Article: 880
Locks and Keys Trading
Company setup in RAKEZ, Ras Al Khaimah
This company can engage in the sale of various mechanical or electronic fastening devices that are activated by physical objects, including keys, key cards, fingerprints, or secret tokens.
About the company's activities
For a setup of a company in RAKEZ in the field of locks and keys trading, the following business activity has been chosen, which falls under the low risk category:
- Locks & Keys Trading (514338). Includes reselling the mechanical or electronic fastening devices which are released by a physical object, such as key, keycard, fingerprint, security token.
As part of the company registration process with this business activity, no additional approvals are required.
If the company plans to lease a warehouse or land, additional approval will be required from the RAK Municipality Public Health Department.
NOC or No Objection Certificate is an important document that is provided as confirmation that the regulatory authority (regulator) has no objection to licensing or registering a new company in Dubai.
The minimum share capital requirement for RAKEZ companies with this business activity is AED 10,000, its contribution is optional.
- May contain the name of a shareholder
- Must not violate the country laws or contain words that are obscene, indecent or generally offensive
- Must not contain the names of Allah, Buddha or God, or any other religious terminology
- Must not infringe any third party's intellectual property rights
- Must not be identical or similar to local/global brands or registered trademarks
- Must not contain geographical names, such as the names of emirates, cities, countries and other landmarks
- Must not contain the names of local/international religious, political or governmental organizations
- Must correspond to the company’s business activities
Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.
When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.
Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.
About Jurisdiction
- Title: Ras Al Khaimah Economic Zone
- Description:
RAKEZ (Ras Al Khaimah Economic Zone) is a free economic zone (free zone) established in 2017 in the Emirate of Ras Al Khaimah, UAE. RAKEZ is one of the largest and most dynamically developing business hubs in the region, attracting companies from over 50 industries, including trade, logistics, manufacturing, education, IT, and professional services. The free zone brings together small, medium, and large enterprises, offering a supportive ecosystem for growth and development.
The free zone provides a wide range of infrastructure solutions, including industrial zones, office spaces, warehouse facilities, and land plots for bespoke construction projects. It is also renowned for its business support initiatives, such as training programs, industry exhibitions, and networking events, fostering new partnerships and expanding opportunities for entrepreneurs. Businesses registered in RAKEZ are permitted to operate both within the free zone and beyond the UAE.
RAKEZ issues the following types of business licenses:
- Commercial (wholesale and retail trade)
- Service (provision of services)
- Industrial (manufacturing)
- Educational
- E-commerce
- Freelance
With its strategic location near key transportation hubs, modern infrastructure, and commitment to supporting entrepreneurs, RAKEZ is an ideal choice for businesses aiming to scale, expand internationally, and achieve sustainable growth within the UAE and beyond.
The UAE has several taxes and fees that regulate the financial activities of both legal entities and individuals. Below are the main ones.
Value Added Tax (VAT)
-
Since January 1, 2018, the UAE has implemented a VAT rate of 5%, which applies to most goods and services and is charged to companies operating within the country, except for those registered in designated zones.
-
A Designated Zone is a territory within a free zone that is treated as outside the UAE for tax purposes, allowing goods to be exempt from taxation, provided certain criteria are met. The main taxation rules in Designated Zones are as follows:
-
The Designated Zones are listed in the Cabinet Decision to Federal Decree-Law No. (8) of 2017 on Value Added Tax (VAT).
-
Goods moved between or within Designated Zones are not subject to tax.
-
The export and import of goods between a Designated Zone and a foreign company are also not subject to tax.
-
For local companies and those registered in Non-Designated Zones (free zones not included in the Designated Zones list), the standard tax rules set forth in the Federal Decree-Law on VAT apply.
-
Companies with an annual turnover exceeding AED 375,000 are required to register with the Federal Tax Authority (FTA) as VAT taxpayers.
-
Companies with a turnover between AED 187,500 and AED 375,000 may register on a voluntary basis.
-
Companies can offset VAT paid on purchases of goods and services (input VAT) against the VAT they collect on sales (output VAT), shifting the tax burden to the final consumer.
-
Some goods and services may be exempt from VAT or taxed at a 0% rate, such as international transportation, educational, and medical services.
-
Corporate Tax
-
As of June 1, 2023, the UAE has introduced a corporate tax at a rate of 9%, levied on the taxable net profit of companies with income exceeding AED 375,000.
-
A 0% rate is applied to taxable income not exceeding AED 375,000.
-
Charitable, non-profit organizations and medical institutions are fully exempt from corporate tax.
-
Excise Tax
-
Since October 1, 2017, the UAE has introduced an excise tax aimed at reducing the consumption of harmful products and funding healthcare initiatives. The tax applies to alcohol, tobacco products, and beverages containing added sugar, including energy drinks and carbonated beverages.Excise tax rates vary depending on the product category:
-
50% on carbonated drinks (excluding mineral water)
-
100% on tobacco products
-
100% on energy drinks
-
100% on electronic smoking devices and liquids used for them
-
50% on products containing added sugar or sweeteners.
-
Companies dealing with excise goods must register with the Federal Tax Authority (FTA), submit monthly declarations, and maintain records. Excise tax is paid upon the import, production, or release of goods for consumption in the UAE.
-
Customs Duties
-
Custom duties in the UAE are applied to most imported goods at a standard rate of 5% of the cost, insurance, and freight (CIF). Exceptions include certain categories of goods, such as medicines and food products, which may be exempt from duties or subject to a reduced rate.
-
Goods imported into UAE free zones are generally not subject to customs duties as long as they remain within these zones. However, when such goods are transferred to the UAE mainland, standard duties apply.
-
Personal Income Tax
-
In the UAE, personal income is not subject to taxation.
-
UAE citizens and residents are exempt from paying taxes on their personal income, including salaries, interest, dividends, inheritances, gifts, luxury goods, and capital gains.
-
Local Taxes and Fees
- Individual emirates may impose specific local taxes and fees in line with their economic and social needs. These taxes and fees are aimed at supporting public services and implementing infrastructure projects.
Information verified with the provider on November 12, 2026
Download the company formation guide
- Step-by-step action plan
- Document checklist
- Direct submission of documents to RAKEZ
- You pay only the government fee separately
Cost Calculation
Tariffs
Guide
…
Self-service company registration with no extra fees
- Step-by-step guide
- Direct document submission
- Submitting documents directly
- Government fees are paid separately
Chat support
…
Assistance with document review and submission
- Dedicated manager in chat
- Step-by-step guide
- Full document review
- Support until license issuance
- Government fees are paid separately
Expert
13 350 AED
An UPPERSETUP expert manages the entire process
- Dedicated expert
- Choosing the jurisdiction for you
- Document submission and full process control
- Government fees included
*Pricing plans may be unavailable in certain registration locations