There has never been a better time to be a working woman in the UAE. In recent years, the government has poured resources into female-led businesses, with great success.
By 2018, the Emirates reported closing 64% of the overall gender gap in the workforce. By 2021, the country is aiming to be one of the top 25 in the world for gender equality.
These initiatives are already producing results. A report last year found that 33% of female-owned firms in the UAE were generating revenues over USD 100,000. That’s well above other major business hubs around the world.
To continue this good work, the UAE is home to many initiatives and programmes, aimed at getting more women into entrepreneurship. One of these initiatives is the RAKEZ Businesswoman License Package.
The package, launched by Ras Al Khaimah Economic Zone, offers fast and affordable company setup as well as a range of benefits aimed at empowering businesswomen in the region. If you’ve always dreamed of owning your own business, this could be the route for you.
What is the RAKEZ Businesswoman License?
The RAKEZ Businesswoman License is a UAE trade license package tailored to the female entrepreneur.
The license was designed to empower women’s entrepreneurial dreams, offering fast and professional company setup at an affordable price.
The RAKEZ businesswoman license package includes everything you need – from office space to business support services.
Types of RAKEZ Businesswoman License packages
There are eight license packages to choose from, covering a range of industries. They are:
- General trading
Cost and Benefits of RAKEZ Businesswoman License
There are many great benefits of setting up in RAKEZ with the businesswoman license package. For one, RAKEZ offers a one-stop-shop solution, providing everything your business needs from launch and beyond. This includes the use of shared office space, business cards, support with government services, and assistance with legal translations, logistics, recruitment and more.
When you start your business with the RAKEZ Businesswoman License package, you can also take advantage of RAKSTARTER. In partnership with RAKBANK, RAKEZ has created RAKSTARTER to offer entrepreneurs a zero balance bank account.
This means, having started your UAE business, you can open a UAE corporate bank account with no minimum average balance. You can choose from Islamic or international banks and can open your account in a range of currencies, including AED, USD, GBP, and EUR.
On top of the specific advantages of the businesswoman license, you’ll also benefit from all of the advantages of doing business in a free zone. This includes customs tax exemption, zero currency restrictions, and capital and profit repatriation.
This premium service doesn’t come with a premium price tag, starting at just AED 6,200 per year.
How to apply for the RAKEZ businesswoman license
The first step before making any license application in the UAE is to secure the services of a company formation expert such as Worldwide Formations.
We can manage the entire process for you, handling every step of your license and visa applications, and liaising will all relevant authorities on your behalf.
Our first task is to help you decide on your business activity. This must be clearly listed on your business license, and it must be specific. For example, if you wish to apply for a media license, you must specify the field of media you are in – print, publishing, online, and so on.
You are free to list multiple activities, but you must list every activity that applies to your business when making your application. Failure to do so can lead to fines or even license revocation.
Next, we can help you decide on a company name. This takes on particular importance here in the UAE as you’ll also need to stick to the country’s clearly defined naming conventions.
In short, UAE company names must not contain any blasphemous or offensive language, any references to well-known institutions or any abbreviations of your name – though your full name is acceptable.
Your name should also have a legal entity attached to it, such as FZE or LLC. It must also relate to your business activity, not resemble the name of any other company and be available to register.
With this initial admin out of the way, we will then guide you through your license application. All we need from you is a few pieces of documentation. This includes:
- Your signed application form
- A business plan
- Passport copies of each individual (Shareholder/s and General Manager)
- Original No Objection Certificate (if required)
Once we have this information, we’ll do the rest. We will process your application with RAKEZ, informing you as soon as you are ready to trade.
At this stage, we will also begin the process of applying for your UAE residency visa. Once again, we can manage this for you. During this process, you will be required to undertake a medical fitness test and biometric capturing. In all, it usually takes less than a week.
As the holder of a UAE business license, you can also sponsor others such as children, a spouse, or domestic staff for their visas too, providing you meet the eligibility criteria.
Start your business today
By following the steps above, it is possible to obtain your RAKEZ Businesswoman License and launch your startup with minimal fuss.
However, it is always advisable to undertake the steps with the assistance of a registered company formations agent to eliminate any potential hassles that might arise.
With more than 15 years of experience in company incorporation, Worldwide Formations can help you get your business up and running within a week or two. We’ll manage your license and visa application and correspond with all relevant authorities for you. All you need to do is wait for the green light to start trading.