Ras Al Khaimah allows licensed offshore businesses to carry out mainland activities
Move comes as other emirates scale down restrictions on mainland operations
Dubai: Ras Al Khaimah is allowing licensed offshore companies to carry out commercial activities within the emirate. Overseas businesses registered at RAK International Corporate Centre (RAK ICC) can engage in various activities within Ras Al Khaimah through their subsidiaries. This follows an MoU signed with RAK Department of Economic Development.
Investors will also be able to tap both offshore and mainland benefits include:
- zero corporate or personal tax;
- 100 per cent repatriation of capital and profits;
- no currency restrictions;
- more options for office spaces;
- ability to open corporate bank accounts;
- and eligibility for UAE residence visas
“Our collaboration contributes to achieving the strategic vision of Ras Al Khaimah and its goals towards becoming an attractive hub for global investments,” said Sheikh Mohammad bin Kayed Al Qasimi, Chairman of RAK DED, in a statement.
“Working together and providing offshore companies with mainland advantages will further expand the potential of these companies.”
Rising competition
UAE’s free zones are offering attractive incentives as competition heats up to lure global businesses and investors. “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 and introducing innovative solutions to meet the evolving business needs of international companies,” said Sheikh Mohammed bin Humaid Al Qasimi, Chairman of RAK ICC.