RAK ICC & RAK DED to offer opportunity for offshore firms to expand their businesses

By Shilpa Annie Joseph, Official Reporter
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RAK International Corporate Centre (RAK ICC), an international corporate registry in Ras Al Khaimah, has signed an MoU with the RAK Department of Economic Development (RAK DED) to provide a new opportunity to set up a corporate structure for global investors.

According to the statement, this will allow offshore companies to conduct business in the Ras Al Khaimah by establishing subsidiaries with RAK DED.

Through its subsidiaries at RAK DED, multinational business companies registered with RAK ICC will be able to expand and engage in a variety of activities within Ras Al Khaimah.

Investors will benefit from both offshore and mainland benefits, including no corporate or personal tax, 100 percent repatriation of capital and profits, low import duty, no currency restrictions, office space options, ability to open corporate bank accounts, global trade and investments, and eligibility for UAE residence visas.

Sheikh Mohammad bin Kayed Al Qasimi, chairman of RAK DED said, “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.”

Dr. Abdulrahman Al Shayeb Al Naqbi
Dr. Abdulrahman Al Shayeb Al Naqbi

“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 license 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.”

Sheikh Mohammed bin Humaid Al Qasimi, chairman of RAK ICC noted, “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. Sameer Al Ansari, CEO of RAK ICC commented, “Our clients can benefit from the offshore company features in a common-law regulatory environment with RAK ICC and obtaining a mainland license from RAK DED to expand their operations and extend them to Ras Al Khaimah’s market.”

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