Ras Al Khaimah Economic Zone (RAKEZ) announced its latest addition to company set-up offerings, Foreign Direct Investment (FDI). The new formation structure allows a 100 per cent foreign ownership of companies in Ras Al Khaimah’s mainland, enabling investments in various booming sectors, such as industrial, agricultural, and service sectors, while owning and controlling all shares in non-free zone companies.
Companies setting-up under this FDI structure will be considered national companies, and will have full confidentiality of technical, economic and investment information. FDI companies will also be eligible to make financial transfers outside the country for project returns, and will have their assets protected from being claimed by the state for public use or benefit through a guaranteed no expropriation.
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Other benefits include ease of adding partners and transferring ownership to new investors.
“The easing up of foreign ownership procedures in the mainland is definitely a game changer in the UAE and Ras Al Khaimah’s investment landscape, offering enhanced ease and freedom for investors when setting up their businesses. As always, we are here to embrace great developments as such, hence, we are happy to introduce FDI company set-up to the range of solutions that we offer,” said Ramy Jallad, Group CEO of RAKEZ. “The FDI formation structure is going to further increase Ras Al Khaimah’s appeal as a regional investment hub and we are excited to welcome new ventures across different sectors.”
RAKEZ will be collaborating with Ras Al Khaimah Department of Economic Development (RAK DED) in the setting up of FDI companies where RAK DED will receive and approve applications ensuring that they fall under the ‘positive list’ of eligible sectors issued by the UAE Cabinet under FDI Law, where 100 per cent foreign company ownership is permitted. RAK DED will then reserve the trade name and issue the FDI licence, according to the mechanism set by the UAE Cabinet. After which, RAKEZ will issue its licence and documentation to the investor.
Dr Abdulrahman Alshayeb Alnaqbi, RAK DED Director General, said: “The UAE continues to be a progressive country and the introduction of 100 per cent foreign company ownership in the mainland is a significant move that strengthens its commitment to providing a supportive platform to international investors. We are glad to work closely with RAKEZ in helping businesses take advantage of this opportunity, which will make Ras Al Khaimah’s investment landscape more welcoming and dynamic.”