Ever since its independence in 1971, the United Arab Emirates has been driven almost single-mindedly towards a path of accelerated growth and development. Since its inception, the economy has grown over 230 times. But where the UAE truly stands out amongst its partners within the GCC is thru policies of wide-ranging diversification which have been injected into the economy over these many years.
Diversification – the Starting
What was once an economy dependent entirely on oil; it’s now rising boldly to whole-heartedly embrace globalization and entrepreneurship. UAE has opened its doors for businesses from all around the world trying to operate inside and out of doors the country. RAK or Ras al-Khaimah, with its easy registration and licensing procedures and facilities, has emerged as among the finest locations to establish offices within the UAE.
Ras Al Khaimah Free Trade Zone
Ras Al Khaimah Free Trade Zone, one of the flourishing free trade zones within the UAE, has been elected the Best Emerging Free Zone three years in a row. Just 45 minutes from Dubai International Airport, RAK FTZ offers state-of-the-art facilities like expansive warehouses, office spaces, accommodation facilities and flexi-desks at low start-up costs. The incorporation procedures are efficiently streamlined, cutting through unnecessary red tape and bureaucratic barriers. Today, RAK FTZ is home to greater than 7,500 corporations.
Offshore Company Formation
One other rare and memorable facility that Ras al-Khaimah offers investors is the chance for offshore company incorporation. Prudent investors can arrange offshore corporations in RAK to work as flexible financial instruments that could be employed for tax planning and handling trusts and global transactions.
RAK – Strengths
RAK permits 100% foreign ownership of such corporations, in a tax-free environment, with total repatriation of capital and profits. The region has a well-established communication and banking infrastructure and access to a big pool of highly-qualified and trained professionals. An RAK offshore company could be incorporated and maintained with a really low expenditure. RAK offers absolute privacy, confidentiality and protection of assets and data. English is a primary language within the region and is the medium of communication and business transactions. RAK also maintains a comprehensive Double Taxation Treaty with over 40 countries across the globe.
With this remarkable number of advantages, it is just not hard to see why RAK is among the finest places to establish a business within the UAE. Constructing on the inspiration of a quick growing and diversifying economy, RAK’s welcoming policies towards global investors and recent businesses will shape the expansion of the UAE in the brand new millennium.
