Signed: New Opportunities for Mainland Trade for Offshore Companies

Based in Ras Al Khaimah, RAK ICC is an international corporate registry. In August, they submitted a Memorandum of Understanding along with the RAK Department of Economic Development (DED). The motion permits international investors and offshore companies to engage in commerce in Ras Al Khaimah as subsidiaries of RAK DED.
Dr Sameer Ansari, the CEO of RAK ICC signed the agreement along with Dr Abdulrahman Al Shayeb Al Naqbi, RAK DED’s General Manager. Sheikh Mohammed bin Humaid Al Qasimi, the RAK ICC chairman, and the chairman of RAK DED (Sheikh Mohammad bin Kayed Al Qasimi) were also present for the signing.

International Investors to Enjoy Both Offshore and Mainland Benefits

The long-anticipated move means that international businesses, investors, and their companies who register in Ras Al Khaimah can expand their operations through a RAK DED subsidiary.
These offshore and mainland benefits include:

• Both zero personal tax and corporate tax rates
• Repatriation of 100% profits and capital
• No restrictions based on currency
• Low rates of import duty,
• The ability to open office space
• Corporate banking rights
• Eligibility for global trade from RAK
• UAE resident visa eligibility

Comments from This Involved "Partnership Creates Key Role"

The RAK DED chairman Sheikh Mohammad bin Kayed Al Qasimi commented that: “collaboration contributes to achieving the strategic vision of Ras Al Khaimah.” The RAK can now go ahead and push towards its target to become a hub in UAE for global investment. He further said that the measures that offshore companies can now enjoy will expand potential trade and what they can do in RAK. Further, the RAK ICC chairman Sheikh Mohammed bin Humaid Al Qasimi said that the partnership would “play a key role in enhancing the competitiveness of the emirate.” The opening of investor opportunities in RAK, there is a hope to find greater opportunities and find new innovative solutions for business changing needs in the modern climate.

"Prime Example" of Government Co-Operation

This Memorandum of Understand demonstrates how in UAE in the 21st century, government organisations can co-operate to improve both the economy, and client investment opportunities. The General Manager of RAK DED Dr Al Naqbi believes that the Signing of the MoU will help offshore companies explore new opportunities in Ras Al Khaimah. He felt that offshore companies’ ability to now operate with a DED licence is "another method to demonstrate the advantages such as flexibility and ease of doing business in the emirate."
Finally, the CEO of RAK ICC Dr Sameer Ansari said this was "another milestone for RAK ICC that will help clients who need the advantages of both offshore and mainland trading so long as they meet the Economic Substance Requirements." Now, the process is much simpler for an offshore company to obtain a license to operate on the mainland and expand into Ras Al Khaimah’s internal market.