Ras Al Khaimah Investment Authority Free Zone (RAKIA FTZ)
The Ras Al Khaimah Investment Authority FTZ , which possesses a special economic status, began its operation in the beginning of 2005 in order to stabilize and strength the investment climate in the Emirate of Ras Al Khaimah, and also to assist the various economic sectors.
Ras Al Khaimah FTZ : characteristics and purpose of the jurisdiction
The most various industries, which are grouped in the respective theme parks, are represented on the territory of the RAKIA FTZ economic zone, the UAE. In particular, the following key areas are represented there:
- transportation and real estate;
- power engineering and industry;
- building and production of construction materials;
- chemical and cosmetic industry;
- producing of food products and beverages;
- sea freight and operations;
- various investment activities and etc.
The RAKIA FTZ economic zone, the UAE, is designed to attract the foreign investments into the economy of the Emirate, and provides for the large-scale investments into the development and improvement of the existing infrastructure.
The main purpose of the Ras Al Khaimah Investment Authority FTZ Government project is the creation of a favorable business climate for both local and international companies and enterprises. The administration of the RAKIA FTZ Free Zone offers its partners the effective solutions and tools, which ensure the high profitability of business. The strategy of the development of the economic zone provides for active development of capabilities and stimulation of the economic growth.
Opportunities for foreign entrepreneurs and investors
The Ras Al Khaimah Investment Authority FTZ provides clients and partners with the following competitive advantages for the creating an international business:
- 100% foreign ownership of business;
- both private persons and legal entities can serve as the founders;
- the share capital of the company has just the announced character;
- provision of the residence visas for owners, their family members and employees of the company;
- wide range of investment instruments and provision of land lots for construction;
- developed banking sector with a full range of modern banking services;
- access to the international air and shipping ports;
- availability of the necessary facilities, utilities and energy resources for setting up production lines;
- possibility of registering an offshore company or holding company.
Licensing of economic activity
The legal economic activity on the territory of the Ras Al Khaimah Investment Authority FTZ is allowed only on the basis of the state business license. The license has territorial limitation and is valid only on the territory of the jurisdiction. Besides, the state license is liable to the annual renewal by payment of the fixed license fee.
The registration authority issues the following types of business licenses:
License for provision of the professional services: this type of licenses involves activities associated with the property management, marketing and consulting activities, scientific, educational and other professional services.
Trading business license: it is required for trading, import and export operations, distribution and warehousing of goods.
Commercial business license: it provides for such activities as the maintenance and service, logistics, and other similar types of business activities.
Industrial business license: it is obligatory for enterprises and companies, which are engaged in the manufacturing sectors of the economy. It involves production, assemblage, processing and packaging, and also the maintenance of the various production lines.
n the case of the provision of all necessary documents, the procedure of processing the information and issuing the relevant business license takes a couple of days.
RAKIA FTZ: competitive business advantages
The special status of the Ras Al Khaimah Investment Authority FTZ jurisdiction provides for certain tools and opportunities for creating a profitable business structure for investors and business partners. The RAKIA FTZ economic zone is a completely new approach in organizing an international business, which provides business with the following conditions and advantages:
- economic and political stability: this project is implemented under the patronage of the Government of the Emirate and has a long-term investment prospects;
- full range of public services on the principle of "One window": services for business registration, licensing, customs and visa clearance are available on the territory of the economic zone;
- maximally simplified registration procedure: registration and licensing of the activities is carried out in the shortest possible time and with minimum requirements;
- stable and transparent legal framework: corporate legislation of the economic zone is focused on the protection of the material interests of business and private property rights. The bureaucratic runaround and the bureaucratic barriers to private business are fully eliminated;
- possibility of attraction the foreign labor force: there are no restrictions for the investors on searching and attracting the foreign qualified personnel;
- stable exchange rate of the national currency and modern banking system: the UAE currency (Dirham) shows the stability already for many years and the banking sector is ready to offer the most modern banking services;
- a high standard of living and relatively low cost of living: infrastructure of the economic area, including the social infrastructure, meets the international standards of safety and quality.
Moreover, the registration of the company in the Ras Al Khaimah Investment Authority FTZ jurisdiction provides some investment opportunities, among them there are:
- possibility of the 100% foreign business ownership;
- exemption from the individual and corporate taxes;
- no restrictions on repatriation of the investment assets and gained incomes;
- availability of the customs agreements, which offer a preferential access to the markets of the Persian Gulf States.
Conclusion
The Ras Al Khaimah Investment Authority FTZ is the ideal platform for the most various types of business and commercial activities – from the production of cosmetic products to heavy industry and machinery construction. The provisions of the corporate law provide for the various types of business licenses, which meet completely the business needs in the various market segments.
The competitive advantages and business opportunities became the main determining factors when choosing for the RAKIA FTZ as an investment platform. If you still have questions as to the business registration in the UAE, use the contact us form and get the professional advice.
