Accounting in RAK Maritime City
20

May 2020

The emirate of Ras Al Khaimah, better known as RAK, is considered as a hidden gem of the United Arab Emirates. It comprises of all the topographies such the desert, mountains, beaches etc. which makes it a very suitable place for everyone. These topographies have also helped in gradually increase the number of businesses coming to the country. In recent years, this emirate has witnessed a growth in a number of companies which are being established due to the various Free Zones and the increased footfalls of the tourists from all around the world.

One of the Free Zones which play a significant role in attracting the businesses from all around the world and alleviating the economy of the industry is the Ras Al Khaimah Maritime Free Zone.

Ras Al Khaimah Maritime City (RAKMC) Free Zone

The Maritime Free Zone is the second Free Zone which is established in the emirate of Ras Al Khaimah. This Free Zone was created by the Emiri Decree Number 21 of 2009 which was dated 9th December. The Free Zone encompasses an area of several million Square metres and is divided into zoned plots of varying sizes. These plots can accommodate companies and businesses of varying sizes and industries.

The Zones are divided into four different parts, namely:

  • Retail and Warehousing
  • General Cargo Handling
  • Industrial Production and Manufacturing
  • Ship Building and Repairs

The management of the Free Zone issues the RAKMC FZ issues licences both for FZE and FZCo and both the work and the residency visas. The Plots that are available in the Free Zone are bifurcated into two different parts:

  1. Plots which have a quay as the boundary of the plot giving access to the pier.
  2. Plots which are located away from the harbour area and have no direct access to the waters.

The location of the RAK Maritime City is a very strategic one as this free zone is very near to the Strait of Hormuz. This allows the Free Zone to get a unique advantage in terms of features and functionalities of the ports and also helps in decreasing the cost of fuel used. The other features, such as the availability of the deepwater berths, exclusive jetty's and quay wall resent in the Free Zone are next to none.

The Free Zone will ensure that the Company coming in to establish the Company faces no problem in the future and will also provide its valuable assistance to the Company at each step of the company setup process. This will warrant the efficient and smooth launching of a business in the Free Zone.

The benefit of Incorporating a Company in RAKMC FZ

There are many benefits available to a company which is registered in the RAMKC Free Zone. These benefits are:

  • 100% ownership of the Foreign Company
  • 100% tax exemption
  • No import or export duties are levied
  • Access to the global markets
  • State of the art infrastructure
  • Advanced communication infrastructure
  • Complete repatriation of profits and capital
  • Quick and easy business formation

With these benefits available, it will be very profitable for a company to set up a company in the Free Zone but setting up a company is not the ultimate goal of a businessman. A company is set up to make profits and to obtain these profits, and a company should avail proper Bookkeeping and Accounting Services.

Need for Accounting in RAMKC Free Zone

Accounting and bookkeeping are an essential function that if not performed, can lead to disastrous results for the Company. With the implementation of proper accounting and bookkeeping, a company can avail various benefits such as the following:

  • Keeping track of the present situation of the Company
  • Adequate utilization of all of the resources of a Company
  • Guessing about the future trends of the business
  • Provided valuable inputs in Decision Making
  • Prepares a company for Conducting an Audit

The benefits of accounting and bookkeeping mentioned above are only some of the essential benefits that a company can avail. There are many other benefits too, such as the keeping of all documents at a single place, the streamlining of all the process of the Company, etc.

If you are in need of the bookkeeping and accounting services, JAXA Chartered Accountants can help you. JAXA is an Auditing and Accounting firm which will understand your business problem and will provide the solution accordingly. For more details on the services provided by JAXA, Contact Us. We will be happy to help you.