How to set Up A Company in RAK

How to set Up A Company in RAK with www.shuraa.COM

If you are thinking about opening up and setting up a company in RAK there are some things you will want to take into consideration before you take the plunge and try to move to the United Arab Emirates  to work on your new business venture.

If you want to start a company in RAK you should know that the process of doing just that is rather complex and risky. It is imperative that you have some local knowledge from the start of things. It is also a good idea to have an experienced local lawyer that can help you get through the bureaucratic red tape. Before you jump in too deep with your company idea, you should gather as much local knowledge of the region as possible. You should especially look into the industry that you are interested in working in with your company. You will need to develop a viable company plan for your company that includes forecasting and a survey of current market conditions. You should already have investors in place for your venture if possible. The law states that you are required to have a local partner in RAK that holds the majority interest in the company. This means that the partner can control the company and it can be an individual or a company. The partner does not have to contribute financially to the setting up company. You will need to register your company as well. Once it is registered you will have to show proof of sufficient financial resources to invest to the Ministry of Commerce. The amount you need to have tends to vary but it somewhere between $10,000 and $50,000. This amount is used as a guarantee against liabilities; however you are allowed to withdraw it after you have shown that you have it. New company ventures are actually encourage by the local government. Export and manufacturing are the industries that are offered the most support by the government.  As an alternative to setting up a company you can also buy a company that is for sale. This is a much simpler process. You do not need to have capital or partnership in place. You simply need to agree on a price and then complete the transfer paperwork. You can visit a UAE local chamber of commerce for more information. We provide advisory and financial support to High Potential Start-Up company and encourage all forms of entrepreneurship. As a High Potential Start-Up company the support you can get from us depends on where you are in the three stages of our start-up development process. ·         Setting up a company. ·         Challenging and validating the company Idea. ·         Develop an Investor-ready company Plan  

 

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