UAE is already a business hub. With business friendly policies of the government, more and more business houses are setting up their business in UAE. Moreover, people from different regions are settling here bringing diversity. As the number of industries and population increases, the problem of waste management increases. Waste management is need of the hour. The UAE has taken its step towards it by setting up a waste management business (factory) in RAK.
What is Waste Management?
Waste management means steps taken to efficiently manage waste. Moreover, it also includes steps to reuse waste. Either the waste has to be reduced or entirely eliminated.
Waste may be from supplier materials like packing materials or generated materials like kitchen waste. This waste can be reused, recycled or put in landfills.
Waste may be of following types:
- Firstly, waste may be residential. For instance, food waste, clothes, papers, cardboard, glass, metals, plastic, ashes, oil, batteries, e-waste an the like.
- Secondly, it may be Industrial. Industrial waste includes waste from manufacturing, textile, chemical, housekeeping, packaging industries. In addition, it may also include food waste and other hazardous wastes.
- Thirdly, it may be commercial waste from stores, hotels, restaurants, markets, offices, and buildings.
- Fourthly, waste may be from institutions like schools, hospitals, government buildings, airports etc.
- Fifth, the waste may be from construction business. For example, wood, steel, concrete, dirt, bricks etc.
- Sixth, Municipal services may have waste from sweeping, water treatment, cleaning of public places, tree trimming etc.
- Seventh, it may be from processing in manufacturing, chemicals, extraction industries
- Eighth, it may be from hospitals, clinics including hazardous and infectious waste.
- Ninth, it way be agricultural waste like spoiled or hazardous materials.
Setting Up a Waste Management Business in RAK:
Ras Al Khaimah (RAK) is the northernmost Emirate in the UAE. It is home for ceramic industries. RAK has put forth innovative ideas to manage waste with the help of 5R’s- Reuse, Recycle, Reduce, Refuse and Rot.
In January 2019, biggest waste management factory was set up in RAK. The plan was to reduce the waste by 75% by 2021.
Government implemented a RAK Education Zone. The plan was to implement recycling program in 82 schools. The future of the country depends on how the country manages its waste. Government is welcoming innovative ideas and investment in this field.
Advantages of Setting up Waste Management Business:
- The businessman can repatriate profit and the capital fully
- The business enjoys 100% foreign ownership.
- There is no minimum capital requirement.
How to Start a Waste Management Business in RAK?
Following are the steps to set up a waste management business:
- At first, the businessman has to decide the business activity which may be recycling, repackaging, reusing etc.
- Secondly, a suitable location has to be finalized. It may be in the mainland, Free Zone or on offshore.
- The entrepreneur has to select the business type. Whether, the business is a sole proprietorship, an LLC or JV.
- The businessman has to register a trade name for the business.
- Other approvals and a business license has to be sought. The business license depends on whether the business relates to manufacturing or trading.
- Post establishment services like accounting, taxations, audit, VAT etc has to be set up.
In short, waste management business has much scope in the present as well as in future. To conserve and preserve the earth, efficient use of resources is a must. A business set up for managing waste helps a lot to accomplish that. Hence, more and more investment is required in this field.