Dubai: Ras Al Khaimah Economic Zone will now allow licensed businesses to operate out of one office from within the free zone as well as on the mainland. This comes after RAKEZ launched its dual license structure.
License holders will be able to distribute their products and offer services in the free zone and mainland areas with a free zone license and a ‘Branch of a Free Zone Company’ license issued by the emirate’s Department of Economic Development. This will allow investors 100 per cent foreign ownership and the eligibility to bid for government contracts.
“This package opens up a new market for their business, and substantially expands their accessibility and reach; all whilst reducing the red-tape requirements of the past,” said Ramy Jallad, RAKEZ Group CEO. “We are glad to have teamed up with RAK DED for another initiative that roots from our shared goal of further developing Ras Al Khaimah’s vibrant economy.”
Commenting on the initiative, Abdulrahman Alnaqbi, Director-General of RAK DED, said: “We are pleased to collaborate with RAKEZ on yet another great initiative for the benefit of global investors who chose Ras Al Khaimah to base their operations.”