to getting the required licenses and opening a business bank account, Vytal’s knowledgeable advisors offer complete help.

 

FAQs

 

What advantages does RAK ICC offer?

 

RAK ICC supports directors in maintaining control over their company. And then there’s flexibility, particularly in terms of finances. Security comes next as RAK ICC keeps companies compliant. Lastly, savings since there are no taxes associated with launching a foreign firm in RAK ICC.

 

Can foreigners buy property in Ras Al Khaimah?

 

Ras Al Khaimah allows foreigners to own real estate throughout the whole emirate, in contrast to other emirates that limit foreign ownership to particular zones. To boost foreign investment in its real estate sector, Ras Al Khaimah has taken proactive measures.

 

Which Arab country is ideal for establishing a company?

 

Yes, all the requirements are satisfied for the United Arab Emirates to hold the title of the world’s greatest business location. This city’s excellent infrastructure, business-friendly laws, and advantageous location provide a multitude of options for businesses.

 

What is Ras Al Khaimah’s primary source of income?

 

The two most significant economic sectors in Ras Al-Khaimah are commerce and industry, which have raised the 0.4 million residents’ level of living.

The advantages of business setup in the Fujairah Creative City

Simple Incorporation

Simple Incorporation

The Fujairah Creative City is well known for its easy-to-setup Fujairah Freezone business establishment. There are minimal requirements, such as no need for share capital, and you are not additionally required to complete an annual audit and bookkeeping by Creative City.

No Need for an Office

No Need for an Office

Entrepreneurs can start their businesses in the Fujairah Creative City Free Zone without requiring any actual office space. With its range of options for freelancers and single owners, the free zone offers company owners a quick and simple approach to launching their ventures.

Total Repatriation of Capital

Total Repatriation of Capital

Owners of businesses in FCC Free zones are entitled to reclaim their initial investment as well as any profits made throughout the enterprise.

Excellence Since 2001

Unlocking Opportunities in Dubai and Beyond
Since 2001, Vytal has been the Middle East’s most reputable and top company setup advisor, offering business owners invaluable assistance. Vytal Corporate Service assists with government approvals and other necessary documentation when establishing a business in Dubai. Our shared years of experience with law enforcement and government officials facilitate the formation of businesses.

Types of business license for Fujairah Creative City

Trading Licence
Services Licence
Industrial license

License for activities related to the purchase and sale of products.

Human skills, aptitude, and talent were necessary for commercial operations, including accounting, real estate consulting, business and management consulting, human resources, technical services, and other professional services.

Commercial operations involving the extraction and conversion of raw materials into final products are covered by an industrial license.

Types of Business Structures in Fujairah

 

The types of business structure of Fujairah Creative City:

  • Commercial license, single owner (FZE) 
  • Commercial license FZCO multiple owners (FZ LLC)

 

 

Steps for Business Setup in the Fujairah Creative City

 

The following are the 3 main steps for business setup in the Fujairah Creative City:

  • Choose business activity
  • Choose business structure
  • Complete documentation

 

Establishing Your Presence in Fujairah Creative City, Dubai with Vytal!

 

For entrepreneurs looking for a business setup in Fujairah Creative City, Vytal offers a strategic edge. Because of Vytal’s experience in setting up businesses, entrepreneurs can concentrate on their main goals by finding it easier to navigate the regulatory environment. The Fujairah Creative City offers a vibrant setting that promotes innovation and creativity, teamwork, and development.

 

FAQs

 

Which kinds of businesses are permitted to operate in the Fujairah Creative City?

Businesses in a variety of creative sectors, such as media production, technology, fashion, advertising, design, and more, are encouraged to join the Fujairah Creative City.

Are there any incentives or advantages for companies based in the Fujairah Creative City?

Yes, companies founded in the Fujairah Creative City could qualify for some grants and incentives provided by the regional administration. These might include support services, financial possibilities, and tax benefits.

We Are Here For You

Vytal is committed to giving you full support, always focusing on your needs and concerns. Our team is here to provide reliable and caring assistance, building a strong and trustworthy relationship with you.

Contact Us Now

Schedule Free Consultation

Schedule Free Consultation

UAE Business Setup Cost Calculator