KHALEEJ TIMES, Tuesday, Aug 24, 2021 | Muharram 16, 1443
RAK ICC and RAK DED launch opportunity for offshore companies to expand in the mainland
Emirates:
RAK International Corporate Centre (RAK ICC), an international corporate
registry in Ras Al Khaimah, has recently signed an MoU with the RAK Department
of Economic Development (RAK DED) to introduce 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 per cent 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.”
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.”
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.
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.”