Ras Al Khaimah Permits RAK ICC Companies to Conduct Onshore Businesses
A Memorandum of Understanding (MoU) exchanged hands in August between the Ras Al Khaimah Department of Economic Development (RAK DED) and Ras Al Khaimah International Corporate Centre (RAK ICC). This development will extend the borders of Ras Al Khaimah and provide the companies registered within RAK ICC with an opportunity to expand in mainland, and carry out the cheapest company formation.
The Ras Al Khaimah International Corporate Centre is a corporation registry that registers and incorporates international business companies. The entity is an agglomeration of two notable entities: RAK International Companies and RAK Offshore.
Investors and businesspersons looking to carry out business setup will be able to enjoy mainland benefits along with offshore benefits. Some of the benefits include low import duty, zero personal and corporate taxes, complete repatriation of profits and capitals, eligibility for residence visa, no currency exchange inhibitions, and great office space choices.
RAK ICC
The Ras Al Khaimah International Corporate Centre is a corporation registry that registers and incorporates international business companies. The entity is an agglomeration of two notable entities: RAK International Companies and RAK Offshore.
The move is in response to amendments made to the UAE Federal Law No. 2 of 2015 on Commercial Companies. This is the same law that provides 100% foreign ownership and had eliminated the minimum Emirati Ownership of 51% in the shares of mainland LLCs.
“Our latest partnership with RAK DED will play a vital role in enhancing the competitiveness of the emirate by fostering a world of business opportunities for investors from all over the world and introducing innovative solutions to meet the evolving business needs of international companies,” said Sheikh Mohammed bin Humaid Al Qasimi, the incumbent chairman of RAK ICC.
RAK ICC chief executive Dr Al Ansari said that tying up with RAK DED is another hall of fame achievement for RAK ICC. He added that by offering offshore and mainland advantages, RAK ICC can open doors for various business opportunities that meet the Economic Substance requirements.
One of the main attractions of RAK ICC is that their clients can enjoy offshore company benefits in a common law regulatory environment, and can also obtain a mainland license from RAK DED to expand and consolidate RAK’s markets.
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