As published on tradearabia.com, Monday 23 August, 2021.
RAK International Corporate Centre (RAK ICC), an international corporate registry in Ras Al Khaimah, has recently signed a Memorandum of Understanding (MoU) with RAK Department of Economic Development (RAK DED), a licensing authority in Ras Al Khaimah, introducing an opportunity for offshore companies to expand their businesses in the mainland.
According to a statement by RAKEZ, the MoU presents a new opportunity for global investors to set up a corporate structure allowing offshore companies to carry out their commercial activities in Ras Al Khaimah by establishing subsidiaries with RAK DED.
The MoU was inked by Dr Sameer Ansari, CEO of RAK ICC and Dr Abdulrahman Al Shayeb Al Naqbi, General Manager of RAK DED, in the presence of Sheikh Mohammed bin Humaid Al Qasimi, Chairman of RAK ICC, and Sheikh Mohammad bin Kayed Al Qasimi, Chairman of RAK DED. The cooperation will allow international business companies registered with RAK ICC to expand and engage in various activities within the emirate of Ras Al Khaimah through their subsidiaries at RAK DED.
Investors will also enjoy both offshore and mainland benefits, which include zero corporate or personal tax, 100% repatriation of capital and profits, low import duty, no currency restrictions, options for office spaces, ability to open corporate bank accounts, global trade and investments and eligibility for UAE residence visas.
Following the occasion, Sheikh Mohammad bin Kayed Al Qasimi said: “We are pleased to work with RAK ICC. Our collaboration contributes to achieving the strategic vision of Ras Al Khaimah and its goals towards becoming an attractive hub for global investments. Working together and providing offshore companies with mainland advantages will further expand the potential of these companies.”
Commenting on the signing, Sheikh Mohammed bin Humaid Al Qasimi said: “Our latest partnership with RAK DED will play a key role in enhancing the competitiveness of the emirate by creating a world of business opportunities for investors from all around the globe and introducing innovative solutions to meet the evolving business needs of international companies.”
Dr Al Naqbi said: “Signing the MoU between RAK ICC and RAK DED enables offshore companies and other international investments to explore the opportunities that Ras Al Khaimah has. For offshore companies to conduct business activities with a DED licence is another method to demonstrate the advantages such as flexibility and ease of doing business in the emirate. This will enhance the experience of investors and boost the economy of Ras Al Khaimah to higher levels.”
“Tying up with RAK DED is another milestone for RAK ICC where we support clients by offering offshore and mainland advantages and opening the door for a variety of business options that meet the Economic Substance Requirements,” Dr Al Ansari said. “Our clients can benefit from the offshore company features in a common law regulatory environment with RAK ICC and obtaining a mainland licence from RAK DED to expand their operations and extend them to Ras Al Khaimah’s market.”
RAK ICC’s collaboration with RAK DED is a prime example on how governmental entities work together towards mutual goals to serve clients and to boost the economy of Ras Al Khaimah.—TradeArabia News Service